KYB - Know Your Banknotes

Indian Currency

(Updated as on September 08, 2023) A) Basics of Indian Currency/Currency Management 1. What is the Indian currency called and what is its symbol? The Indian currency is called the Indian Rupee (INR). One Rupee consists of 100 Paise. The symbol of the Indian Rupee is ₹. The design resembles both the Devanagari letter "₹" (ra) and the Latin capital letter "R", with a double horizontal line at the top. 2. What is legal tender? Legal Tender is a coin or a banknote that is legally tenderable for discharge of debt or obligation. The coins issued by Government of India under Section 6 of The Coinage Act, 2011, shall be legal tender in payment or on account 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. Coin of any denomination not lower than one rupee shall be legal tender for any sum not exceeding one thousand rupees. Fifty paise (half rupee) coin shall be legal tender for any sum not exceeding ten rupees. While anyone cannot be forced to accept coins beyond the limits mentioned above, voluntarily accepting coins for amounts exceeding the limits mentioned above is not prohibited. Every banknote issued by Reserve Bank of India (₹2, ₹5, ₹10, ₹20, ₹50, ₹100, ₹200, ₹500 and ₹2000), unless withdrawn from circulation, shall be legal tender at any place in India in payment or on account for the amount expressed therein, and shall be guaranteed by the Central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. ₹1 notes issued by Government of India are also Legal Tender. ₹500 and ₹1000 banknotes of Mahatma Gandhi series issued up to November 08, 2016 have ceased to be Legal Tender with effect from the midnight of November 8, 2016. 3. Where are bank notes and coins produced/minted? Bank notes are printed at four currency presses, two of which are owned by the Government of India through its Corporation, Security Printing and Minting Corporation of India Ltd. (SPMCIL) and two are owned by the Reserve Bank, through its wholly owned subsidiary, Bharatiya Reserve Bank Note Mudran Private Ltd. (BRBNMPL). The currency presses of SPMCIL are at Nasik (Western India) and Dewas (Central India). The two presses of BRBNMPL are at Mysuru (Southern India) and Salboni (Eastern India). Coins are minted in four mints owned by SPMCIL. The mints are located at Mumbai, Hyderabad, Kolkata and NOIDA. The coins are issued for circulation only through the Reserve Bank in terms of Section 38 of the RBI Act. 4. What is a currency chest? To facilitate the distribution of banknotes and rupee coins, the Reserve Bank has authorised select scheduled banks to establish currency chests. These are storehouses where banknotes and rupee coins are stocked on behalf of the Reserve Bank for distribution to bank branches in their area of operation. As on March 31, 2023, there were 2838 currency chests. [The currency chests are expected to distribute banknotes and rupee coins to other bank branches in their area of operation.] 5. What is a small coin depot? Some banks are authorised to establish Small Coin Depots to stock and distribute small coins i.e. coins of value below Rupee One to bank branches in their area of operation. As on March 31, 2023, there were 2293 small coin depots. 6. What is the role of the Reserve Bank of India in currency management? In terms of Section 22 of the Act, Reserve Bank has the sole right to issue banknotes in India. Section 25 states that the design, form and material of bank notes shall be such as may be approved by the Central Government after consideration of the recommendations made by the Central Board of RBI. The Reserve Bank, in consultation with the Central Government and other stake holders, estimates the quantity of banknotes that are likely to be needed denomination-wise in a year and places indents with the various currency printing presses for supply of banknotes. The Reserve Bank in terms of its clean note policy, provides good quality banknotes to the members of public. With this objective in view the banknotes received back from circulation are examined and those fit for circulation are reissued while the others (soiled and mutilated) are destroyed so as to maintain the quality of banknotes in circulation. In respect of coins, the role of RBI is limited to distribution of coins that are supplied by Government of India. The Government of India is responsible for the designing and minting of coins in various denominations as per the Coinage Act, 2011. 7. Where can one find information regarding notes/coins supplied by RBI or currently in circulation? The information about indent and supply of notes and coins or currency/coins in circulation is available on our website www.rbi.org.in, at the following link https://rbi.org.in/Scripts/AnnualReportMainDisplay.aspx 8. How does the Reserve Bank distribute currency to the people? The Reserve Bank presently manages the currency operations through its 19 Issue Offices located at Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, Thiruvananthapuram and a currency chest at its Kochi office. Further, a wide network of currency chests maintained and managed by scheduled banks are part of currency management architecture. The Issue Offices receive fresh banknotes from the currency printing presses which in turn send fresh banknote remittances to the currency chests. Direct remittances by the presses to the currency chests also happens. The Reserve Bank offices located at Hyderabad, Kolkata, Mumbai and New Delhi (Mint Linked Offices) receive coins from the mints. These offices then send the coins to the other offices of the Reserve Bank who in turn send the same to Currency Chests and Small Coin Depots. The banknotes and rupee coins are stocked at the currency chests and small coins at the small coin depots. The bank branches receive the banknotes and coins from the Currency Chests and Small Coin Depots for further distribution among the public. B) Banknotes 1. What is the meaning of "I promise to pay" clause on the banknotes? 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 promissory clause printed on the banknotes i.e., "I promise to pay the bearer the sum of Rupees …” denotes the obligation on the part of the Bank towards the holder of the bank note. 2. Which denomination banknotes are currently in circulation? Banknotes in India are currently being issued in the denomination of ₹10, ₹20, ₹50, ₹100 ₹200, ₹500, and ₹2000. These notes are called banknotes as they are issued by the Reserve Bank of India. The printing of notes in the denominations of ₹2 and ₹5 has been discontinued and these denominations have been coinised as the cost of printing and servicing these banknotes was not commensurate with their life. However, such banknotes issued earlier can still be found in circulation and these banknotes continue to be legal tender. ₹1 notes are issued by the Government of India from time to time and such notes including those issued in the past also continue to be legal tender for transactions. 