Former Prime Minister Manmohan Singh passed away at 92 at the All India Institute of Medical Sciences (AIIMS) in New Delhi.His death has cast a shadow of deep mourning in the country. Needless to say, Manmohan Singh’s death is an irreparable loss to the country. His journey from being an economics professor at Delhi University to serving as the finance minister and then leading the country as Prime Minister for a decade was truly remarkable. Notably, he was the only Prime Minister whose signature appeared on the currency notes in circulation.
What’s the story behind Manmohan Singh’s signature on the money?
In India, the only person authorized to sign the currency notes is the Governor of the Reserve Bank of India. Every denomination of the rupee features the governor’s signature, and this changes whenever a new governor takes office. Currently, Sanjay Malhotra holds that position, and his signature is on the latest notes. But why did Manmohan Singh’s signature make it onto the currency?
While the Prime Minister of India holds a prestigious position, they typically don’t have the authority to sign currency notes. However, Manmohan Singh is an exception. Before becoming Prime Minister, he served as the Governor of the Reserve Bank of India from 1982 to 1985, where he implemented significant reforms in the banking sector.
Manmohan Singh’s significant choices
When Manmohan Singh took on the role of Finance Minister, the budget unveiled on July 24, 1991, energized economic reforms. The budget raised corporate tax rates and implemented tax deduction at source (TDS). Moreover, involvement of the private sector in mutual funds was permitted. These changes paved the way for foreign investment in India. Numerous public sector industries were made accessible to the private sector, providing India a chance to establish its role in international trade.
