Facts about currency.

1.The process of issuing paper currency was
started in the 18th century.
Earlier Private banks(such as the Bank of Bengal,
the Bank of Bombay and the Bank of Madras)first
printed printed paper money.
The Paper Currency Act of 1861 has given the
monopoly to government of India to print currency.
The government of India printed currency until the
RBI was established in 1935, which then took up this
responsibility. The Rs.5-note was the first paper
currency issued by R.B.I.in January 1938.It had
the portrait of George VI. Within the same year,
currency notes of Rs.10; Rs.100; Rs.1,000;
and Rs.10,000 were issued.
In 1946, Rs.1,000 and Rs.10,000 notes were
demonetised to curb unaccounted money.These were
then reintroduced in 1954(this time Rs.5,000 note
was also printed), only to be withdrawn in 1978
At present, notes of Rs.10; Rs.100; Rs.500 and
Rs.1,ooo are only printed.The printing of Rs.1,
Rs.2 and Rs.5 has been stopped as these have
been coinised.
Reserve Bank of India has decided to withdraw
of all currency notes issued prior to 2005,
in a move to curb black money and fake currency
notes.Bank notes printed before 2005, do not
have the year of printing on the reverse side
and hence can be easily distinguished.
These notes can be freely exchanged at any bank
branch till June 30, 2015.Banks have been advised
to freely provide this exchange facility to all
members of public whether customer or non-customer.
Banks have been advised to stop re-issue of the
pre-2005 series notes over the counters/through
ATMs and they have been instructed to forward them
to the R.B.I.


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