Currency System in India

Currency System in India

Currency System in India – Learn all about the new currency system in India.

Currency System in India

Current Affairs forms an important part of all competitive exams like SSC, IBPS, etc. And RBI is going to release new 10 rupee notes soon, as per an official notification. These new 10 rupee notes will bear the signature of Dr. Urjit R. Patel. Before this, they had introduced new 50 rupee notes. In this post, we will explain the Currency System in India. So, let us discuss all of them one by one.

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Qs & As

Q. Who is responsible for printing notes and minting coins?

Ans: Security Printing and Minting Corporation of India Limited (SPMCIL), owned by the Govt. of India

Q. Where are the printing presses located?

Ans: Nasik in Maharashtra, Dewas in Madhya Pradesh, Mysore in Karnataka, and Salboni in West Bengal

Q. How many mints for coin production are in force?

Ans: Four mints at Mumbai, Noida, Kolkata, and Hyderabad

Q. How do they facilitate the distribution of currency?

Ans: Through select branches of banks called Currency Chests

Q. Who have they established with?

Ans: With State Bank of India, six associate banks, nationalized banks, private sector banks, a foreign bank, a state cooperative bank and a regional rural bank

Demonetization Changes

  • On 8th November 2016, the Government of India demonetized old 500 and 1000 rupee notes, with the aim of ending corruption.
  • After that, 200 and 50 rupee notes were released.
  • And soon, RBI will launch the new 10 rupee note.

Printing Expense

  • 1,695.7 crore pieces of Rs. 500 denomination notes cost Rs. 4,968.84 crore.
  • 365.4 crore pieces of Rs. 2000 denomination notes cost Rs. 1,293.6 crore.
  • 178 crore pieces of Rs. 200 denomination notes cost Rs. 522.83 crore.

New 10 Rupee Note

  • New color- chocolate brown.
  • Height – 63 mm, Width – 109 mm
  • Motif of Konark Sun Temple on the back

New 50, 200, 500, and 200 Rupee Note

  • The new 50 rupee note is fluorescent blue in color. It also has a motif of Hampi with Chariot plus the Swachh Bharat logo and slogan.
  • And the new 200 rupee note is yellow in color. It features the motif of the Sanchi Stupa in Madhya Pradesh. Furthermore, it also has a raised identification mark H with micro-text Rs 200, four angular bleed lines with two circles in between the lines both on the right and left sides. This has been designed to aid the visually impaired people to help detect fake notes.
  • 2000 rupee note was introduced in 2016. And it has a magenta color. On the back side, there is a motif of Mangalyaan. Furthermore, it also has a rectangle with Rs. 2000 in raised print on right as well as seven angular bleed lines in raised print to aid the visually impaired.
  • There is a motif of the Red Fort on the new stone-grey 500 rupee note. It also has a circle with Rs. 500 in raised print on the right as well as five angular bleed lines in raised print to aid the visually impaired.

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