Rajeev Chandrasekhar's official website - Member of Parliament

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

DEPARTMENT OF ECONOMIC AFFAIRS

RAJYA SABHA

UNSTARRED QUESTION NO.2223

TO BE ANSWERED ON THE 23rd AUGUST 2011/ 1 BHADRAPAD, 1933 (SAKA)

Makeover of Currency Notes

 

2223. SHRI RAJEEV CHANDRASEKHAR:

Will the minister of FINANCE be pleased to state:

(a)   Whether its is a fact that Government is planning to initiate a makeover exercise for the Indian currency notes;

(b)   If so, the details thereof and the reasons therefore;

(c)    Whether a Committee has been appointed by Government to give a go–ahead to the Reserve Bank of India (RB) for approving a new design for currency notes;

(d)   If so, the composition of the Committee;

(e)   To what extent this move is expected to help in checking the fake currency problem;

(f)     Whether such an exercise was also undertaken earlier to recall a set of currency notes; and

(g)   If so, the details along with the results thereof?

ANSWER

MINISTER OF STATE IN THE MINISTRY OF FINANCE

(SHRI NAMA NARAIN MEENA)

(a)   & (b):  the review of security features in currency notes is a continuous exercise, which is undertaken from time to time in consultation with all stakeholders.

(c)    & (d): No, Sir. However, Government of India had concurred the proposal of RBI to constitute a Committee for designing “Future Currency Note.” Accordingly, the high Level Steering Committee has been constituted by RBI under the Chairmanship of Executive Director, RBI with the following representations:

  1. Security Printing and Minting Corporation of India Ltd.
  2. Bhartiya Reserve Bank Note Mudran Pvt. Ltd.
  3. Ministry Of Culture.
  4. Indira Gandhi National Centre for Arts.
  5. National Institute Of Design.
  6. J.J. School Of Arts.
  7. National Archives And State Archaeological Department (outside experts having experience in the related field)
  8. Ministry Of Home Affairs.
  9. National Association for Blind.

(e)   : All initiatives undertaken by the Government from time to time are with a view to make counterfeiting difficult.

  To (g): As per the withdrawal plan of RBI, phasing out of ` 500 denomination banknotes (MG Series 1996 and 2000 series) has been initiated with effect from July 2008 and October 2009 respectively. Further, phasing out of `1000 denomination banknotes     (MG 2000 series) has been initiated with effect from March, 2011