RBI Governors (1970–1990): Signatures on Indian Banknotes
Explore RBI Governors from 1970 to 1990, their signatures on Indian banknotes, demonetization, new denominations, and the modernization of Indian paper money.
IndiaBanknotes.com Editorial Team
17 min read
The RBI Governors who served between 1970 and 1990 oversaw one of the most transformative periods in the history of Indian currency and banking. During these two decades, the Reserve Bank of India introduced new banknote denominations, demonetized high-value currency notes, modernized note printing technology, and expanded its role in managing India’s evolving economy. The signatures of these Governors appeared on important Ashoka Pillar banknotes issued before the arrival of the modern Mahatma Gandhi series, making this era especially significant to collectors of Indian paper money.
Following the post-independence consolidation years, the Reserve Bank of India entered a new phase focused on financial expansion, inflation control, and institutional modernization. India faced major economic challenges during this period, including oil shocks, rising fiscal pressures, foreign exchange constraints, and the gradual shift toward economic liberalization. RBI Governors during these years played a central role in shaping monetary policy while also overseeing important changes in Indian banknote design, denomination structure, and currency circulation.
This period witnessed several major milestones in Indian numismatic history. New denominations such as the ₹20 and ₹50 notes were introduced for the first time in Republic India, while the ₹500 note was reintroduced in 1987 featuring Mahatma Gandhi’s portrait. The 1978 demonetization of ₹1000, ₹5000, and ₹10000 notes under Governor I. G. Patel also became one of the most important currency events in modern Indian history. Alongside these developments, improvements in printing quality, security features, and note production helped modernize Indian paper money for a changing economy.
This article explores the RBI Governors from 1970 to 1990, their contributions to India’s monetary system, and the banknotes that carried their signatures. From S. Jagannathan and the introduction of new denominations to R. N. Malhotra and the early transition toward the Gandhi currency era, these Governors helped shape the evolution of modern Indian banknotes and the broader history of India’s financial system.
RBI Governors and the Modernization of Indian Currency
Between 1970 and 1990, the Reserve Bank of India evolved into a far more active institution in monetary regulation, financial supervision, and economic management. Indian paper money also changed considerably during these two decades, reflecting inflationary pressures, banking expansion, technological improvements, and the increasing complexity of a developing economy.
One of the defining features of this era was the diversification of banknote denominations. The introduction of the ₹20 and ₹50 notes during the early 1970s reflected the changing needs of commerce. Later, the ₹500 denomination was reintroduced in 1987 under Governor R. N. Malhotra, becoming the first modern regular Indian banknote to feature Mahatma Gandhi’s portrait. These changes marked an important transition between the classic Ashoka Pillar series and the Gandhi-themed currency designs that would dominate Indian banknotes in later decades.
This period also witnessed one of the most important monetary events in post-independence India — the demonetization of ₹1000, ₹5000, and ₹10000 notes in 1978 under the governorship of I. G. Patel. Although high denomination notes had relatively limited circulation, the move represented a major policy effort to combat black money and unaccounted wealth. The demonetization became a landmark event in Indian monetary history and remains closely associated with the RBI Governors of this era.
At the same time, the Reserve Bank modernized currency production through improved printing technology, better security features, and refinements in note design. Banknotes issued during the 1970s and 1980s featured a wide range of themes, including agriculture, industry, wildlife, infrastructure, and national institutions. For collectors of Indian banknotes, this era is especially interesting because it combines important monetary reforms with distinctive Ashoka Pillar note designs, transitional denomination issues, and several historically important signature types.
S. Jagannathan (1970–1975)
S. Jagannathan governed the Reserve Bank of India during a period of rapid banking expansion and important changes in Republic India currency. His years as RBI Governor are especially significant to collectors because they saw the introduction of the first ₹20 and ₹50 banknotes, along with several major reverse design changes across existing denominations.
Background and Appointment
Sarukkai Jagannathan was a distinguished member of the Indian Civil Service (ICS) and held several important administrative and financial positions before becoming Governor of the Reserve Bank of India. His experience in public administration and economic policy made him well suited to lead the RBI during a period of expanding state involvement in banking and finance.
Jagannathan assumed office on 16 June 1970, shortly after the nationalization of 14 major commercial banks under Prime Minister Indira Gandhi. The banking sector was undergoing major structural transformation, with increased emphasis on rural banking, priority sector lending, and developmental finance. His appointment reflected the government’s preference for experienced administrators capable of balancing economic planning with monetary stability.
