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Friday, 16 December 2011

DID YOU KNOW SERIES (9) ; FIFTY RUPEE NOTES ; CLASSIFICATION AND VALUATION.

DID YOU KNOW SERIES (9) : FIFTY RUPEE NOTES : CLASSIFICATION AND VALUATION.


Historical reference:

1)   The first 50 rupee notes were introduced by Reserve Bank of India in May 1975 during the tenure of S.Jagannathan (RBI Governor 16.06.1970 – 19.05.1975) the front had a watermark window on the left side and the Lion Capital on the right. Thirteen (13) Regional Languages are mentioned on the panel to the right of the Watermark window. The back showed a picture of the Indian Parliament with no flag on the flag mast /flagpole. This design continued for some time and was replaced during the time of I.G.Patel (RBI Governor 01.12.1977 – 15.09.1982) with the Indian flag on the flag mast/ flagpole and the words “Satyameva Jayate” appeared below the Lion Capital for the first time. This design continued during the tenures of Manmohan Singh (RBI Governor 16.09.1982-14.01.1985), R.N Malhotra (RBI Governor 04.02.1985 – 22.12.1990), S.Venkitaramanan (RBI Governor 22.12.1990 – 21.12.1992), C Rangarajan (RBI Governor 22.12.1992 – 22.11.1997) and Bimal Jalan (RBI Governor 22.11.1997 – 06.09.2003).

2)   Simultaneously, a new design with changed colours and  with a Mahatma Gandhi portrait on the front and a more distant and compact picture of the Indian Parliament on the back was introduced during the tenures of RBI Governors C. Rangarajan and Bimal Jalan which designs/format are still found on the fifty rupee currency notes being used by you today. Also, the number of Regional Languages was raised to 15.



The above is a front side image of a fifty rupee Note issued during the tenure of S.Venkitaramanan, (RBI Governor 22.12.1990 to 21.12.1992), showing Guilloche printing (defined as an ornament or design in the form of two or more bands or strings twisting over each other, so as to repeat the same figure, in a continued series, by the spiral returning of the bands), except in the corners which are plain white. The colour scheme is multicoloured, green, pink and violet.  Notice the large Lion Capital of Emperor Asoka on the right hand side of the Note with the words “Satyameva Jayate” (Truth Always Prevails) below it. If you look at the serial number of the Note, the prefix of the above Note is ‘1RS’, the serial No. is ‘953443’. There is the letter “A “of the alphabet mentioned in the background of the serial number.  Hence, this note is said to have been issued with an “A” Inset. The serial number is mentioned on the bottom left and repeated on the top right hand side of the Note. Also notice that the promise to pay the bearer the sum of fifty rupees made by the Governor is mentioned first in English on the left hand side and then in Hindi on the right hand side. We will see that in Notes issued at some later dates, this pattern will reverse. Also, notice that the words “Reserve Bank of India (and) Guaranteed by the Central Government” are mentioned in English above and then in Hindi, below the English Inscription. This pattern will also reverse in Notes issued at some later dates. The symbol of the Reserve Bank of India figures on this Note at the bottom left hand side. Also, notice that the word “Governor” is mentioned as such both in English and Hindi and not translated into Hindi (The normal Hindi translation is “Rajyapal” or “one who manages/looks after the affairs of the State”, as this may be a misnomer while addressing the Governor of the RBI? Any other interpretations as to why the Hindi translation of the word Governor has not been made on currency notes? Or is it just an oversight?).
The value of a fifty rupee Note issued during the tenure of S. Venkitaramanan, in mint condition, would be about Rs.125/- about Rs.200/- or Rs.300/-.


The back of the Note shows the Indian Parliament with the flag flying on the Flagpole. No year of issue is mentioned below the image of the Parliament, which appeared for the first time only in 2005 on the back of Fifty Rupee Notes. Only the Hindi version of “Bhartiya Reserve Bank” appears at the back and not the English translation. The denomination of the Note is mentioned in numerals “50” on the top left hand side and bottom right hand side. The value of the Note “Pacchas Rupiye” appears in Hindi on the top right hand side and “Fifty Rupees” in English on the bottom right hand side.


This is an image of a fifty rupee Note issued during the tenure of C.Rangarajan. The Note is issued with a “Plain Inset” under the changed Mahatma Gandhi series. Notice that his name is mentioned as “M.K.Gandhi” 9Mo.Ka. gandhi in Hindi) below his large portrait on the right hand side, Also the Lion Capital has moved to the bottom left hand side along with the words “Satyameva Jayate” below it. The RBI symbol has now been placed to the right hand bottom corner. Also, the words “Bhartiya Reserve Bank” in Hindi are mentioned above the English translation “Reserve Bank of India”. Similarly, the Governor’s promise to pay fifty rupees to the bearer of this note is mentioned in Hindi first on the left hand side and then in English on the right hand side, unlike in the previous Note. (Remember that, both designs i.e. the one with the large Lion Capital on the right hand side as well as this design were issued during Dr. Rangarajan’s tenure as well as his successor Dr.Jalan’s tenure).


