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Synopsis

The Reserve Bank of India on Wednesday told the Bombay High Court that introducing new series of banknotes and coins for visually impaired persons is an extremely complicated and time-consuming process.

"The process of introducing a new series of banknotes is an extremely complicated and time-consuming process extending over a period of 6-7 years," the affidavit reads.

The division bench of the high court comprising Acting Chief Justice Nitin Jamdar and Justice Arif Doctor was hearing a Public Interest Litigation filed by the National Association for Blind seeking directions to be issued to the RBI for introducing features in coins and currency which are friendly for visually impaired persons.

The RBI explained to the court that this process involves several factors and complexities, particularly the incorporation of features that are user-friendly for visually impaired individuals.

The affidavit also stated that introducing a new series of banknotes is a monumental task and has to be thought through carefully because having multiple series of banknotes of different sizes and features of the same denomination will cause more confusion than resolve the problem.

Furthermore, the affidavit presented by the RBI highlighted that the cost of introducing new banknotes would be significantly higher compared to the replacement of old notes.

"The expenditure that will be incurred in introducing a new series of notes can be best understood from the fact that in the Annual Report of the Reserve Bank of India for the year 2022-23, the annual expenditure towards security printing is reported as ₹4682.80 crore. This annual amount was not for introducing a new series but merely for printing notes to replace old, soiled, damaged notes and to meet the incremental demand of banknotes. The cost of introducing a new series of banknotes will be much higher and will include the cost towards adaptation of the paper production, printing machines and the entire currency dispensation and processing eco-system to any proposed changes," the affidavit reads.

During the previous hearings, the bench was apprised of a similar petition filed before the Delhi High Court, which led to the formation of an expert committee.

Senior Advocate Venkatesh Dhond, representing the RBI, clarified that any alterations to the currency and coins could only be implemented after obtaining approval from the central government.

Dr. Uday Warunjikar, representing the National Association for the Blind (NAB), urged the court to request the report prepared by the expert committee.

Dhond, appearing on behalf of the Reserve Bank of India, submitted the committee's report on June 21, which outlined several suggestions for changes in currency to make it more accessible to visually impaired individuals.

Case title: National Association for Blind vs RBI