Amid reports of goof-up in printing of notes, the Reserve Bank today said the new notes bearing signature of former Governor D Subbarao are legal tender and the process of changing signature is underway.
Changing Governor's signature on the banknotes is a tedious process, RBI said. "To complete the process in all the banknote presses for all denominations of banknotes is a programme which is under way and is expected to be completed in due course," it explained.
The explanation comes amid reports that new Rs 1,000 and Rs 500 notes bearing signature of Subbarao, who has demited office in September 2013, are being rolled out from the printing presses of RBI. "Currency note production is a manufacturing process.Making changes in the process is a tedious process and takes time, in order to keep the disturbance in production to the minimum extent," it said.
At present, notes in India are issued in the denomination of Rs 5, Rs 10, Rs 20, Rs 50, Rs 100, Rs 500 and Rs 1,000.
RBI receives notes from four currency note printing presses. Two of the currency note printing presses are owned by the Government of India and two are owned by the Reserve Bank, through its wholly owned subsidiary, the Bharatiya Reserve Bank Note Mudran Ltd (BRBNML). The government owned presses are at Nasik and Dewas. The other two presses are at Mysore and Salboni.
Coins are minted in four mints owned by the Government of India. The mints are located at Mumbai, Hyderabad, Calcutta and Noida.