Contributions to the Reserve Bank of India
Jagannathan’s tenure focused heavily on expanding the reach of India’s banking system and strengthening the RBI’s role within a state-directed economy. The Reserve Bank worked closely with the government to channel institutional credit toward agriculture, small-scale industries, and export-oriented sectors under the Fourth and Fifth Five-Year Plans.
His governorship also coincided with rising inflationary pressures caused by food shortages, fiscal expansion, and the global oil crisis of the early 1970s. Managing inflation while supporting economic growth became one of the central challenges of the RBI during this period. Jagannathan emphasized financial discipline and monetary coordination while continuing to support India’s developmental banking policies.
Rising prices, expanding commerce, and increasing banking activity during the early 1970s also created demand for a broader range of currency denominations, leading to several important developments in Republic India paper money.
Banknotes and Signature Notes
S. Jagannathan’s signature appears on several important Ashoka Pillar banknotes issued during the early 1970s, including denominations of 2, 5, 10, 20, 50, and 100 Rupees. His tenure is especially significant in Republic India numismatics because multiple new denominations, colors, and reverse designs were introduced during this period, creating several distinct and easily identifiable note types for collectors.
One of the most important milestones of his governorship was the introduction of the first ₹20 and ₹50 banknotes of Republic India. The ₹20 denomination was first issued with the Parliament House reverse, while the ₹50 note featured Parliament House without the national flag.
Jagannathan’s tenure also saw the introduction of several important new reverse designs across existing denominations. These included the ₹5 tractor issue, the ₹10 peacock reverse, the ₹20 Chariot Wheel issue, and the ₹100 agriculture tractor motif. The ₹2 tiger note additionally appeared in a new violet color.
At the same time, several earlier designs continued in circulation under his signature, including the brown ₹10 sailboat issue and the ₹100 small dam note. His tenure also marked the final issue of the ₹5 four gazelles design, after which the deer motif was permanently discontinued from the denomination.
In addition to RBI-issued banknotes, Jagannathan’s signature also appears on Government of India 1 Rupee notes dated 1967 and 1968, issued during his earlier service as Finance Secretary.
N. C. Sen Gupta (1975)
N. C. Sen Gupta served as interim Governor of the Reserve Bank of India during a brief but politically sensitive period in 1975. Although his tenure lasted only three months, it coincided with the early phase of the Emergency, one of the most controversial periods in post-independence Indian history. Unlike most RBI Governors, Sen Gupta’s signature appears on only a single Indian banknote type — the later two-column legal tender panel ₹1000 note of Republic India.
Background and Appointment
Nirmal Chandra Sen Gupta was an experienced civil servant and senior RBI official before becoming Governor of the Reserve Bank of India. He previously served as Deputy Governor and had extensive knowledge of the institution’s administrative and monetary operations.
Following the retirement of S. Jagannathan, Sen Gupta assumed office as interim Governor on 19 May 1975. His appointment came at a time of rising political uncertainty and increasing government control over economic policymaking. Just weeks later, the Emergency was declared in June 1975, dramatically reshaping India’s political environment.
Contributions to the Reserve Bank of India
Although Sen Gupta’s tenure was brief, he played an important role in maintaining institutional continuity during a politically turbulent period. The Reserve Bank was required to operate within an environment of heightened state control and centralized economic decision-making, while also addressing inflationary pressures linked to global commodity prices and domestic fiscal expansion.
His administration focused primarily on ensuring stability in monetary operations and preserving the smooth functioning of the banking system during the transition between two longer-serving Governors. While no major structural reforms were introduced during his short tenure, his steady stewardship helped maintain confidence in the RBI during a sensitive phase in India’s economic history.
Banknotes and Signature Notes
Due to the brevity of his governorship, N. C. Sen Gupta’s signature appears only on the ₹1000 denomination. This note belongs to the revised large-size Ashoka Pillar design featuring the two-column language panel on the obverse, making it easily distinguishable from earlier Republic India ₹1000 notes. The issue later gained major historical significance after the demonetization of ₹1000, ₹5000, and ₹10000 notes in 1978 under Governor I. G. Patel.
