15 crore of Rs 1 Currency Notes to be Printed

Government of India informed Parliament on Friday about the plans to print 15 crore currency notes of Rs 1 denomination every year with effect from January 1st, 2015.

Minister of State (Finance) Jayant Sinha conveyed to Rajya Sabha in a written reply that Union Government has issued a Gazette notification on December 15th last year lifting 20 year ban on Rs 1 currency notes and to start printing them from January this year under provisions of the Coinage Act.

Mr.Sinha mentioned in his reply said Reserve Bank of India discontinued Rs 1, Rs 2 & Rs 5 denomination currency notes due to high cost incurred for printing them. He also clarified there is no proposal to print Rs 2 and Rs 5 currency notes as of now.

Starting with 2015, Reserve Bank of India will print 150 Million One-Rupee Currency Notes per annum.