3. Can banknotes be issued only in these denominations? Not necessarily. In terms of Section 24 of the Reserve Bank of India Act, 1934, bank notes shall be of the denominational values of two rupees, five rupees, ten rupees, twenty rupees, fifty rupees, one hundred rupees, five hundred rupees, one thousand rupees, five thousand rupees and ten thousand rupees or of such other denominational values, not exceeding ten thousand rupees, as the Central Government may, on the recommendation of the Central Board, specify in this behalf. 4. What was the highest denomination note ever printed? The highest denomination note ever printed by the Reserve Bank of India was the ₹10000 note in 1938 which was demonetized in January 1946. The ₹10000 was again introduced in 1954. These notes were demonetized in 1978. 5. What is currency paper made up of? The paper currently being used for printing of banknotes in India is made by using 100% cotton. 6. How many languages appear in the language panel of Indian banknotes? Fifteen languages are appearing in the language panel of banknotes in addition to Hindi prominently displayed in the centre of the note and English on the reverse of the banknote. 7. Is it possible to have two or more banknotes with the same serial number? Yes, it is possible to have two or more banknotes with the same serial number, but they would either have a different Inset Letter or year of printing or signature of a different Governor of RBI. An Inset Letter is an alphabet printed on the Number Panel of the banknote. There can be notes without any inset letter also. 8. What is non-sequential numbering? With a view to enhancing operational efficiency and cost effectiveness in banknote printing, non-sequential numbering was introduced in 2011 consistent with international best practices. Packets of banknotes with non-sequential numbering contain 100 notes which are not sequentially numbered. 9. What is a "star series" banknote? Fresh banknotes issued by Reserve Bank of India till August 2006 were serially numbered. Each of these banknote bears a distinctive serial number along with a prefix consisting of numerals and letter/s. The banknotes are issued in packets containing 100 pieces. The Bank adopted the "STAR series" numbering system for replacement of defectively printed banknote in a packet of 100 pieces of serially numbered banknotes. The Star series banknotes are exactly similar to the other banknotes, but have an additional character viz., a *(star) in the number panel in the space between the prefix. 10. Who decides on the figure to be printed on a new banknote? In terms of Section 25 of the RBI Act, the design, form and material of bank notes shall be such as may be approved by the Central Government after consideration of the recommendations made by Central Board. 11. Who decides on the volume and value of banknotes to be printed and on what basis? The volume and value of banknotes to be printed in a year depends on various factors such as (i) the expected increase in Notes in Circulation (NIC) to meet the growing needs of the public and (ii) the need for replacing soiled/mutilated notes so as to ensure that only good quality notes are in circulation. The expected increase in NIC is estimated using statistical models which consider macro-economic factors such as expected growth in GDP, inflation, interest rates, growth in non-cash modes of payment etc. The replacement requirement depends on the volume of notes already in circulation and the average life of banknotes. The Reserve Bank estimates the volume and value of notes to be printed in a year based on the above factors as well as feedback received from its own Regional Offices and banks regarding expected demand for cash and finalises the same in consultation with the Government of India and the printing presses. 12. Are the banknotes issued by RBI backed by any assets such as gold? All banknotes issued by RBI are backed by assets such as gold, Government Securities and Foreign Currency Assets, as defined in Section 33 of RBI Act, 1934. C. Different Types of Bank Notes and Security Features of banknotes 1. What are the various types of banknotes issued since independence of India? The details are as under: i. Ashoka Pillar Banknotes: The first banknote issued by independent India was the one rupee note issued in 1949. While retaining the same designs the new banknotes were issued with the symbol of Lion Capital of Ashoka Pillar at Sarnath in the watermark window in place of the portrait of King George. The name of the issuer, the denomination and the guarantee clause were printed in Hindi on the new banknotes from the year 1951. The banknotes in the denomination of ₹1000, ₹5000 and ₹10000 were issued in the year 1954. Banknotes in Ashoka Pillar watermark Series, in ₹10 denomination were issued between 1967 and 1992, ₹20 denomination in 1972 and 1975, ₹50 in 1975 and 1981, and ₹100 between 1967-1979. The banknotes issued during the above period, contained the symbols representing science and technology, progress, orientation to Indian Art forms. In the year 1970, banknotes with the legend "Satyameva Jayate", i.e., truth alone shall prevail were introduced for the first time. In October 1987, ₹500, banknote was introduced with the portrait of Mahatma Gandhi and the Ashoka Pillar watermark. ii. Mahatma Gandhi (MG) Series 1996 The details of banknotes issued in MG Series – 1996 is as under: Denomination Month and year of introduction ₹5 November 2001 ₹10 June 1996 ₹20 August 2001 ₹50 March 1997 ₹100 June 1996 ₹500 October 1997 ₹1000 November 2000 All the banknotes of this series bear the portrait of Mahatma Gandhi on the obverse (front) side, in place of symbol of Lion Capital of Ashoka Pillar, which has also been retained and shifted to the left side next to the watermark window. This means that these banknotes contain Mahatma Gandhi watermark as well as Mahatma Gandhi's portrait. iii. Mahatma Gandhi series – 2005 banknotes MG series 2005 banknotes were issued in the denomination of ₹10, ₹20, ₹50, ₹100, ₹500 and ₹1000 and contain some additional/new security features as compared to the 1996 MG series. The year of introduction of these banknotes is as under: Denomination Month and year of Introduction ₹50 and ₹100 August 2005 ₹500 and ₹1000 October 2005 ₹10 April 2006 ₹20 August 2006 The Legal tender of banknotes of ₹500 and ₹1000 of this series was subsequently withdrawn w.e.f. the midnight of November 8, 2016. iv. Mahatma Gandhi (New) Series (MGNS) – Nov 2016 The Mahatma Gandhi (New) Series, introduced in the year 2016, highlights the cultural heritage and scientific achievements of the country. The banknotes in the series are more wallet friendly, being of reduced dimensions and hence expected to incur less wear and tear. For the first time, designs for banknotes has been indigenously developed on themes reflecting the diverse history, culture and ethos of the country as also its scientific achievements. The colour scheme is sharp and vivid to make the banknotes distinctive. The first banknote from the new series was introduced on November 8, 2016 and is a new denomination, ₹2000-with the theme of Mangalyaan. Subsequently, banknotes in this series in denomination of ₹500, ₹200, ₹100, ₹50, ₹20 and ₹10 have also been introduced.

