Item code: 109/IN-32
Issued on the occasion of Birth Centenary of Mahatma Gandhi
About the Currency:
About the Governor
Lakshmi Kant Jha, MBE (22 November 1913 – 16 January 1988), born in Bhagalpur, Bihar, or L. K. Jha as he was called, was the eighth Governor of the Reserve Bank of India from 1 July 1967 to 3 May 1970. A member of the 1936 batch of the Indian Civil Service,he was educated at BHU, Varanasi, Trinity College, Cambridge University, and London School of Economics,U.K . He studied economics at Cambridge when Keynes was teaching there. Jha was taught by another eminent teacher Harold Laski at the LSE. Jha rose to be a Deputy Secretary in the Department of Supply, during British rule and was appointed an MBE for his service in the 1946 New Year Honours. After Independence he had served as secretary in the Ministries of Industries, Commerce and Finance and Secretary to the Prime Minister of India, Lal Bahadur Shastri(1964-66) and Indira Gandhi(1966-67) prior to his appointment as Governor of RBI.
During his tenure the Indian Rupee notes of denominations of 2, 5, 10, and 100, commemorating the birth centenary of Mahatma Gandhi were released on 2 October 1969, these notes bear his signature, both in English and Hindi. The signature in Hindi, the official language of the Government of India, appeared on the currency notes for the first time during his stewardship of the RBI. A subsequent re-issue on this series notes bears the signature of B. N. Adarkar. His tenure also saw nationalization of 14 major commercial banks, introduction of social controls over commercial banks, establishment of National Credit Council, and the introduction of Lead Bank Scheme to facilitate credit delivery. Amongst other developments, gold controls were brought on a statutory basis; Deposit Insurance was in principle extended to Cooperative banks; and the setting up of the Agricultural Credit Board was undertaken.
He served as India's ambassador to the United States during the crucial period 1970-73 when India fought a war with Pakistan and liberated Bangladesh. Kissinger has acknowledged his persuasive diplomatic skills in the book “White House Years”. Jha authored a few books including "Mr. Red Tape" and "Economic strategy for the 80s: priorities for the Seventh Plan". He was governor of Jammu and Kashmir state from 3 July 1973 to 22 February 1981.His role as an impartial Head of State is still remembered with affection and respect in J&K. He was a member of the Brandt Commission during the 1980s on the North -South economic issues. He was chairman of the Economic Administration Reforms Commission of the Govt. of India from 1981-88.He also served as the adviser on economic matters to the P.M. Indira Gandhi and later to the P.M. Rajiv Gandhi. At the time of his death, Jha was a member of the Rajya Sabha. The RBI instituted the L.K. Jha Memorial Lectures in commemoration of his memory.
Mahatma
Gandhi birth centenary coin
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20 Paise: Mahatma
Gandhi birth centenary 1969
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This 20 Paise coin was issued on 3rd October
1969, to commemorate the birth centenary of Gandhiji. Struck in brass
with a gold tone, the obverse depicts a picture of Gandhiji (father
of our nation) and the reverse shows the country, denomination and the four
headed lion symbol
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What is legal
tender?
The coins issued under the authority of Section 6 of The Coinage Act, 2011, shall be legal tender in payment or on account i.e. provided that a coin has not been defaced and has not lost weight so as to be less than such weight as may be prescribed in its case: - (a) coin of any denomination not lower than one rupee shall be legal tender for any sum, (b) half rupee coin shall be legal tender for any sum not exceeding ten rupees,
Every banknote issued by Reserve Bank of India ( ₹ 2, ₹ 5, ₹ 10, ₹ 20, ₹ 50, ₹ 100, ₹ 500, ₹ 1000 and ₹ 2000) shall be legal tender at any place in India in payment or on account for the amount expressed therein, and shall be guaranteed by the Central Government, subject to provisions of sub-section (2) Section 26 of RBI Act, 1934.
What is the meaning of
"I promise to pay" clause?
As per Section
26 of Reserve Bank of India Act, 1934, the Bank is liable to pay the value of
banknote. This is payable on demand by RBI, being the issuer. The Bank's
obligation to pay the value of banknote does not arise out of a contract but
out of statutory provisions.
The promissory
clause printed on the banknotes i.e., "I promise to pay the bearer the sum of Rupees
…” is a statement
which means that the banknote is a legal tender for the specified amount. The
obligation on the part of the Bank is to exchange a banknote with bank notes of
lower value or other coins which are legal tender under the Indian Coinage Act,
2011, of an equivalent amount.
What is a counterfeit note?
A suspected
counterfeit note, forged note, or fake note is any note which does not possess
the characteristics of genuine Indian currency note.
How to check whether a note is genuine or not?
A forged
note can be identified on the basis of the features which are present in a
genuine Indian currency note. These features are easily identifiable by seeing,
touching and tilting the note. It is advisable not to rely on just one security
feature as no counterfeit note can normally be expected to successfully copy
all of the security features included in notes. To read about how to check banknotes
see the (link) https://paisaboltahai.rbi.org.in
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