Increased supply of Rs 1 notes

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Rs 1 notes suddenly re-issued on March 6, 2015 at Nathdwara Temple (Rajasthan) by the then Union Finance secretary Rajiv Mehrishi after a gap of two long decades just for bureaucratic craze of their signatures printed on notes, were sold at exorbitant premium of Rs 1500 per pack of 100 pieces in wholesale market of new currency and coins at that time. It is interesting that hardly a very few persons are aware of such a note having been re-issued, what to talk about having possessed one as souvenir or even seen.

Central government and Reserve Bank of India (RBI) have reasons to cheer that premium of these notes in wholesale market has now come down heavily at Rs 500 per pack of 100 pieces with situation of their never coming in actual circulation remaining the very same as was on March 6, 2015. Officers of Department of Economic Affairs, Department of Banking and RBI should be complimented for increased supply of Rs 1 notes to sellers of new currency at premium where members of public now can get these notes at five-time premium rather than earlier 15-times premium.

India is shining and Mera Bhaarat is Mahaan.

Madhu Agrawal

(The views expressed by the author in the article are his/her own.)