K. R. Puri (1975–1977)
K. R. Puri governed the Reserve Bank of India during much of the Emergency period, when India’s economy operated under centralized policymaking and heightened state control. His signature is especially important to collectors because it appears on the final large-size ₹1000 Ashoka Pillar note issued before the 1978 demonetization.
Background and Appointment
K. Ramaswami Puri came from a strong financial and administrative background before becoming Governor of the Reserve Bank of India. Prior to his appointment, he served as Chairman of the Life Insurance Corporation of India, where he gained experience managing one of the country’s largest financial institutions.
Puri became Governor of the Reserve Bank of India on 20 August 1975 during the Emergency, a period marked by expanded government authority and tighter control over economic activity. His appointment reflected the government’s preference for experienced financial administrators capable of managing monetary policy within a highly centralized economic framework.
Contributions to the Reserve Bank of India
Puri’s governorship focused on maintaining monetary stability while supporting the government’s development-oriented economic policies. The RBI operated under significant political oversight during this period, with increased emphasis on public sector expansion, directed lending, and centralized economic planning.
One of the major economic challenges of the mid-1970s was inflation, driven partly by rising oil prices, fiscal pressures, and global commodity volatility. The Reserve Bank worked to manage liquidity and maintain confidence in the banking system despite these pressures.
Banknotes and Signature Notes
K. R. Puri’s signature appears on several Ashoka Pillar series banknotes issued during the mid-1970s, including denominations of 2, 5, 10, 20, 50, 100, and 1000 Rupees. His tenure is particularly notable for the introduction of the ₹2 satellite reverse note, an additional design type that circulated alongside the earlier tiger reverse issue and reflected India’s growing emphasis on science, technology, and space research during the period.
Several earlier Ashoka Pillar designs also continued in circulation under his governorship. These included the ₹2 tiger reverse note, the ₹5 tractor reverse issue, the ₹10 sailboat design, the ₹10 peacock reverse, the ₹20 Chariot Wheel note, and the ₹50 Parliament House issue without the national flag. His signature additionally appears on both major ₹100 varieties of the era — the earlier small dam reverse and the later agriculture tractor motif.
Among collectors, the most historically important issue associated with Puri’s tenure is the final large-size ₹1000 note of the Ashoka Pillar series. This type featured the two-column language panel on the obverse and later became one of the denominations demonetized in 1978.
M. Narasimham (1977)
M. Narasimham led the Reserve Bank of India during a brief but historically important transitional phase following the Emergency. Although he served for only seven months, he later became one of the most influential architects of modern Indian banking reform, giving his signature notes lasting significance among collectors of Indian paper money.
Background and Appointment
Mallinatha Narasimham was an economist and career central banker with extensive experience in financial administration and international monetary affairs. Before becoming RBI Governor, he served in senior positions within the Reserve Bank of India and later worked as Executive Director at the International Monetary Fund.
Narasimham assumed office as Governor of the Reserve Bank of India on 2 May 1977, shortly after the end of the Emergency and the return of democratic government under the Janata Party. His appointment came during a period of political transition and growing discussion about economic reform, institutional accountability, and monetary discipline.
Contributions to the Reserve Bank of India
Although Narasimham’s tenure as RBI Governor was brief, it took place during a period of significant political and economic change. India faced persistent inflationary pressures, fiscal imbalances, and foreign exchange constraints following the economic disruptions of the mid-1970s.
Narasimham emphasized monetary restraint, stronger coordination between fiscal and monetary policy, and improved institutional discipline within the banking system. His technocratic approach reflected his broader belief in financial modernization and systemic reform.
While his governorship itself was short, Narasimham later became one of the central architects of India’s banking liberalization. The Narasimham Committee reports of 1991 and 1998 introduced major reforms involving prudential regulation, capital adequacy norms, banking supervision, and financial sector liberalization. These reforms fundamentally reshaped Indian banking in the post-liberalization era and continue to influence the financial system today.
Banknotes and Signature Notes
M. Narasimham’s signature appears on several Ashoka Pillar series banknotes issued during the transitional period of 1977, including denominations of 2, 5, 10, 20, 50, and 100 Rupees. Although his tenure as RBI Governor was relatively short, his signature appears on a broad range of established circulation types from the late Ashoka Pillar era.
