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In terms of Section 22 of the Act, Reserve Bank has the sole right to issue banknotes in India. Section 25 states that the design, form and material of bank notes shall be such as may be approved by the Central Government after consideration of the recommendations made by the Central Board of RBI.

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Four printing presses actively print notes: Dewas in Madhya Pradesh, Nasik in Maharashtra, Mysore in Karnataka, and Salboni in West Bengal. The Dewas and Nasik presses are owned by the Security Printing and Minting Corporation of India (SPMCIL), a wholly owned company of the Government of India.

The Reserve Bank has the sole right to issue currency notes, except one rupee notes which are issued by the Ministry of Finance. The RBI follows a minimum reserve system in the note issue. Initially, it used to keep 40 per cent of gold reserves in its total assets.

Coins are printed by GOI mints and are circulated with the help of RBI distribution centers. To make it short, 'GOI prints Coins which are an Asset'. 'RBI prints Bank Notes which bear the liability of RBI to pay you Assets (coins) of similar value'.

Key Takeaways The Reserve Bank of India (RBI) prints and manages currency in India, whereas the Indian government regulates what denominations to circulate. ... The Indian government is solely responsible for minting coins. ... The RBI is permitted to print currency up to 2,000 rupee notes.

Two of India's currency note printing presses (Nasik and Dewas) are owned by the Government of India; two others (Mysore and Salboni) are owned by the RBI through its wholly owned subsidiary, Bharatiya Reserve Bank Note Mudran Ltd (BRBNML).