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     School life   

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How to apply instant pan card

 

 Step-by-Step Guide

@Generate New e-PAN
 

Step 1: Go to the e-Filing portal homepage, click Instant e-PAN.
 

Step 2: On the e-PAN page, click Get New e-PAN.
 

Step 3: On the Get New e-PAN page, enter your 12-digit Aadhaar number, select the I confirm that checkbox and click Continue.
 

Note:

• If the Aadhaar is already linked to a valid PAN, the following message is displayed - Entered Aadhaar Number is already linked with a PAN.
• If the Aadhaar is not linked with any mobile number, the following message is displayed - Entered Aadhaar Number is not linked with any active mobile number.

Step 4: On the OTP validation page, click I have read the consent terms and agree to proceed further. Click Continue. 
 

Step 5: On the OTP validation page, enter the 6-digit OTP received on the mobile number linked with Aadhaar, select the checkbox to validate the Aadhaar details with UIDAI and click Continue. 
 

Note:

• OTP will be valid for 15 minutes only.
• You have 3 attempts to enter the correct OTP.
• The OTP expiry countdown timer on screen tells you when the OTP will expire.
• On clicking Resend OTP, a new OTP will be generated and sent.

Step 6: On the Validate Aadhaar Details page, select the I Accept that checkbox and click Continue.
 