The ₹2 denomination carried the satellite design, while the ₹5 note continued with the tractor reverse. The ₹10 denomination appeared in both the brown sailboat type and the peacock reverse variety. His signature also appears on the ₹20 chariot wheel issue and the ₹50 parliament house note without the national flag. For the ₹100 denomination, Narasimham signed both the earlier small dam design and the agriculture tractor motif.
In addition to RBI-issued banknotes, Narasimham’s signature later appeared on Government of India 1 Rupee notes dated 1981 during his service as Finance Secretary.
I. G. Patel (1977–1982)
I. G. Patel served as Governor of the Reserve Bank of India during one of the most important periods in modern Indian monetary history. His tenure is best remembered for the 1978 demonetization of high denomination banknotes, as well as continued modernization in currency management and monetary policy.
Background and Appointment
Dr. Indraprasad Gordhanbhai Patel was one of India’s most respected economists and policymakers before becoming Governor of the Reserve Bank of India. Educated at the London School of Economics and Oxford University, he held several senior positions within the Government of India, including Secretary in the Ministry of Finance.
Patel became Governor of the Reserve Bank of India on 1 December 1977 during a period of economic uncertainty marked by inflation, foreign exchange pressures, and the aftereffects of the Emergency era. His academic background and expertise in international economics gave him a strong reputation both within India and abroad.
Contributions to the Reserve Bank of India
Patel’s governorship focused on monetary discipline, external stability, and institutional modernization. One of the defining events of his tenure was the demonetization of ₹1000, ₹5000, and ₹10000 banknotes in January 1978. The move was intended to curb black money and reduce the circulation of unaccounted wealth held in high denomination currency.
During Patel’s governorship, the RBI continued improving note printing standards, foreign exchange management, and monetary operations amid the global instability caused by the second oil shock of 1979. His administration emphasized caution, fiscal coordination, and careful management of India’s external financial position.
Banknotes and Signature Notes
I. G. Patel’s signature appears on several Ashoka Pillar series banknotes, including denominations of 2, 5, 10, 20, 50, and 100 Rupees.
The ₹2 denomination appeared with both tiger and satellite varieties, while the ₹5 note continued with the tractor reverse. The ₹10 denomination exists in both the earlier brown sailboat type and the later peacock reverse variety. Patel also signed the ₹20 chariot wheel issue and both varieties of the ₹50 parliament house note — with and without the national flag.
For the ₹100 denomination, I. G. Patel’s signature appears on three major Ashoka Pillar varieties issued during the late 1970s and early 1980s. These included the final issue of the earlier small dam design, followed by the agriculture tractor motif in the older color scheme with blue signature, and later the revised tractor type featuring the newer color scheme with red signature.
In addition to RBI-issued banknotes, I. G. Patel’s signature also appears on the Gandhi Birth Centenary 1 Rupee note and on regular Government of India 1 Rupee notes dated 1968, 1969, 1970, 1971, and 1972 during his earlier service as Finance Secretary.
Manmohan Singh (1982–1985)
Manmohan Singh served as RBI Governor during a period when India’s economy was gradually moving toward financial modernization and structural reform. Although later known internationally as Prime Minister of India and the architect of the 1991 liberalization program, his years at the Reserve Bank also played an important role in strengthening monetary coordination and banking supervision during the early 1980s.
Background and Appointment
Before becoming RBI Governor, Manmohan Singh had already established himself as one of India’s leading economists and policymakers. Educated at Cambridge University and Oxford University, he held several influential positions including Chief Economic Adviser to the Government of India, Secretary in the Ministry of Finance, and member of various international economic bodies.
Singh became Governor of the Reserve Bank of India on 16 September 1982. His appointment reflected the growing importance of professional economists in Indian policymaking during a period of increasing fiscal pressure, external borrowing, and economic adjustment.
Contributions to the Reserve Bank of India
Manmohan Singh’s tenure focused on improving coordination between fiscal and monetary policy while strengthening institutional oversight within India’s banking system. During the early 1980s, India faced rising inflation, expanding fiscal deficits, and mounting pressure on its balance of payments.
Singh advocated cautious financial modernization and emphasized disciplined monetary management alongside developmental objectives. Under his leadership, the RBI continued refining banking supervision mechanisms and credit control policies aimed at maintaining stability within the financial system.
