Money to see, not spend

In an era of plastic and virtual money, the Museum of Indian Paper Money pays tribute to paper currency by showcasing the notes and their history

By Rachna Ramesh

Museums display macabre spoils of war, ancient artifacts, and whatnot. But Bengaluru can boast of a museum that’s dedicated to money. The Museum of Indian Paper Money at Brunton Road, houses a unique collection of Indian paper money that dates back to nineteenth century India.

What started as a hobby, turned into a passion, later evolved into a mission for Rezwan Razack (Co-Founder and Joint MD, Prestige Group of Real Estate Developers). The museum highlights the importance of numerous currencies dating back to before and after India’s Independence. It beautifully captures the history of each currency’s monetary usage. “Whether we are in Kashmir or in Kanyakumari, the common factor is not the language, it is the note”, says Razack in his introductory video at the museum.

Back in the old days, people stored their money in cloth bags, unlike modern-day banks. When a curious young Razack discovered such a bundle stashed at home, his journey began. He found notes that had the phrase ‘Pakistan notes, payment refused’ printed on it despite being printed by the Reserve bank of India.

When he asked about these notes to his grandfather all he got as an answer was “abuse”. “Somebody had given him this money and when he went to bank it, they said this money belonged to Pakistan and refused”, says Razack.

But his uncle was the one who got him started on this journey: “When my uncle pulled out a few old banknotes, my eyes lit up. I asked him if he wouldn’t mind parting them with me. That was my starter kit.”

The museum is home to many interesting exhibits like the Indian notes used in Pakistan (1947-1948). The government of Pakistan, in the initial years, used the existing British India notes printed at the Nasik Press as paper money. The phrase ‘Government of Pakistan’ in English and ‘Hukumat-e-Pakistan’ in Urdu were printed over using an amended plate in the watermark window. The changed notes stayed in circulation in Pakistan until they were demonetised in 1949 and replaced by Pakistan’s printed currency.

This is the second such museum in the country. The first one was established by the RBI in Mumbai. On the whole, the museum carries over 700 artefacts collected over a span of 50 years while also housing artefacts contributed by several numismatists. It possesses a special lighting system and datalogging facility for each of the exhibits. The currencies are placed in a temperature and humidity-controlled environment to make sure the paper is not damaged in any way. “The plan to make the museum was never there. It was seeded in 2010-2011. This is our heritage, a gift to the nation”, says Razack.

Another such exciting exhibit is the Indian notes used in Burma (1935-1946). This is a unique instance where one country issued notes current in another country during civilian rule.

Burma was disjointed from the Indian Empire by the Government of India Act, 1935, but the financial affairs of Burma remained to be managed by India. An initial overprinted issue by the Reserve Bank of India was followed by a special series of ‘Burma notes’ or ‘peacock notes’ in 1937.

The subsequent Japanese occupation and liberation of Burma during World War II saw the country placed under a military administration that gradually gave way to civilian rule in 1946. Both the military administration and the Currency Board constituted under the civilian government used overprinted Indian notes for circulation in Burma. The Reserve Bank of India closed its operations in Burma in September 1946. All notes of the Government of India and Reserve Bank of India issued for Burma were withdrawn on 1st June 1950.

“I knew of Burma as only a country where Subhas Chandra Bose made his famous ‘give me blood and I will give you freedom’ speech. It was insightful to have learned about its monetary relations with India through the displays”, says Abhinav Bhargav, a visitor at the museum.

The museum also houses artifacts of immense importance: The Star of India, a medal given by the British, which was used as the watermark in the first portrait series, the earliest known banknote dating back to 1812, and notes of high denominations such as ten thousand from the 1800s. Notes retrieved from a shipwreck are also displayed here. “Vignettes or motifs (on currencies) show how the country has moved in time”, says Razack.