Which was the first paper currency issued by RBI?
Which was the first paper currency issued by RBI?
The process of issuing paper currency was initiated in the 18th century. Few private banks such as – the Bank of Bengal, the Bank of Bombay, and the Bank of Madras started the first printed paper money. It was only started after the Paper Currency Act of 1861 that the government of India was given the monopoly to print currency. The government of India printed currency until the Reserve Bank of India was established in 1935, which then took up this responsibility to print currency. In 1938, India started printing banknotes of Rs 10,000 denominations.
The 5 Rupee note was the first paper currency issued by RBI in January 1938. The Rs 5 note had the portrait of George VI. Then within the same year, currency notes of Rs 10, Rs 100, Rs 1,000 and Rs 10,000 were issued.
The process of issuing paper currency was initiated in the 18th century. Few private banks such as – the Bank of Bengal, the Bank of Bombay, and the Bank of Madras started the first printed paper money. It was only started after the Paper Currency Act of 1861 that the government of India was given the monopoly to print currency. The government of India printed currency until the Reserve Bank of India was established in 1935, which then took up this responsibility to print currency. In 1938, India started printing banknotes of Rs 10,000 denominations.
The 5 Rupee note was the first paper currency issued by RBI in January 1938. The Rs 5 note had the portrait of George VI. Then within the same year, currency notes of Rs 10, Rs 100, Rs 1,000 and Rs 10,000 were issued.
