28 Oct Lakshmi-Ganesh on Indian currency

Lakshmi-Ganesh on Indian Currency

Aam Aadmi Party starts a new controversy on India Currency. They demand Goddess Lakshmi-Ganesh photos in India Currency.  Is the Center agree with them on the topic of Lakshmi-Ganesh on Indian Currency?

Prelims: Economic, Bodies responsible for taking decisions
Mains: GS III: Indian Economy and issues relating to planning, mobilization, resources, growth, development, and employment.

Context
Leaders of AAP, asked the government of India to put pictures of Goddess and God Lakshmi-Ganesh on Indian currency notes in order to bring “prosperity” to the country.
Who is the deciding body of the look of Indian Bank Notes?
The Reserve bank of India i.e. RBI, the central bank and the regulatory body along with the Central Government are responsible for the changes in the designs and forms of the banknotes and coins.
The changes in the designs of a currency note in India have to be approved by the Central Body of RBI and the Central Government of India.
The Central government of India has the sole authority to change the design of the coins
RBI’s role in issuing currency
According to Section 22 of the Reserve Bank of India Act, 1934, RBI has the “sole right” to issue banknotes in India
According to the Sector 25 of the Reserve Bank of India Act,1934, the design, form and material of the banknotes of India shall be such as may be, after the recommendation of the central board of the RBI, the central government will approval.
The responsibility of administering the main function of currency management is of the Department of Currency Management of the RBI, If the currency note’s design has to be changed, this Department works on the design and submits it to the RBI which recommends it to the central government. The final approval comes from the central government of India
Printing of Currency Notes
There are two currency note printing presses in India and they are owned by the Government of India.
One of these is in Nasik and another one is in Dewas
There two more printing presses are in India one of the two is in Mysore and another one is in Salboni.
These two printing presses are owned by the RBI through its wholly-owned subsidiary, Bharatiya Reserve Bank Note Mudran Ltd (BRBNML).

About the coin minting
According to the Coinage Act, of 2011 the central government has the authority to design and mint coins in many different denominations.
The role of the RBI is limited in the case of coins, to the distribution of these, which are supplied by the central government.
The government decides on the number of coins to be minted on the basis of indents received from the RBI on a yearly basis.
The Coins are being minted in four mints owned by the Indian Government.
They are in Mumbai, Hyderabad, Kolkata and Noida.

The various types of notes issued so far
Ashoka Pillar Banknotes:
The 1st banknote issued after the independence of India in 1949 was the Re 1 note.
In the Re 1 note, the portrait of King George was replaced with the symbol of the Lion Capital of the Ashoka Pillar at Sarnath in the watermark window.

Pic: Ashoka Pillar Banknotes

Mahatma Gandhi (MG) Series, 1996:
All the banknotes of this series carry the portrait of Mahatma Gandhi on the front side, in place of the symbol of the Lion Capital of Ashoka Pillar, which was moved to the left, next to the watermark window.

Pic: Mahatma Gandhi (MG) Series, 1996

Mahatma Gandhi series, 2005:
They have some advanced new security features as compared to the 1996 MG series.

Pic: Mahatma Gandhi Series, 2005

Mahatma Gandhi (New) Series, 2016:
These new notes draw special attention to India’s cultural heritage and scientific achievements.
The banknote from the new series is
of Rs 2,000 denomination — was introduced on November 8, 2016,
the theme of this note is Mangalyaan.

Pic: Mahatma Gandhi (New) Series, 2016

Sources:
The Indian Express

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