Item code : 100/IN-24
The Size of the notes was reduced and Smaller Notes were introduced
Year
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1962-1967
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Obverse
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Numeral "5" at center; Lion Capital of Ashoka on the right side.
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Reverse
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Deer
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Watermark
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Lion Capital of Asoka
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Size
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117 x 63 mm
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Signature
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P. C. Bhattacharya (Governor, 1962-1967)
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How the RBI governor is appointed?
The Reserve Bank's affairs are governed by a Central Board of Directors (CBD). Members of the board are appointed by the Government of India in accordance with Section 8 of the Reserve Bank of India Act.
The CBD as the administrative apex body of the RBI, contains two sets of directors. First is the official directors and second, non-official directors. The official directors comprised of the Governor and not more than four Deputy Governors who are appointed/nominated by the Central Government under the RBI Act. RBI Governors is thus appointed by the Government Besides the official directors, there can be fourteen non-official directors as well in the CBD. Government can nominate two government officials into the CBD.
The Governor: appointment and term in office
The Governor and Deputy Governors hold office for periods not exceeding five years. The term of the governor may be fixed by the government at the time of his appointment. (Urjit Patel and Raghuram Rajan were appointed for three years; though a governor can get five-year tenure). Governor (and also Deputy Governors) is eligible for reappointment or extension.
According to the Cabinet Committee, which took the decision on the appointment of Urjit Patel, “"The appointment has been made based on the recommendation of the Financial Sector Regulatory Appointments Search Committee (FSRASC), headed by the Cabinet Secretary.”
In absence of the Governor, a Deputy Governor nominated by him functions as the Chairman of the Central Board.
Salaries and allowances of the Governor and Deputy Governors may be determined by the Central Board, with the approval of the Central Government. The governor can be removed by the government.
Currency Grading Guide - definition of terms
UNCIRCULATED (UNC): A perfectly preserved note, never mishandled by the issuing authority, a bank teller, the public or a collector. Paper is clean and firm, without discoloration. Corners are sharp and square, without any evidence of rounding, folding or bending. No light handling is present, no compromise, a perfect note. An uncirculated note will have its original, natural sheen.
NOTE: Some note issues are most often available with slight evidence of very light counting folds which do not "break" the paper. Also French-printed notes usually have a slight ripple in the paper. A banknote that has less than perfect corners is considered nearly uncirculated. Many collectors and dealers refer to such notes as AU-UNC.
ABOUT UNCIRCULATED (AU): A virtually perfect note, with some minor handling. May show very slight evidence of bank counting folds at a corner or one light fold through the center, but not both. An AU note cannot be creased, a crease being a hard fold which has usually "broken" the surface of the note. Paper is clean and bright with original sheen. Corners are not rounded.
EXTREMELY FINE (EF/XF): A very attractive note, with light handling. May have a maximum of three light folds or one strong crease. Paper is clean and bright with original sheen. Corners may show only the slightest evidence of rounding. There may also be the slightest sign of wear where a fold meets the edge.
VERY FINE (VF): An attractive note, but with more evidence of handling and wear. May have several folds both vertically and horizontally. Paper may have minimal dirt, or possible colour smudging. Paper itself is still relatively crisp and floppy. There are no tears into the border area, although the edges do show slight wear. Corners also show wear but not full rounding.
FINE (F): A note which shows considerable circulation, with many folds, creases and wrinkling. Paper is not excessively dirty but may have some softness. Edges may show much handling, with minor tears in the border area. Tears may not extend into the design. There will be no center hole because of excessive folding. Colours are clear but not very bright. A staple hole or two would not be considered unusual wear in a Fine F note. Overall appearance is still on the desirable side.
VERY GOOD (VG): A well used note, abused but still intact. Corners may have much wear and rounding, tiny nicks, tears may extend into the design, some discoloration may be present, staining may have occurred, and a small hole may sometimes be seen at center from excessive folding. Staple holes and pinholes are usually present, and the note itself is quite limp but NO pieces of the note can be missing. A note in VG condition may still have an overall not unattractive appearance.
GOOD (G): A well worn and heavily used note. Normal damage from prolonged circulation will include strong multiple folds and creases, stains, pinholes and/or staple holes, dirt, discoloration, edge tears, center hole, rounded corners and an overall unattractive appearance. No large pieces of the note may be missing. Graffiti is commonly seen on notes in G condition.
FAIR (FR): A totally limp, dirty and very well used note. Larger pieces may be half torn off or missing besides the defects mentioned under the Good category. Tears will be larger, obscured portions of the note will be bigger.
POOR (PR): A "rag" with severe damage because of wear, staining, pieces missing, graffiti, larger holes. May have tape holding pieces of the note together. Trimming may have taken place to remove rough edges. A Poor note is desirable only as a "filler" or when such a note is the only one known of that particular issue.
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