The government has plans to print 15 crore currency notes of Re 1 denomination every year with effect from January 1, 2015, Parliament was informed today.
“Government has issued gazette notification dated December 15, 2014 to print Re 1 currency notes with effect from 1 January 2015 under the provisions of the Coinage Act, Minister of State for Finance Jayant Sinha said in a written reply in Rajya Sabha.
Accordingly, the government has decided to print 150 million one rupee notes per annum, he said further.
The minister in his reply said the printing of Rs 1, 2 and 5 denomination banknotes were discontinued by the Reserve Bank in view of high cost of printing.
“At present, there is no proposal to issue Rs 2 and 5 denomination notes,” Sinha said.