Numismatics Collections

The Government of India has taken the first formal step towards the possible introduction of polymer banknotes after approving the Reserve Bank of India's proposal to conduct field trials of polymer-based ₹10 and ₹20 notes. The Ministry of Finance has authorised the RBI to print one billion pieces (one hundred crore) each of the ₹10 and ₹20 polymer banknotes for pilot circulation across selected regions of the country. The approval was confirmed by the Minister of State for Finance, Shri Pankaj Chaudhary, in a written reply to questions raised in the Lok Sabha. According to the government, the RBI intends to introduce the polymer banknotes on a trial basis to evaluate their performance under India's diverse climatic and circulation conditions. The pilot project will assess factors such as durability, resistance to wear and tear, public acceptance, machine compatibility, and overall cost-effectiveness before any decision is taken on a wider rollout. The RBI has maintained that...

India has taken another significant step towards the possible introduction of polymer banknotes with Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) issuing a Global Expression of Interest (EOI) on July, 17 2026 for the manufacture and supply of opacified polymer substrate sheets with advanced security features. The initiative is aimed at identifying experienced domestic and international manufacturers capable of producing high-security polymer substrates suitable for printing Indian banknotes. While this does not confirm the immediate introduction of polymer currency, it demonstrates that the groundwork for its adoption is now progressing in a structured manner. Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) is a wholly owned subsidiary of the Reserve Bank of India and is under the ownership of the Ministry of Finance, Government of India. Established in 1995 to augment the country's banknote printing capacity, BRBNMPL is responsible for the production ...

Among Indian coin collectors, the 2019 definitive coin series is widely referred to as the "Raindrop Series" or "Raindrop Coins."  The nickname has become so common that it frequently appears in coin trading groups, online marketplaces, catalogues, and social media discussions. However, despite its popularity, the term is technically incorrect and finds no support in any official Government document. The coins were never intended to depict raindrops; rather, they were designed to showcase India's agricultural strength through the depiction of grains. The 2019 definitive series marked one of the most significant redesigns of India's circulating coinage in recent years, comprising the ₹1, ₹2, ₹5, ₹10, and ₹20 denominations. Besides introducing the country's first circulating dodecagonal bi-metallic ₹20 coin, the series was designed to be more accessible to visually impaired individuals through distinct sizes, weights, and edge patterns, making each denom...

The possibility of India introducing polymer banknotes has once again entered public discussion following recent remarks by Reserve Bank of India (RBI) Governor Shri Sanjay Malhotra and the announcement of a major investment by German security technology company Giesecke+Devrient (G+D). While no official decision has yet been taken regarding polymer currency , the convergence of these developments has raised questions about whether G+D could emerge as an important partner in India's future currency transformation. India's economy is currently being viewed with considerable optimism by policymakers and global investors alike. RBI Governor Shri Sanjay Malhotra recently stated that the Indian economy presents a picture of strength, stability, and opportunity, supported by strong fundamentals, growth-oriented policies, and a forward-looking economic strategy. He also emphasized that India remains an attractive destination for domestic and international investment and that the coun...

The Reserve Bank of India is once again considering the introduction of polymer banknotes, reviving a proposal that was first explored more than a decade ago, according to a report by Business Standard. The move comes at a time when the cost of printing currency notes is rising sharply and billions of soiled notes continue to be withdrawn from circulation every year. The RBI is expected to announce a pilot project in the near future, with discussions reportedly taking place during the central bank’s last two board meetings held in Patna and Mumbai. Lower denomination notes such as the ₹10 and ₹20 are likely to be selected for the initial trial because they deteriorate quickly due to frequent circulation. Polymer banknotes are made from a synthetic plastic substrate instead of the traditional cotton-based paper used in Indian currency. These notes are generally more durable, resistant to moisture and dirt, and can last significantly longer in circulation. Polymer notes also allow the i...

A memorable evening in the world of Indian numismatics and notaphily unfolded with the launch of Paper Money of the Princely State of Hyderabad, authored by renowned paper money collector and museum founder Dr. Rezwan Razack, on January 31, 2026, at Conrad, Bengaluru. The event brought together distinguished personalities, collectors and enthusiasts to celebrate this landmark contribution to the study and documentation of the paper money of the erstwhile Princely State of Hyderabad. The chief guest was Dr. D. Subbarao, former Governor of the Reserve Bank of India , while the event was presided over by Mr. Irfan Razack, CMD of Prestige Group. Dr. Rezwan Razack is a well-known figure in Indian notaphilic circles. He has established the spectacular Museum of Indian Paper Money in Bengaluru and has authored and co-authored several important reference works on the currency issued by the Government of India and the Reserve Bank of India. There was therefore considerable anticipation surround...

