THE one-rupee note was first introduced in India in 1917 as a wartime measure to conserve specie (coins). It was issued as a promissory note. These notes were later withdrawn. The one-rupee note was reintroduced in 1940 once again as a wartime measure. In terms of the Currency Ordinance, 1940, it was not a promissory note, but had the status of a coin and was issued by the Government of India through Reserve Bank. In conceptual terms, these notes represented fiat money. One rupee notes were signed by the secretary, ministry of finance. The exact designations of the signatories varied. Since independence, 18 secretaries have signed such notes. Out of these 18, some went on to become governors of RBI and also signed bank notes. One-rupee notes were last printed in 1994.
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