Catalog
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| Issuer | Reserve Bank of India |
|---|---|
| Year | 1950-1957 |
| Type | Standard circulation banknote |
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| Obverse description | Printed in green and brown, the obverse carries text in English only with central serial numbering. The Reserve Bank of India's guarantee and promise-to-pay legends are arranged across the face, with the Governor's signature below. An Ashokan pillar watermark is incorporated into the paper. |
|---|---|
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| Protection type | Watermark |
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| Comments |
The P#32 series marked the Reserve Bank of India's first post-independence note designs, replacing the portrait of George VI with that of the Lion Capital of Sarnath — a deliberate assertion of republican identity following the 1950 constitution. These notes were issued under the signature of B. Rama Rau, the RBI's first Indian-born governor to serve through a full peacetime term.
The 5 rupee denomination saw heavy circulation in this period, and survivors in any grade above Fine are consistently undervalued relative to their actual scarcity.