The Reserve Bank of India has announced the launch of a new microsite exclusively dedicated to Indian banknotes. The microsite is designed to serve as a one-stop platform for the public to explore, learn, and understand various aspects of the country’s currency in an interactive and user-friendly manner. According to the RBI’s press release dated September 10, 2025, the new microsite provides the public with access to a wide range of resources on banknotes. These include a 360-degree view that allows detailed exploration of their design and layout. To further enhance understanding, the platform incorporates multimedia features such as videos, audio guides, and animations that explain security features in a simple and engaging way. In addition, the site offers interactive games, making the learning process more approachable for all age groups, especially students and young citizens. A noteworthy feature highlighted in the RBI release is the dedicated section on banknote exchange. This ...

The Reserve Bank of India (RBI) will soon issue ₹100 and ₹200 banknotes bearing the signature of its newly appointed Governor, Shri Sanjay Malhotra, as announced in an RBI press release on March 11, 2025. According to the press release, "The Reserve Bank of India will shortly issue ₹100 and ₹200 denomination banknotes in the Mahatma Gandhi (New) Series bearing the signature of Shri Sanjay Malhotra, Governor. The design of these notes remains identical in all respects to the existing ₹100 and ₹200 banknotes in the Mahatma Gandhi (New) Series. All previously issued ₹100 and ₹200 banknotes will continue to be legal tender." Earlier, on February 12, 2025, the RBI announced the issuance of ₹50 banknotes featuring the new Governor’s signature. With the addition of ₹100 and ₹200 banknotes, the numismatic community now eagerly awaits the release of ₹10, ₹20, and ₹500 banknotes with the updated signature. The Mahatma Gandhi (New) Series ₹100 banknote measures 66 mm × 142 mm and featur...

The Reserve Bank of India (RBI) is set to release banknotes bearing the signature of its newly appointed Governor, Shri Sanjay Malhotra. As per the latest announcement, the first denomination to feature his signature will be on ₹50 banknote, with the official confirmation made through an RBI press release on February 12, 2025. According to the press release, "The Reserve Bank of India will shortly issue ₹50 denomination banknotes in the Mahatma Gandhi (New) Series, bearing the signature of Shri Sanjay Malhotra, Governor. The design of these notes remains identical in all aspects to the existing ₹50 banknotes in the Mahatma Gandhi (New) Series. All previously issued ₹50 banknotes will continue to be legal tender." Shri Sanjay Malhotra, a 56-year-old civil servant, took charge as the RBI Governor on December 11, 2024, for a three-year term, succeeding Shri Shaktikanta Das, who served for six years. Prior to his appointment at RBI, Shri Malhotra held the position of India’s Reve...

Shri Sanjay Malhotra assumed office as the 26th Governor of the Reserve Bank of India (RBI) on December 11, 2024, for a three-year term, succeeding Shri Shaktikanta Das. Under Section 22 of the Reserve Bank of India Act, 1934, the RBI holds the exclusive authority to issue banknotes in India. As stipulated in Section 6 of the Reserve Bank of India (Note Issue) Regulations, 1935, these banknotes bear the signature of the Governor. A significant ceremonial duty in this regard is the acquisition of the Governor's specimen signature for its integration into the printing process of new banknotes. On December 12, 2024, a formal ceremony took place to obtain Shri Malhotra’s specimen signature. The event was attended by Shri T. Rabi Sankar, Deputy Governor; Shri Vivek Deep, Executive Director; the Chief General Manager-In-Charge of the Department of Currency Management, RBI; and the Managing Director of Bharatiya Reserve Bank Note Mudran Private Limited, a wholly owned subsidiary of the R...

