Indian Currency Facts : It has been 76 years since India got independence, hence many changes have taken place in Indian currency notes. There have been many changes from its color to its shape. While notes of some denominations have now been discontinued, notes of some denominations are still in circulation. In the year 2016, 500 and 1000 rupee notes were discontinued by the Prime Minister. When the new notes came in the market, their color, shape and size were quite different. But no matter how much changes have taken place in all these notes, there is one thing which has not changed till date and that is the sentence “'I promise to pay to the bearer… Rs.' This line is found written on every Indian currency note. Have you ever paid attention to this? Or have you ever wondered why this line is written on it? Also what is its importance and meaning.
Complete story of Indian currency notes
The importance of 'I undertake to pay to the bearer… rupees' is very high. In fact, this sentence tells that the actual value of the note given to you is being confirmed by the Governor of the Reserve Bank of India (RBI) himself. Also The Governor is also guaranteeing that gold is accumulated equal to the value of this note issued by the Reserve Bank. In fact, the Reserve Bank of India stores with itself as much gold as the rupee note it prints.
Let us tell you that currency notes in India are printed by the Reserve Bank of India. Not only this, the signature of the Governor of India is also on all the notes except the one rupee note. The Reserve Bank of India is given the responsibility of currency management. This was implemented through the Reserve Bank of India Act, 1934. Also, according to Section 22 of the Reserve Bank of India Act, the Reserve Bank has the right to issue notes.
Apart from this, if any person refuses to take the correct note, it means that he is not obeying the orders of the RBI Governor or the government representative. Which also means that he is breaking the law, not only this, legal action can also be taken against him.
Source: newstrack.com”