The colour of the new Re 1 note will be predominantly pink-green.
NEW DELHI:The Reserve Bank of India (RBI) will soon introduce currency notes of one rupee denomination, the central bank confirmed in a press release on Tuesday.
The new notes will also have bilingual signature of economic affairs secretary Shaktikanta Das and not the RBI governor, Urijit Patel.
An RBI release said, “These currency notes are legal tender as provided in The Coinage Act 2011.”
This is the first time the government has decided to print new denomination notes since announcing Rs 500 and Rs 1,000 notes illegal on 8 November last year.The Re 1 note was discontinued in 1994, mainly because it was more expensive to produce the notes compared to the one-rupee coins.
The one rupee note will be back after 22 years. The government today said the smallest denomination note is printed and ready for release soon.
The printing of Re 1 notes started in January 2015 after reports of an acute coin shortage along with the rising instances of coins being melted and reused for a profit.
This is the third new currency to be launched by the government since demonetization in November, when the highest value notes of Rs. 1,000 and Rs. 500 were banned overnight as a sweeping measure to check black or untaxed money.