Why one rupee note is signed by the ministry of finance?
These three questions are to be discussed. I'd invite all experts like @||Nikhlesh Mathur|| SIr, @||Arvind Joshi245|| Sir, @||gopal sharma.|| , @||Neelu Kapoor|| , @||Aneeket|| and other experts to please participate and share their views about the same.
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Excel Gautam Joshi Ji. This is question of Economics, one-line question, one-line answer. How can we discuss on it. It is question of authority given to someone to do something. Govt, finance dept has authority to print one rupee note, so it does. Someone has right to sign, so he does e.g. finance secretary. I may be wrong in my technicalities, if so please correct. -
Reserve Bank Of India was established in 1935, and was nationalised in 1949. Prior to that all notes were issed on behalf of CROWN by Finance Ministry, the ultimate monetary authority for Indian Currency. subsequent to delegating the currency issuing function to RBI, all higher denomination notes were issed by RBI. Only as a matter of convention the one rupee note continued to be signed by Finance Secratary.Probably prior to 1949 one rupee note was the highest denomination note in circulation. -
Commented by
Aneeket Barua Manager (Product Operation)- Infoedge India Ltd. | Guide-Level 11
2011-09-13 16:37:11request experts like Nikhlesh Mathur Suryap2012 Gomtis Corner Rex_B Excel to participate in this discussion. -
Commented by
Aneeket Barua Manager (Product Operation)- Infoedge India Ltd. | Guide-Level 11
2011-09-12 17:47:43A very nice discussion started by Gautam Joshi .
I guess it is the building block of Indian currency and everything is measured by the one rupee note.
eg Re.1 = so and so dollars or any other currency.
In other words One Rupee note is the foundation! -
As far as I know, it's because that is the only note which is issued by the government and not Reserve Bank of India. Hence, it is the only note on which Ministry of Finance has some say in.
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