Reserve Bank of India (RBI) instead of issuing new series of smaller-sized currency-notes in one go, is introducing notes in different denominations at intervals now with issue of new smaller-sized 50-rupee notes in fluorescent-blue colour. Last time when sizes of currency-notes were reduced in the year 1967, complete series in all denominations was issued simultaneously. With issue of new denomination of rupees-200 already announced, RBI should issue new smaller-sized notes of rupees 200, 100, 20 and 10 simultaneously at the earliest to reduce cost of printing-printing and induce newness in the system. Since 10-rupee coins are still unpopular, plastic notes of rupees ten in smaller sized should be issued on experimental-basis as repeatedly announced by RBI and Government of India.
At the same time, central government and RBI should not print much-criticised 2000-rupee notes anymore which seem to have been issued as a compulsion to meet big challenge of demonetisation. Also, regressive step of issuing one-rupee note after its discontinuance twenty years back should be reversed by discontinuing its printing. Present print-stock of one-rupee notes can be sold in attractive plastic-packing only at premium-price as souvenir, rather than putting these in actual circulation because limited number of printed one-rupee notes will otherwise also not be coming in actual circulation with every one getting these likely to keep as collectors-item.
Subhash Chandra Agrawal
(The views expressed by the author in the article are his/her own.)