The central government appointed Shri Sanjay Malhotra as the new Governor of the Reserve Bank of India (RBI) for a three-year term. Shri Malhotra, currently serving as the Secretary in the Department of Revenue, will succeed Shri Shaktikanta Das in the position, effective December 11, 2024. A notification from the Department of Personnel and Training, issued on December 9, 2024, confirmed his appointment, highlighting his distinguished career as an IAS officer from the 1990 batch (Rajasthan cadre). Shri Malhotra holds an electrical engineering degree from IIT Kanpur and a master's in public policy from Princeton University. Over his career, he has held pivotal roles, including Chairman and Managing Director of REC Limited (a Maharatna company) and Secretary in the Department of Financial Services. Since December 2022, he has served as Revenue Secretary in the Ministry of Finance, succeeding Tarun Bajaj. From a numismatic perspective, the first banknotes featuring Shri Sanjay Malho...

The Reserve Bank of India (RBI) is set to launch a five-episode web series to provide an in-depth look at its functions and its 90-year journey . According to an official document, the series will span nearly three hours, with each episode lasting 25-30 minutes. The official document states, "The bank intends to produce a five-episode web series, each approximately 25-30 minutes long, which can be broadcast on national TV channels and/or OTT platforms, celebrating the RBI's 90-year journey." The document invites bids through e-tendering for the 'Production and Distribution of Web Series Commemorating 90 Years of RBI'. This series aims to enhance public understanding of the central bank's crucial role in the economy, fostering greater engagement and building trust and confidence in its operations and policies. The RBI has called for proposals from interested production houses, TV channels, and OTT platforms. The primary objective is to create a comprehensive an...

The Reserve Bank of India (RBI) released its annual report for the financial year 2023-24 today, on May 30, 2024, highlighting the banknotes and coins in circulation during the mentioned period. In the report, the RBI stated that it focused on ensuring an adequate quantity of clean banknotes in circulation throughout the year. As part of this effort, the RBI undertook the process of withdrawing ₹2000 denomination banknotes. The currency in circulation includes banknotes, central bank digital currency (CBDC), and coins. Currently, banknotes in circulation consist of denominations of ₹2, ₹5, ₹10, ₹20, ₹50, ₹100, ₹200, ₹500, and ₹2000. The RBI has ceased printing banknotes in the denominations of ₹2, ₹5, and ₹2000. Coins in circulation include denominations of 50 paise, ₹1, ₹2, ₹5, ₹10, and ₹20. Banknotes in Circulation Coins in Circulation The issuance and management of currency (banknotes and coins) are handled by the RBI through its 19 issue offices, 2,794 currency chests, and 2,460 sm...

The India Government Mint, Kolkata, has started accepting bookings for the much awaited ₹90 commemorative coin issued to mark the 90 Years of Reserve Bank of India (RBI). The bookings commenced on May 25, 2024, and are subject to limited availability. On April 1, 2024, Prime Minister Shri Narendra Modi commemorated the 90th anniversary of the Reserve Bank of India by unveiling the ₹90 coin at their headquarters in Mumbai. The ₹90 coin, included in the Proof Set and packaged in Folder/Blister packaging, is priced at ₹5138, while the UNC set is yet to open for booking. In April 2024, the ₹90 coin in Proof Sets was made available for a limited period at the sales counter of the India Government Mint's Corporate Office in New Delhi. It's important to note that the metal composition of this ₹90 coin is Pure Silver (99.9%), weighing 40 grams with a diameter of 44 mm. It also features 200 serrations along the edge. These coin sets can be obtained either at the Mint Premises or thr...

The ₹90  commemorative coin  issued to celebrate the  90 Years of Reserve Bank of India  (RBI) is now available at the Sales Counter at India Government Mint's Corporate Office in New Delhi. The ₹90 coin, featured in the Proof Set and offered in Folder/Blister packaging, is priced at ₹4950 as of April 18, 2024. However, online bookings for the commemorative coin have not yet begun, and there may be a difference in online pricing. It's important to note that the  metal composition  of this ₹90 coin is Pure Silver (99.9%), weighing 40 grams with a diameter of 44 mm. It also features 200 serrations along the edge. The ₹90 is minted by India Government Mint, Kolkata. Earlier, on April 1, 2024, the Prime Minister of India, Shri Narendra Modi, unveiled the ₹90 coin at the headquarters of the RBI in Mumbai, commemorating the institution's 90 years of celebration. The  India Government Mint , also known as the Security Printing and Minting Corporation of ...

