Business News Desk, Former Prime Minister Manmohan Singh breathed his last at the age of 92 at AIIMS Hospital in Delhi. His journey from being Professor of Economics in Delhi University to being the Finance Minister of the country and then the Prime Minister of the country for 10 years was quite spectacular. Manmohan Singh was the only PM whose signed notes were in circulation in the country. Or we can say that Manmohan Singh was the only Prime Minister whose signature is on the country’s currency. Let us know why there was a signature on the notes of the former Prime Minister.
is signed by the Governor
Not everyone gets the honor of signing the country’s currency i.e. Rupee. In India, only the Governor of the Reserve Bank of India gets this honour. Every note of every denomination prevalent in India bears the signature of the Governor of the Reserve Bank. Governors keep changing from time to time. As soon as a Governor changes, the notes printed thereafter bear the signature of the new Governor. At present Sanjay Malhotra is the Governor of the Reserve Bank of India and the new notes bear his signature. But let us know why Manmohan Singh’s signature was on the notes.
Why were notes with Manmohan Singh’s signature used?
The post of Prime Minister of India is considered to be the highest post after the President and Vice President, but the Prime Minister does not have the right to sign the currency notes. But there has been one Prime Minister in the country who has the honor of signing the notes and that is Prime Minister Manmohan Singh. Only the Governor of the Reserve Bank has the right to sign the notes, so before becoming the Prime Minister, Manmohan Singh had also been the Governor of the Reserve Bank. He was also the Governor of the Reserve Bank of India (RBI) from 1982 to 1985. During this period he made many reforms in the banking sector.
Manmohan Singh’s big decisions
When Manmohan Singh became Finance, economic reforms were accelerated in the budget presented on 24 July 1991. Corporate tax was increased in the budget and Tax Deduction at Source (TDS) was introduced. In addition, private sector participation in mutual funds was allowed. These reforms opened the doors to foreign investment in India. Many public sector industries were opened to the private sector and India got the opportunity to make its place in global trade. These reforms of 1991 were not only a successful attempt to overcome the economic crisis, but they also gave a new direction to the Indian economy. These policies are still considered the foundation of India’s economic progress.