The back of the above Note showing a more compact and focused picture of the Indian Parliament (new design), with the flag flying on the Flagpole (perhaps, the Engravers of this new design are suggesting that now “the affairs of the Parliament” will be under more Media/public scrutiny (:-).
The numeral “50” is now mentioned at three places in the new design viz., top left and right hand sides and bottom left hand side. On the bottom left hand side the denomination of the currency Note “PACCHAS RUPIYE” is mentioned in Hindi in words and on the right hand side, “FIFTY RUPEES” is mentioned in English.
The Languages Panel has moved to the back of the Note and the number of Regional languages shown is now 15.
Again no year of issue is mentioned here.
The value of a fifty rupee note issued during Dr. Rangarajan’s tenure in mint condition would be about Rs.125/- to Rs. 200/-.

Now for a trick question :-



This is an image of a fifty rupee Note issued under the signatures of Bimal Jalan with the old design where the large/big Lion Capital, with the words “Satyameva Jayate” inscribed below it is shown on the right hand side . The note is issued with a “B” Inset. This design of Notes was issued with either “B” or “C” Insets, during Dr. Jalan’s tenure. Notice here, that on the right hand side, the letters “Yate” of “Jayate” are printed partially on the curve of the white coloured design on the bottom right hand side. The colours on this note are quite bright, so much so, that the white background design of the water-mark window on the left side is somewhat overshadowing the Regional languages which are appearing above the white pattern.



Now, take a look at this fifty rupee note which is also issued with a “B” Inset under Dr. Jalan’s signatures. Here notice that the colours on the note are somewhat dull. The “Jayate” inscription on the right hand side has now moved above the curve of the white coloured design on the bottom right hand side. Also, the languages overlapping the design in the watermark window on the left are more prominent than in the earlier note where the white pattern was more prominent.

The back of the first note showing the Indian Parliament with more prominent colours, particularly on the border of the water-mark window than the next image.



The back of the second note with slightly less prominent colours.

Now based on the above information, it would be interesting for you to analyse as to which of these two notes given above are genuine, or are both these notes genuine or whether both these notes are fake.
You want me to tell you? Sorry, I am still in the process of analyzing these notes myself, so I won’t be able to help you out (:-).

What are the clues that I am working on?? Notice that in the Note given at the beginning of this post issued during the tenure of RBI Governor, S. Venkitaramanan, the “Jayate” of “Satyameva Jayate” is above the curve of the white coloured design on the bottom right hand side. Most of the Notes issued thereafter till this “anomaly” are issued in this pattern. Does this mean that the second note given above is the genuine one? But, what about the brightness in the colours? The first note issued under Dr. Jalan’s signatures has more brightness in colours, which is more like the note issued during S. Venkitaramanan’s tenure. Does this mean that the first note is genuine?



The front side of a fifty rupee note issued with an “A” Inset during the tenure of Bimal Jalan as RBI Governor (22.11.1997 – 06.09.2003), which is similar to the previous Note issued during the tenure of C. Rangarajan except that “Mahatma Gandhi” has replaced “M.K.Gandhi” on the previous Note, showing more respect to the Father of the Indian Nation.



The above is an image of a fifty rupee note issued during Dr. Bimal Jalan’s tenure with an “E” Inset.



The above is an image of a fifty rupee note issued with“Plain Inset” during Dr. Jalan’s tenure. 



The front of a Note issued with an “L” Inset during Dr. Jalan’s tenure.


The front image of a Note issued with “R” Inset under Dr.Jalan’s signatures.



All the above mentioned Notes issued during Bimal Jalan’s tenure have the above design at the back which is similar to the design issued during Dr. Rangarajan’s tenure. Notice that no year of issue is mentioned on the back of all these Notes, as Dr. Jalan’s tenure as RBI Governor ended in September 2003.
The value of a fifty rupee Note issued during Bimal Jalan’s signatures would be about Rs.100/- to Rs.175/-.


The above is an image of a fifty rupee note issued during the tenure of Y.V.Reddy as RBI Governor (06.09.2003 to 05.09.2008). This Note is issued with an “E” Inset. “E” Inset notes were issued during Dr. Reddy’s tenure with no year of issue mentioned on the back (prior to 2005), and in 2005, 2006, 2007 and 2008.



Reverse of the above Note, showing no year of issue, this being one of the first few notes issued during Dr. Reddy’s tenure.


 The above is an image of a Note issued during Dr. Reddy’s tenure with an “F” Inset. This is the only time that a fifty rupee Note has been issued with an “F” Inset under the tenure of any RBI Governor, which I have come across. The image below indicates that there is no year mentioned at the back indicating that it was issued during the early part of Dr. Reddy’s tenure. I have managed to collect a few of these notes in mint condition. I understand that the value of these issues is substantially more than the other fifty rupee issues for collectors from this period of fifty rupee note issues.



An image of the front side of a fifty rupee note issued under Dr. Reddy’s signature with “Plain Inset”.


The back of the above note showing the year of issue as 2008 below the image of the Indian Parliament. “Plain Inset” notes in the fifty rupee denomination were, also, issued in 2005, 2006 and 2007 under Dr. Reddy’s signatures.