The Hon'ble Prime Minister of India, Shri Narendra Modi, released the ₹90  commemorative coin  to mark the 90 years of celebration of the  Reserve Bank of India  (RBI@90) at their headquarters in Mumbai on April 1, 2024,  The Minister of Finance, Smt. Nirmala Sitharaman, the Governor of the Reserve Bank of India, Shri Shaktikanta Das, the Governor of Maharashtra, Shri Ramesh Bais, the Chief Minister of Maharashtra, Shri Eknath Shinde, the Deputy Chief Minister of Maharashtra, Shri Devendra Fadnavis, and other dignitaries were also present to grace the occasion. Speaking at the event, the Prime Minister acknowledged the Reserve Bank of India's significant milestone, marking 90 years of operation. He highlighted the institution's enduring presence through both pre and post-independence periods, establishing a global reputation for professionalism and dedication. Extending congratulations to all staff on this occasion, the Prime Minister deemed the present...

The Government of India will issue a  commemorative coin  of ₹90 on occasion to mark the 90 Years of Celebration of Reserve Bank of India . The Ministry of Finance issued a gazette notification on March 19, 2024, confirming this coin. A momentous milestone approaches for the Reserve Bank of India as it marks its 90th year of existence and operation on April 1. Throughout its journey, the Reserve Bank has solidified its reputation as a credible institution, synonymous with stability, trust, and economic progress. In recent times, it has emerged as a trailblazer in driving innovation and technology adoption within the financial sector. Prioritizing customer-centricity and financial inclusion has always remained at the forefront of its agenda. The Reserve Bank's unwavering dedication to maintaining a delicate equilibrium among price stability, financial resilience, and external sector stability has yielded significant dividends, propelling the country towards a path of heightened...

As the grand consecration of the Ram Mandir in Ayodhya approaches, an image of a ₹500 banknote has emerged on the internet, depicting Lord Ram. Widespread claims suggest that the image of Lord Ram has replaced Mahatma Gandhi on the banknote. It is important to note that as of now, neither the Central Government nor the Reserve Bank of India has made an official announcement regarding the issuance of new 500 rupee notes featuring images of Lord Ram and the Ram temple. This supposed commemoration is in connection with the consecration of the Ram temple in Ayodhya on January 22, 2024. These banknotes are manipulated creations intended to deceive individuals by exploiting the sentiments associated with the Ayodhya Ram Mandir. The most recent ₹500 banknotes were introduced in 2016, concurrently with the issuance of ₹2000 banknotes, followed by denominations of ₹10, ₹20, ₹50, ₹100, and ₹200. However, as part of the "Clean Note Policy," the Reserve Bank of India (RBI) has decid...

In its withdrawal notice, the RBI explained that the ₹2000 banknotes had fulfilled their intended purpose and were no longer in widespread circulation. The central bank also referenced its 'clean note policy,' which mandates the replacement of worn or soiled notes within a period of four to five years. India to phase out ₹2000 Banknote in less than a week, with ₹24,087 Crore ($2.9 Billion) still in circulation. The Reserve Bank of India (RBI) has issued an order to withdraw the highest denomination banknote, the 2,000-rupee note , on May 19, 2023. This move comes after almost seven years of its introduction in November 2016 to remonetize the economy, following Prime Minister Narendra Modi's sudden decision to invalidate 1,000 and 500 rupee notes as legal tender overnight, as part of an anti-corruption initiative. Despite the majority of the 3.56 trillion rupees being deposited, approximately 7 percent of these notes were still in circulation as of September 1, 2023. Th...

The Reserve Bank of India (RBI) issued a clarification stating that banknotes bearing a star (*) symbol in the number panel are genuine and fully valid legal tender, carrying the same value as any other currency note. In its official press release, dated July 27, 2023, the RBI noted, “It has come to the notice of the Reserve Bank that the validity of banknotes with a Star (*) symbol present on the number panel has recently been the subject of discussions on some social media platforms. In this connection, it is informed that the Star symbol is inserted in the number panel of a banknote that is used as a replacement for defectively printed banknotes in a packet of 100 pieces of serially numbered banknotes.  A banknote with a Star (*) symbol is identical to any other legal banknote, except that in the number panel a Star symbol is added between the prefix and the serial number. The Star symbol is an identifier that it is a replaced/reprinted banknote.” The introduction of star bankno...