Currency - India - 10 Rupees - Year 1962-67

Item code: 86/IN-10

Year	1962-1967
Obverse	Ashok Pillar
Reverse	Sailing Dhow; 13 languages in language panel.
Watermark	Ashok Pillar
Size	83 x 146mm
Signature	P. C. Bhattacharya (Governor, 1962-1967)

Obverse description:                                     

About Governor

Paresh Chandra Bhattacharya 

Paresh Chandra Bhattacharya (born 1 March 1903) was the seventh Governor of the Reserve Bank of India from 1 March 1962 to 30 June 1967. Unlike his predecessors he was a member of the Indian Audits and Accounts Service (IA&AS). He was appointed an Officer of the Order of the British Empire (OBE) in the 1946 New Year Honours. He served as Secretary in the Finance Ministry and later as Chairman of State Bank of India before his appointment as the Governor. 

As RBI Governor he strongly opposed the nationalising of private banks in India, by writing a letter to then Deputy Prime Minister Morarji Desai warning about the costs of nationalising the banks saying it was not desirable. During his tenure the size of the currency notes of denomination 5, 10 and 100 were reduced in size for economic reasons. 

Bhattacharya's tenure saw the establishment of the Industrial Development Bank of India in 1964, the Agricultural Refinance Corporation in 1963 and the Unit Trust of India in 1964.

पी सी भट्टाचार्य

पी सी भट्टाचार्य 1 मार्च 1962 से लेकर 30 जून 1967 तक^[1] भारतीय रिज़र्व बैंक सातवें गवर्नर थे। अपने पूर्ववर्तियों के विपरीत वह भारतीय लेखा परीक्षा और लेखा सेवा के सदस्य थे। गवर्नर के रूप में नियुक्ति से पहले उन्होंने भारतीय स्टेट बैंक के अध्यक्ष और वित्त मंत्रालय के सचिव के रूप में सेवा की।          

How Currency is issued in India?

In India, the paper currency was first issued during British East India Company rule. The first paper notes were issued by the private banks such as Bank of Hindustan and the presidency banks during late 18th century. Via the Paper Currency Act of 1861, the British Government of India was conferred the monopoly to issue paper notes in India. After this act, the government of India entered into agreements with the Presidency Banks to work as authorized agents to promote circulations of the paper notes across length and breadth of British India. But since India is a vast country, redemption of these notes became an issue soon. Consequently, some “Currency Circles” came up in various parts of country where the paper notes of Indian government were legal tenders. In 1867, the agreements with the presidency banks were terminated. The job of promoting, circulating and redemption of the currency notes was entrusted to Mint Masters, Accountant General and the Controller of Currency. This practice continued till RBI came into existence in 1935. Section 22 of the RBI Act 1934 makes provided that RBI has the sole right to issue Bank notes of all denominations. Thus, Reserve Bank is responsible for the design, production and overall management of the nation’s currency, with the goal of ensuring an adequate supply of clean and genuine notes. In consultation with the Government, the Reserve Bank routinely addresses security issues and targets ways to enhance security features to reduce the risk of counterfeiting or forgery of currency notes.

Key Landmarks:

 

v  1935 : Currency Function moved from Controller of currency to RBI

v  1957 : Decimalization of coinage

v  1995 : RBI sets up printing Press

v  2000 : RBI mechanizes the currency processing

v  2005: RBI introduces Machine-readable security features.

Paper Currency Notes

At present, paper currency notes in India are issued in the denomination of Rs. 5, Rs.10, Rs.20, Rs.50, Rs.100, Rs.500 and Rs.1,000.  The printing of Rs. 1 and Rs. 2 denominations has been discontinued, though the notes in circulation are valid. Reserve Bank of India has been authorized to issue notes of Rs. 5000 and Rs. 10000 also. In fact, as per RBI act, RBI can issue any note of any denomination but NOT exceeding Rs. 10,000. The notes denomination is notified by Government and RBI acts accordingly.

                 Issue Department and Currency Department

RBI has a separate department called issue department whose assets and liabilities are kept separate from the Banking Department. Currency Management function of Reserve Bank is carried out at the “Department of Currency Management” located at Central Office Mumbai. There are 19 Issue offices. RBI authorizes selected branches of Banks to establish Currency Chests and Coin Deposits.  At present there is a network of 4281 Currency Chests and 4044 Small Coin Deposits.

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