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Rupee Note & Coin Trivia

With withdrawal of ₹500 and ₹1000 Rupee notes, while we all post views regarding demonetization, here is an interesting trivia about currency in India.
  • Currency notes are issued by the Reserve Bank of India but Coins are issued by the Government of India. 
  •  As a result. coins in possession of RBI are considered assets of RBI compared to Notes which are liabilities. And the distribution of Coins is undertaken by RBI only as an agent of the Government. 
  • Another ramification of this is that when you hold a Currency Note, you merely hold the RBI Governor's promise to pay you, but when you hold a coin, you actually hold an asset just like Gold or equity. 
  •  Last, while you can use Re. 1 coins to pay any value i.e. if you had 1 crore coins, you could buy a house by using them, but Coins up to 50 paisa are called “small coins” and can only be used to pay up to a maximum value of Rs 10. So much for the 'chillar' (loose change) in our kiddie 'gullaks' (piggy bank)!
Image Credit: Pixabay 

2 Comments to " Rupee Note & Coin Trivia "

  1. Oh never heard about these amazing facts.. thanks a lot for sharing!

    coins of India

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