News India Live, Digital Desk: (Indian Currency rules)You must know that except for a note of ₹ 1 in India, the work of printing all other notes Reserve Bank of India (RBI) Does. But, the final decision of how many notes to print in a year Government of India She takes Yes, the government also does not make this decision alone, it has to follow some rules. Come, let’s understand how this whole process of printing notes works.
Know what is the process of printing notes?
Actually, the approval of printing new notes across the country is found in two parts (stage).
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Previously, RBI sends an application (application) to the central government to print notes.
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Then, the government consults a team of Economists of RBI itself.
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Only then does the Reserve Bank get the green signal (approval) to print the note.
Who decides how many notes will be printed in the year?
Even though RBI does the work of printing notes, but how many notes will be printed in a year, Only the government decidesBut to do this, the government also has to follow the rules. The government also decides how new notes will be seen (design) and what security features will be there.
By the way, RBI has the right to print notes up to ₹ 10,000. If even big notes are to be printed, then the Reserve Bank has to take separate approval from the government for this.
What is taken care of when printing notes?
The government and RBI have to take care of many things while deciding to print notes. These include how much the country’s economy is increasing (GDP growth rate), how much government expenses (fiscal deficit) are included. On the basis of these, the number of printing of notes is fixed.
Another important thing: one in the year 1956 ,Minimum Reserve System ‘ (Minimum reserved system) was introduced. Under this, RBI has a note before printing Always reserved at least ₹ 200 crore Have to keep it. In this reserve of ₹ 200 crore ₹ 115 crore gold And ₹ 85 crore foreign currency (Such as dollars). This reserve is kept so that in any difficult situation, the default is not declared due to lack of RBI money.
Where is the printing of notes?
Now you must be wondering where these notes are printed? So let us tell you that there are four places (printing presses) to print notes in India:
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Nashik (Maharashtra)
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Dewas (Madhya Pradesh)
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Mysore (Karnataka)
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Salbani (West Bengal)
These banks are distributed after the note is printed. Then the bank transports them to the common people through ATMs or our branches. After this, these notes continue to run in the market for many years (live in circulation).
What happens to old notes? (Note Re-Representation)
When these notes go to the market, people get older and wearing them back to banks. These notes from banks reach back to RBI. The RBI sees the condition of these notes and then decides to send them to the market for re-use (to re-require) or they have become so bad that they should be destroyed.
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