 
The above is an image of the front side of a 50 rupee note issued under Dr. Reddy’s signatures with an “L” Inset.


The back of the above note, showing the year of issue as 2005. “L” Inset fifty rupee notes were issued during Dr. Reddy’s tenure with no year mentioned at the back, in 2006 and 2007.



The front-side image of a fifty rupee note issued with an “R” Inset under Dr. Reddy’s signatures.



The back of the above note, showing 2008 as the year of issue. “R” Inset fifty rupee notes were also issued with no year mentioned at the back,2005,2006 and 2007 during his tenure.
The value of a fifty rupee note issued during Dr. Y.V.Reddy’s tenure would be about Rs.75/- to Rs. 150/- depending on the series/ Inset it is issued under. Also, fifty rupee notes issued with F” Inset are worth substantially more .

The following fifty rupee notes were issued during the tenure of Dr. D.Subbarao (RBI Governor 06.09.2008 – present day)


The above image is of a fifty rupee Note issued with “Plain Inset” during Dr.Subbarao’s tenure. Plain Inset fifty rupee notes were also issued during his tenure in 2010 and 2011.

The back of the above note, showing the year of issue as 2009.


The front of a fifty rupee Note issued with an “L” Inset in 2011 during Dr. Subbarao’s tenure.


The back of the above note, showing the year of issue 2011 below the image of the Indian Parliament. “L” Inset fifty rupee notes were also issued in 2009 and 2010, during his tenure.



An image of a note issued with “R” Inset during Dr.Subbarao,s tenure. 


The back of the above note, issued in 2009.
 Notes were also issued during Dr.Subbarao’s tienure with an “E” Inset in 2009 and 2010.

The value of a fifty rupee note issued during Dr. D. Subbarao’s tenure in mint condition is worth face value for later issues,  going upto Rs.75/- or Rs.100/- for earlier issues .

Posted on 08.11.2012:

I have managed to get a rupee symbol fifty rupee note from my friend Dennis in Gurgaon whom I was visiting last week.


The front of the fifty rupee note showing the rupee symbol before the numerals "50" on the top left and right hand sides of this note, while retaining the other features of the previous issues. (To view the scan with more clarity, please click on the image).


The back of the fifty rupee Note showing the rupee symbol again before the "50" numerals mentioned on the top left hand and right hand sides.

Posted on 23.01.2014:

Reserve Bank of India has now decided to withdraw all currency notes issued prior to 2005, without specifically mentioning that these Banknotes will cease to be legal tender. From April 2014 all Banks will accept and exchange pre-2005 Banknotes. These Banknotes are easily identified by the absence of the year of printing on the Back of the Note. RBI estimates that the maximum number of fake currency Banknotes are from the period prior to 2005. From 01.07.2014, to exchange more than 10 pieces of Rs.500/- and Rs.1000/- banknotes, non-customers will have to furnish identity and address proof to the Bank Branch.  However, it is expected that later on RBI will issue a communication advising users the final date upto which Banknotes prior to 2005 will be accepted by the Bank. 


Therefore, please start examining the year of issue"at the back of the currency Notes passing through your hands, so as not to face the inconvenience of going to a Bank Branch for returning the currency issued prior to 2005.


While this is a welcome step, RBI needs to have a policy in place to take the remaining counterfeit Banknotes issued after 2005, like changing/revamping the Front and Back designs, adding more effective security features etc. so as not to put users at risk of accepting counterfeit currency Banknotes.


 Posted on 03.03.2014:   

   The Reserve Bank of India has extended the date for exchanging the pre-2005 banknotes to January 01, 2015. It has also advised banks to facilitate the exchange of these notes for full value and without causing any inconvenience whatsoever to the public.
   RBI has further clarified that the public can continue to freely use these notes for any transaction and can unhesitatingly receive these notes in payment, as all such notes continue to remain legal tender till that date.


Links to other Posts on Indian Currency Notes on this blog: 










4 comments:

  1. Sir,

    I need help in identifying which year a note was issues. A black 10 rupee note with 2 boats at the reverse, V27 series with a D inset. This was issued during Manmohan Singh's tensure

    ReplyDelete
  2. Hi,
    Manmohan Singh was RBI Governor during 16.09.1982 to 14.01.1985. The Banknote with the "D" Inset, that you have mentioned was issued during the beginning of his tenure as RBI Gov. with prefixes S,T,U,V, and W. Since V prefixes are the 4th issues after S,T and U, my assessment is that your Note was issued sometime in mid to late1983. Later, Singh issues in the same designs were with "E" Insets with prefixes from A to U with some omissions and then again with the revised designs with "A' Inset till the end of his tenure.

    ReplyDelete
  3. i have a doubt. 50 rupees gandhi series introduced in 1996. and bimal jalans tenure from 22 nov. 1997. why bimal jalans sign on old type loin capital note.

    ReplyDelete
    Replies
    1. This is an excellent observation. However, the Lion Capitol design Banknotes were issued simultaneously with the Mahatma Gandhi series for some time during Mr. Bimal Jalan's tenure too, as well as that of his predecessor Dr. C. Rangarajan hence the two different designs signed by him.

      Delete