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India attained Independence from the British Colonial Rule on 15th August 1947.The Reserve Bank of India continued to issue the British India Notes during the interim period between India's independence and declaration of the Republic of India on 26th January 1950.
Initially,it was contemplated to replace the portrait of King George VI with the portrait of Mahatma Gandhi and patterns were made.The Lion Capital of the Ashoka Pillar was selected and finalized for the new One Rupee note that was designed and issued in 1949.The watermark was also changed to the Ashoka Pillar from the portrait of King George VI.The design was the only note that did not have the depiction of One Rupee coin on the observe and reverse.
The first One Rupee note after independence was issued by the Government of India in January 1949.The Government retained the authority to issue the One Rupee Notes and it was at par with the metal Rupee coins in the Government accounts K.R.K.Menon signed the Government of India One Rupee notes as "Secretary,Minister of Finance".
On 26th January 1950,the Reserve Bank of India issued notes in denominations of Rupees Two,Five,Ten and One Hundred.The portrait of King George VI was replaced with the Ashoka Pillar and the watermark was also changed to the Ashoka Pillar for these denominations.
The watermark paper was imported from Messers.Portals Limited,England.In 1968 a paper mill was opened at Hoshangabad, Madhya Pradesh which manufactured 20% of India's watermark paper requirements.In April 2016 Bank Note Ppaer Mill India Private Limited was established in Mysore with the production capacity of 12000 tonnes per annum.
Over time ,denominations of Rupees Twenty,Rupees Fifty,Rupees Two Hundred,Rupees Five Hundred,Rupees One Thousand,Rupees Two Thousand,Rupees Five Thousand and Rupees Ten Thousand were issued.The Language panel on notes of all denominations started with 8 languages and currently have 151 languages in addition to Hindi and English.
All Government of India notes of One Rupee were printed at the 'Currency Note Press,Nashik' from 1949 to 2019.The currency Note Press,Dewas has also printed the One Rupee notes from 2017.The watermark paper upto 1968 was imported from Messers. Portals Limited from London.After the "Security Paper Mill" was setup at Hoshnagabad, the watermark paper used in One Rupee was manufactured in india.
{The contents of the above information was copied from One Rupee One Hundred Years 1917-2017 with the permission of its Author Sir Mr.Rezwan Razack}
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