Do you know the cost of printing One Indian rupee note?: Recently union government announced its decision to re-introduce One rupee note after a long gap of 20 years. But, did you know that the cost of printing a one rupee not is Rs 1.14. Shocked? Yes I was too, but its true according to an RTI query.
In an RTI response, The Security Printing and Minting Corporation of India (SPMCIL), said in that the cost is subject to audit, which is in progress, for financial year 2014-15.
“The cost of one rupee note is Rs 1.14 (provisionally and unaudited) as determined in accordance with the principle of costing and costing module,” it said replying to the application filed by activist Subhash Chandra Agrawal.
In the past, the printing of one-rupee notes was discontinued in 1994 due to high printing cost as compared to their lives.
“Similarly, the notes of two-rupees and five-rupees denominations were subsequently discontinued for the same reason,” said Agrawal.
The denominations have been coinised. However, the Union Finance Ministry subsequent to a gazette-notification dated December 16, 2014 ultimately re-issued one-rupee notes on March 6, 2015 at Shrinathji Temple (Nathdwara), Rajasthan, Agrawal said.
On the other hand the decision is attracting a lot of criticism as signature of Union Finance Minister was used on the notes instead of RBI governer.
“Inquiry should be made if retrogressive step of re-issue of costly one rupee notes was taken so that signature of top bureaucrat of Union Finance Ministry may appear on these notes for becoming a historical feature in future,” he said.
