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500 Rupees 7-Year National Savings Certificate; Fourth Issue IV
| Issuer | Government of India |
|---|---|
| Year | 1973 |
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| Value | Log in to see details |
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| Composition | Log in to see details |
| Size | 165 x 85 mm |
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| Obverse description | Red-on-white certificate with ornate guilloche border. The denomination 500 appears in both upper corners; bilingual text in Hindi and English covers the face, with the Ashoka Lion capital emblems flanking the central text block. Postal registration fields, postmaster signature, and two circular post office cancellation stamps appear at the foot. |
|---|---|
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| Reverse description | Red-on-white reverse with matching guilloche border, headed by the bilingual certificate title and 'FOURTH ISSUE' inscription. A repayment schedule table in Hindi and English lists encashment values at various intervals, with ruled columns for interest amount, date of payment, and postmaster initials at upper right. A bilingual receipt-on-discharge panel occupies the lower half, with Chinsura Money Orders cancellation stamps. |
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| Comments |
National Savings Certificates were not currency — they were debt instruments issued by the Government of India through the Post Office network, designed to mobilize small savings from households at fixed returns over a defined term. The Fourth Issue IV in this denomination dates from a period when the Indian government was under significant pressure to fund public expenditure without inflating the money supply directly, making these certificates a fiscal tool as much as a savings product.
India Security Press at Nasik Road had been producing these instruments since well before Independence. The seven-year lock-in on this series reflected post-1971 economic priorities following the Bangladesh war and the strain it placed on public finances.