Note:

• Linking / Validating email ID (registered with your Aadhaar) is optional.
• If you have updated your email ID in Aadhaar but it has not been validated, click Validate Email. On the Validate Email ID page, enter the 6-digit OTP received on your mobile number linked with Aadhaar and click Continue.
• If you have not updated your email ID in Aadhaar, click Link Email ID. On the Validate Email ID page, enter the 6-digit OTP received on your mobile number linked with Aadhaar and click Continue.

On successful submission, a success message is displayed along with an Acknowledgement Number. Please keep a note of the Acknowledgement ID for future reference. You will also receive a confirmation message on your mobile number linked with Aadhaar.
 

3.2 Update PAN details as per Aadhaar e-KYC
 

Step 1: Go to the e-Filing portal homepage and click Instant e-PAN.
 

Step 2: On the e-PAN page, click Update PAN.
 

Step 3: On the Update PAN Details page, enter your 12-digit Aadhaar number, select the I confirm that checkbox and click Continue. 
 

Note:

• If the Aadhaar is already linked to a valid PAN, the following message is displayed - Entered Aadhaar Number is already linked with a PAN.
• If the Aadhaar is not linked with any mobile number, the following message is displayed - Entered Aadhaar Number is not linked with any active mobile number.

Step 4: On the OTP Validation page, enter the 6-digit OTP received on your mobile number registered with Aadhaar and click Continue. 
 

Note:

• OTP will be valid for 15 minutes only.
• You have 3 attempts to enter the correct OTP.
• The OTP expiry countdown timer on screen tells you when the OTP will expire.
• On clicking Resend OTP, a new OTP will be generated and sent.

Step 5: After OTP validation, Aadhaar e-KYC details along with the details registered with PAN is displayed. Select the details to updated as per Aadhaar e-KYC by clicking on the respective checkboxes to be updated as per Aadhaar details and click Continue. 
 

Please note that only the following details can be updated as per Aadhaar Details:

• Photo
• Name
• Date of Birth (If you only have year of birth in PAN, you will have to update it in Aadhaar before updating it in PAN).
• Mobile Number (It is updated by default)
• Email ID (You need to validate the email ID to be updated in PAN details)
• Address

Step 6: After selecting all the details which you want to update as per Aadhaar details, click Confirm. 
 

On confirmation, a success message will be displayed with an Acknowledgement Number. Please keep a note the Acknowledgement ID for future reference. You will also receive a confirmation message on your mobile number and email ID linked with Aadhaar.
 

3.3 Check status of pending e-PAN request / Create e-Filing Portal account / Download e-PAN
 

Step 1: Go to the e-Filing portal homepage and click Instant e-PAN.
 

Step 2: On the e-PAN page, click Continue on the Check Status / Download PAN option.
 

Step 3: On the Check status / Download PAN page, enter your 12-digit Aadhaar and click Continue.
 

Step 4: On the OTP Validation page, enter the 6-digit OTP received on your mobile number registered with Aadhaar and click Continue.
 

Note:

• OTP will be valid for 15 minutes only.
• You have 3 attempts to enter the correct OTP.
• The OTP expiry countdown timer on screen tells you when the OTP will expire.
• On clicking Resend OTP, a new OTP will be generated and sent.

Step 5: On the Current status of your e-PAN request page, you will be able to see the status of your e-PAN request. In case the new e-PAN has been generated and allotted, click View e-PAN to view or Download e-PAN to download a copy. Click Create e-Filing Account to register on the e-Filing portal.
 

Note: If did not validate your email ID (as per your Aadhaar KYC) when generating your e-PAN, or while updating PAN details, it is compulsory to do so during registration.
 

3.4  Download e-PAN – Post Login
 

Step 1: Log in to the e-Filing portal using your User ID and password.
 

Note: You need to Register yourself on the e-Filing portal after receiving e-Pan. Only after successful registration, you can log in to the portal. Go to the Register for e-Filing (Taxpayer) user manual to learn more.


Step 2: On your Dashboard, click Services > View / Download e-PAN.
 

Step 3: On the Enter Aadhaar Number page, enter your 12-digit Aadhaar number and click Continue. 
 

Step 4: On the OTP Validation page, enter the 6-digit OTP received on your mobile number registered with Aadhaar and click Continue.
 

Note:

• OTP will be valid for 15 minutes only.
• You have 3 attempts to enter the correct OTP.
• The OTP expiry countdown timer on screen tells you when the OTP will expire.
• On clicking Resend OTP, a new OTP will be generated and sent.

Step 5: On the View / Download e-PAN page, you will be able to see the status of your e-PAN request. In case the new e-PAN has been generated and allotted, click View e-PAN to view or Download e-PAN to download a copy.