His governorship also reflected the early stages of India’s gradual movement toward economic liberalization. Although the sweeping reforms associated with Singh would come later in 1991 during his tenure as Finance Minister, many of his ideas regarding economic efficiency, modernization, and policy coordination were already evident during his period at the Reserve Bank.
Banknotes and Signature Notes
Manmohan Singh’s signature appears on several RBI Ashoka Pillar series banknotes issued during the early 1980s, including denominations of 2, 5, 10, 20, 50, and 100 Rupees.
These notes continued many of the established designs of the late Ashoka Pillar era, including the ₹2 tiger type — issued with both the earlier RBI seal and the later revised RBI seal on the reverse — as well as the ₹2 satellite variety. His signature also appears on the ₹5 tractor issue, ₹10 sailboat and peacock designs, ₹20 chariot wheel note, ₹50 parliament house issue with the national flag, and the ₹100 agriculture tractor motif.
In addition to RBI-issued banknotes, his signature later appeared on Government of India 1 Rupee notes dated 1976, 1977, 1978, 1979, and 1980 during his service as Finance Secretary.
A. Ghosh (1985)
Amitav Ghosh served as Governor of the Reserve Bank of India for only twenty days in 1985, making his tenure the shortest in RBI history. Despite the brevity of his governorship, banknotes bearing his signature are highly recognizable among collectors of Indian paper money because of their limited issuance period and distinctive place within RBI Governor signature collections.
Background and Appointment
Amitav Ghosh was a senior career official within the Reserve Bank of India and had extensive experience in banking administration before becoming Governor. Over the course of his career, he held several important positions within the RBI and developed a strong understanding of the institution’s operational and monetary functions.
Following the departure of Manmohan Singh, Ghosh assumed office as Governor on 15 January 1985. His appointment was intended as a temporary arrangement until a permanent successor could be selected.
Contributions to the Reserve Bank of India
Because his tenure lasted only twenty days, Ghosh did not introduce major policy reforms or structural changes during his time as RBI Governor. His primary role was to maintain continuity in the functioning of the central bank during the leadership transition.
Despite the short duration of his governorship, Ghosh’s long service within the Reserve Bank helped ensure administrative stability and uninterrupted monetary operations. His tenure is often viewed as an example of the RBI’s institutional continuity and the depth of experience within its senior leadership ranks.
Banknotes and Signature Notes
A. Ghosh’s signature appears on only a limited range of Ashoka Pillar series banknotes, specifically the ₹2, ₹5, and ₹10 denominations.
The ₹2 note exists with tiger and satellite reverse types, while the ₹5 tractor issue and ₹10 sailboat design continued the familiar themes of late Ashoka Pillar currency. Because these notes were issued for a very short period, they are comparatively scarcer than notes signed by longer-serving RBI Governors.
R. N. Malhotra (1985–1990)
R. N. Malhotra presided over the Reserve Bank of India during a key transitional stage in modern Indian monetary history. His years as Governor witnessed banking modernization, improvements in monetary administration, and the reintroduction of the ₹500 banknote featuring Mahatma Gandhi’s portrait.
Background and Appointment
Rangaswamy Narasimhan Malhotra was a senior Indian Administrative Service officer with extensive experience in finance, public administration, and international economic affairs before becoming RBI Governor. Prior to his appointment, he served as India’s Executive Director at the International Monetary Fund, where he gained valuable exposure to global monetary systems and financial policy coordination.
Malhotra became Governor of the Reserve Bank of India on 4 February 1985 following the brief interim tenure of Amitav Ghosh. His appointment came at a time when India’s economy was beginning to move gradually toward modernization, increased technological adoption, and more market-oriented policy thinking.
Contributions to the Reserve Bank of India
Malhotra’s governorship focused on institutional modernization and strengthening India’s financial infrastructure during the late 1980s. Under his leadership, the RBI began introducing greater computerization within the banking sector, modernizing internal operations and improving financial administration.
His tenure also emphasized improvements in monetary policy instruments, banking supervision, and regulation of non-banking financial institutions. The RBI increasingly adopted a more sophisticated approach to liquidity management and financial oversight as India’s economy became more complex.
The late 1980s additionally marked the early stages of India’s transition toward economic liberalization. Although the major reforms of 1991 had not yet begun, several structural and institutional foundations were laid during Malhotra’s governorship. His administration helped prepare the banking system for the broader economic changes that would emerge in the following decade.
