Alappuzha: August 12 marked the seventy-fifth anniversary of the release of Independent India’s first currency note, valued at one rupee. The first one-rupee note, issued in 1949 by the Ministry of Finance, Government of India, bore the signature of K R K Menon, a Malayali who was Independent India’s first Finance Secretary.

Five notes from this inaugural series, released in 1949, are preserved by Arvind Kumar Pai of Kuttikkattukavala in Cherthala, Alappuzha district, Kerala. A teacher by profession and an avid collector, Pai has earned a place in the Limca Book of Records for amassing the highest number of one-rupee notes—1,03,000 in total.

Unique currency notes
The one-rupee note differs from all other currencies in that it is signed by the Finance Secretary rather than the Governor of the Reserve Bank of India (RBI). This policy remains in effect.

While the one-rupee note is issued by the Ministry of Finance, the RBI is responsible for issuing notes of higher denominations. Another distinguishing feature of the one-rupee note is that it displays the words "Government of India" instead of "Reserve Bank of India," as seen on other currencies. Additionally, the affidavit headlined "I promise to pay" on higher denominations is absent on the one-rupee note.

Interestingly, the government stopped printing one-rupee notes in 1994 when the printing cost exceeded the note's value. However, printing resumed in 2015 following the introduction of advanced technology that reduced expenses.

The one-rupee notes released in 1969 featured an image of Mahatma Gandhi in connection with his birth centenary celebrations. This was the only time an individual's image appeared on the one-rupee note.