ALAPPUZHA: Monday marks a significant milestone in India’s financial history. It is the 75th anniversary of the issuance of the country’s first independent currency, the one-rupee note. On August 12, 1949, India introduced this iconic currency, a symbol of newfound sovereignty, with the signature of Finance Secretary K R K Menon.
Known as the ‘Government of India Note’, it holds the unique distinction of being the smallest paper denomination in the country and the only note to bear the signature of a finance secretary rather than the Reserve Bank Governor. Arvind Kumar Pai, a notaphilist from Cherthala, holds the record of having the largest collection of one-rupee notes printed since 1949.
Arvind has an impressive collection of over one lakh one-rupee notes fetching him a place in the Limca Book of Records. His collection includes currency notes signed by every Finance Secretary, from Menon to the latest issue signed by Atanu Chakraborty. “Unlike other currency notes in India, the one-rupee note lacks the familiar promissory text, ‘I promise to pay the bearer’, making it distinct,” said Arvind.
“Over the decades, the note became even more unique due to its production costs, which, at one point, exceeded its face value. In 1994, it cost 1.48 rupees to print each one-rupee note, leading to its discontinuation. However, in 2015, the one rupee note made a historic comeback, with the printing cost reduced to 1.14 rupees per note. By 2016, the cost further dropped to 78 paise, making it more economical to produce,” said the record-holder, who is a teacher at the Government Upper Primary School in Cherthala.
One notable feature of the one-rupee note printed in 2018 is its vertical year print, a departure from the traditional horizontal placement on previous notes. Arvind’s passion for the one-rupee note is rooted in its historical significance. “The one-rupee note remains legal tender to this day and has never been demonetised, unlike other currency denominations in India,” he said.
Among his possessions is the commemorative Mahatma Gandhi one-rupee note issued in 1969, signed by I J Patel, the only commemorative issue of its kind.
He has also a collection of one-rupee currency notes having serial numbers similar to the dates of birth of the 140 MLAs in the state Assembly. He also owns more than 2.5 lakh stamps and lakhs of matchbox pictures. In addition, his passion for philately has fetched him a place in the Limca Book of Records, India Book of Records and the Asian Book of Records.