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The British India banknotes of King George V were also printed in England. In 1928, the India Security Press at Nasik became functional and took over from the Bank of England Press the printing of notes. In 1935, the Reserve Bank of India was established, and since then it has been the only currency-issuing authority and monetary agency for ...
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The East India Company, which then ruled over large parts of India, wanted to take away this power of issuing banknotes from the commercial banks, as a result of which The Paper Currency Act, 1861 was enacted into law. [2]
The Paper Currency Act, 1861 gave the Government of India the exclusive right to print and circulate banknotes and thereby abolishes the printing and circulation of banknotes by the private Presidency Banks. Until the establishment of the Reserve Bank of India on 1 April 1935, the Government of India continued to print and issue banknotes. [2] [3]
Banknotes of denominations of ₹5, ₹10, ₹20, ₹50, ₹100, ₹500 and ₹1000 of the Mahatma Gandhi Series. The Gandhi Series of banknotes are issued by the Reserve Bank of India (RBI) as the legal tender of Indian rupee. The series is so called because the obverse of the banknotes prominently display the portrait of Mahatma Gandhi.
It made a world record by printing more than 20,000 million pieces of bank notes in financial year 2016–17, It has its own design cell. It has the capability to print all the denominations of Indian bank notes. The other two bank note presses of SPMCIL are Currency Note Press Nashik Road, and Bank Note Presses Dewas.
Banknotes of the Indian rupee include: Lion Capital Series: Banknotes of the Indian rupee printed between 1962 and 2000. Mahatma Gandhi Series: Banknotes of the Indian rupee printed between 1996 and 2018. Mahatma Gandhi New Series: Banknotes of the Indian rupee printed from 2016 to present.
The Mahatma Gandhi New Series of banknotes are issued by the Reserve Bank of India (RBI) as the legal tender of the Indian rupee (₹), intended to replace the Mahatma Gandhi Series of banknotes. Announced on 8 November 2016, it followed the demonetisation of ₹ 500 and ₹ 1000 banknotes of the original Mahatma Gandhi
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