Banknotes and Signature Notes
R. N. Malhotra’s signature appears on several late Ashoka Pillar series banknotes issued during the second half of the 1980s, including denominations of 2, 5, 10, 20, 50, 100, and 500 Rupees. His tenure is especially important to collectors because several denominations exist with both old and revised RBI seal varieties during this transitional period.
The ₹2 tiger note appeared with the revised RBI seal, while the ₹2 satellite, ₹5 tractor, and ₹10 sailboat issues exist with both old and revised RBI seal types. The revised seal varieties can be identified by the caption below the Ashoka Lion Capital on the front of the note. His signature also appears on the ₹10 peacock reverse, ₹20 chariot wheel issue, ₹50 parliament house note with the national flag, and the ₹100 agriculture tractor motif with both red and black signature varieties.
The most historically important banknote associated with Malhotra’s tenure was the reintroduced ₹500 denomination issued in 1987 featuring Mahatma Gandhi’s portrait. This note became the first modern regular issue Indian banknote to prominently feature Gandhi as the central portrait element and marked an important transitional step toward the later Mahatma Gandhi series introduced nationwide in 1996.
In addition to RBI-issued banknotes, Malhotra’s signature also appeared on Government of India 1 Rupee notes dated 1980 and 1981 during his earlier service as Finance Secretary.
Conclusion
The period from 1970 to 1990 marked a major turning point in the history of the Reserve Bank of India and the evolution of Indian paper money. During these two decades, RBI Governors guided the country through inflationary pressures, oil crises, political transitions, demonetization, banking expansion, and the early foundations of economic liberalization. At the same time, Indian currency underwent significant transformation through the introduction of new denominations, modernization of note production, and the gradual shift toward more contemporary banknote designs.
For collectors of Indian banknotes, the signatures of these RBI Governors provide an important historical timeline linking monetary policy with the physical evolution of currency. From the first Republic India ₹20 and ₹50 notes issued during S. Jagannathan’s tenure to the demonetization era associated with I. G. Patel and the first Gandhi portrait ₹500 note signed by R. N. Malhotra, each signature reflects a distinct phase in India’s monetary development.
The years between 1970 and 1990 also marked the final major phase of the Ashoka Pillar banknote series before the emergence of the Mahatma Gandhi currency system in the 1990s. Banknotes issued during this era featured themes connected to agriculture, industry, infrastructure, wildlife, science, and national institutions, reflecting the priorities of a rapidly developing nation.
Today, RBI Governor signature notes from this period remain highly collectible among numismatists. Whether valued for their rarity, historical context, demonetization connection, or transitional design features, these banknotes continue to offer valuable insight into the changing story of India’s financial system and the evolution of modern Indian currency.
Frequently Asked Questions (FAQ)
Below are answers to some of the most commonly asked questions about RBI Governors, Indian banknotes, demonetization, and currency changes between 1970 and 1990.
Which RBI Governor signed the first ₹20 note of Republic India?
S. Jagannathan signed the first ₹20 banknote issued by Republic India. The note was initially introduced with the parliament house reverse during the early 1970s.
Which RBI Governor signed the first ₹50 note of Republic India?
S. Jagannathan also signed the first ₹50 banknote issued by Republic India. The note featured parliament house on the reverse without the national flag.
Which RBI Governor oversaw the 1978 demonetization?
I. G. Patel oversaw the 1978 demonetization of ₹1000, ₹5000, and ₹10000 banknotes. The demonetization was introduced to curb black money and reduce the circulation of unaccounted wealth held in high denomination currency.
Did Manmohan Singh sign Indian banknotes?
Yes. Before becoming Prime Minister of India, Manmohan Singh served as RBI Governor from 1982 to 1985. His signature appears on Ashoka Pillar banknotes in denominations including ₹2, ₹5, ₹10, ₹20, ₹50, and ₹100. His signature also appears on Government of India 1 Rupee notes dated 1976 to 1980 during his earlier service as Finance Secretary.
Which RBI Governor had the shortest tenure?
A. Ghosh had the shortest tenure of any RBI Governor, serving for only twenty days between January and February 1985
Which RBI Governor signed the first Gandhi portrait ₹500 note?
R. N. Malhotra signed the ₹500 note reintroduced in 1987 featuring Mahatma Gandhi’s portrait. This note became an important precursor to the later Mahatma Gandhi series introduced in 1996.