Item code : 110/IN-33
Year
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1960-1964
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Obverse
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| Reverse |
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Watermark
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Lion Capital of Asoka
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Size
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101 x 64 mm.
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Signature
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L.K Jha (Finance Secretary, 1960-1964)
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About the Currency:
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Signature of Finance Secretary L.K.JHA (1960-1964)
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||||
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NO.
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PREFIX
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INSET
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YEAR
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REMARK
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|
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1
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Y
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B
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1957
|
Secretary Ministry of Finance
|
|
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2
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A to H & J to N & P to Y
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C
|
1957
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Secretary Ministry of Finance
|
|
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3
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A to H & J to N & P to Y
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D
|
1957
|
Secretary Ministry of Finance
|
|
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4
|
A to H & J to N & P to Y
|
A
|
1963
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13 Indian Languages
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Finance Secretary
The Finance
Secretary is the Permanent Secretary-level civil servant, who plays a leadership role in the
bureaucracy of the Finance Ministry, Government of India. The Ministry of Finance is composed of five departments the Department of Economic Affairs, the
Department of Revenue, the Department of Expenditure, the Department of Financial
Services and Department of Investment and Public Asset Management (formerly
known as Department of Disinvestment). Each of the departments is headed by a
secretary. Each of the five secretaries directly reports to the finance
minister.
The "Finance Secretary" (FS) is a tag given
to one of the five secretaries. It only denotes a first among equals. The other
four secretaries do not report to the FS; their files do not flow through him.
By default, the FS tends to be the senior most of the five, where seniority is
defined by the year of entry into the civil service and not age. Sometimes,
none of the five is labelled FS.
Most finance secretaries have been members of the Indian Administrative Service or IAS, but some of them
have been career economists. The last finance secretary of India was Mr. Rajiv
Mehrishi, an IAS officer of the Rajasthan Cadre. Montek
Singh Ahluwalia, Duvvuri Subba Rao, Bimal Jalan , Manmohan Singh , K. G. Ambegaokar, S Venkitaraman,and Vijay Kelkar are some of the best known
finance secretaries.
Who
prints 1 rupee notes?
The Government of India prints 1 rupee notes and coins. Financial secretory sign on one rupee note. While all other denominations of currency are printed and circulated by RBI, one rupee note is printed by GOI but circulated by RBI. Even the cost of printing of one rupee note is more than one than also it is printed in India as it is symbolic representation that currency is issued by government of India.
Why is the one rupee-note printed by the government of India and
other denominations by RBI?
This
is a tricky fundamental question.
·
The
Coinage act 2011 which took over Coinage act 1940 says "necessary
provisions for inclusion of Government of India one rupee note within the
meaning of ‘Coin’ have been consciously incorporated in the Coinage Act, 2011.
Further, the RBI, as per Section 24(1) of the RBI Act, 1934, is not empowered
to issue bank note of denomination of value of one rupee"
·
Further,
"apart from the metal, the coin may be made of any other material,”
Hence
according to the act One Rupee Note is a 'coin'. Also, in
accordance with the RBI Act 1934, RBI cannot mint coins.
What are the implications of One Rupee note to be classified as a coin?
1. One Rupee Note is an asset, just like other coins. So
"I promise to pay the bearer." is not written on the note. You
already hold an asset. While RBI Notes are a liability.
2. One Rupee Note and One Rupee coins are legal tenders for unlimited
amounts. One rupee defines the unit of the currency! It is the base of
the currency system.
3. A 1000 rupees RBI note says "I promise to pay the bearer the sum on
one thousand rupees". Hence RBI notes which are a liability promises to
pay you an asset. This asset is defined by "One rupee".
So,
the Government of India has the power to mint/print 1 Rupee coin/note which are
an asset and define the unit of currency. RBI notes get the value from the
asset known as 'Rupee'.
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