The paper and the promise: a brief history of currency and banknotes in India

The paper and the promise is a brief account of the history of paper currency in India, tracing its evolution from its beginnings in the late 18th Century to the present day. The booklet has been structured to cover three broad chronological periods: First, the free banking era when banks were free to issue notes payable to bearer on demand; this period lasted upto 1861. Secondly, the period between 1861 and 1953 when the Government of India took over this function and note issue was kept distinct from banking; and finally the present era, which commenced from 1935 when the central bank was established. Since then, banknotes are issued solely by the Reserve Bank of India. This booklet describes how paper currency evolved in India, what it looked like, what it represented and how it was managed. It introduces the reader to this hitherto known area. (Source: Back cover of the book)