RBI panel decides against replacing Gandhi with other personalities on currency notes

A Reserve Bank of India (RBI) panel has decided against the inclusion of any other national leader's image on banknotes saying that no other personality could better represent the ethos of the country than Mahatma Gandhi.

On the advice of the government, RBI had in October 2010 constituted a Committee for designing future currency notes, Finance Minister Arun Jaitley said in a written reply to the Lok Sabha.

Jaitley said the Committee, inter alia, deliberated on the issue of changing the existing image of Mahatma Gandhi and inclusion of certain other personalities in the new design of currency notes.

After due consideration, the Committee decided that no other personality could better represent the ethos of the country than Mahatma Gandhi, the finance minister said.

In reply to a question, Jaitley said during the last three years RBI has received 21 complaints about circulation of fake currency through Automated Teller Machines (ATMs) installed by various public/private banks.

The central bank seeks a report upon receiving a complaint in this regard and takes such action as deemed fit based on the report, including issue of advisory to the concerned bank, Jaitley said.

RBI has issued instructions to banks that currency notes in denominations of Rs 100 and above should be re-issued by banks over their counters or through ATMs only if these notes are duly checked for authenticity/genuineness and fitness by machines.