What is the promise written on the notes?

The “Promissory Note” written on the note is the unconditional promise in writing by the Central Bank of the country that it is liable to pay the written amount to the currency holder. 4.

What is the meaning of I promise to pay the bearer on demand?

On a bank note it states “I promise to pay the bearer on demand the sum of……”. What that means is, the bank has pledged to the holder of that note, that on demand, they will give to the holder, the value stated on the note in gold or coinage.

What is the meaning of Indian currency symbol?

The Indian rupee sign (₹) is the currency symbol for the Indian rupee, the official currency of India. The Unicode character for the Indian rupee sign is U+20B9 ₹ INDIAN RUPEE SIGN. Other countries that use a rupee, such as Sri Lanka, Pakistan and Nepal, still use the generic U+20A8 ₨ RUPEE SIGN character.

What is the currency in India?

Indian rupee
India/Currencies

What is written on Indian rupee?

The Indian rupee is the currency of India; INR is its currency code, and the currency symbol is ₹.

What is Indian money called?

What does the promise on currency mean?

“The words ‘I promise to pay the bearer on demand the sum of five [ten/twenty/fifty] pounds’ appears on all of our banknotes. This phrase dates from long ago when our banknotes represented deposits of gold. At that time, a member of the public could exchange one of our banknotes for gold of the same value.

What is the 1₹ note of India?

1₹ note is signed by the Finance Secretary Of India while other currency notes are signed by the Governor Of the Reserve Bank of India. I promised to pay…. It is just to ensure that RBI has reserved the gold equal to the value of printed currency.

What does “I promise to pay the bearer the sum of rupees” mean?

“I promise to pay the bearer the sum of Rupees …is a statement which means that the banknote is a legal tender for the specified amount. The obligation on the part of the Bank is to exchange a banknote with bank notes of lower value or other coins which are legal tender under the Indian Coinage Act, 2011, of an equivalent amount.

What is the bank’s obligation to pay the value of banknote?

The Bank’s obligation to pay the value of banknote does not arise out of a contract but out of statutory provisions. The promissory clause printed on the banknotes i.e., “I promise to pay the bearer the sum of Rupees …is a statement which means that the banknote is a legal tender for the specified amount.

What is the promissory clause in a rupee note?

The promissory clause printed on the banknotes i.e., “I promise to pay the bearer the sum of Rupees …is a statement which means that the banknote is a legal tender for the specified amount.