Rs 1000 commemorative note issue:

CBSL followed usual procedure

The Central Bank of Sri Lanka (CBSL) issued a commemorative note in the denomination of Rs. 1000 to mark the ushering of peace and prosperity to Sri Lanka. The issue of this note was well-received by the public. However, certain statements have been made by a few individuals who have obviously not properly understood the circumstances behind the issue of this commemorative note. Hence, this clarification is issued to clear any doubt that may arise due to these misleading statements.

The CBSL issues commemorative notes and coins from time to time to mark events or personage of national or international importance, in terms of the Monetary Law Act.

The decision to issue such a commemorative note was taken immediately after the completion of the humanitarian operations on May 19, and as is usual, a period of around 6 months elapses from the time of intention to issue to time of actual issue. Accordingly, on November 17, the CBSL issued the commemorative note of Rs.1000 to mark the ushering of peace and prosperity to Sri Lanka.

The obverse of the note contains the image of President Mahinda Rajapaksa and also the map of Sri Lanka with the rising sun in the background and a "Punkalasa" with ears of paddy symbolizing territorial integrity and prosperity respectively, that are results of national harmony and peace. The valiant contribution made by the nation's victorious sons and daughters of all Security Forces and the Police is the theme on the reverse of the note. The design at the centre depicts the hoisting of the national flag by members of the Security Forces. The note was designed by a Sri Lankan artist.

The use of the image of the Head of the State in currency notes and coins has been the case in many countries. In Sri Lanka, several currency notes have been issued depicting the images of the British rulers even after Sri Lanka became an independent country. In 1951, King George VI of England was depicted on currency notes Rs 1 and Rs 10. In 1952, Queen Elizabeth II of England was depicted on currency notes Re. 1, Rs. 2, Rs. 5, Rs. 10, Rs. 50 and Rs. 100. Further, the portrait of Queen Elizabeth II was depicted on a coin issued in 1955.

During the period from 1962 to 1970 several series of currency notes were issued depicting the image of former Prime Minister, S W R D Bandaranaike.

In 1978, a coin containing the portrait of then President, J R Jayewardene was issued to commemorate his induction as President.

In 1992, a coin containing the portrait of the then President, R Premadasa was issued to commemorate the 3rd anniversary of his induction as President.

It is therefore clear that the CBSL has followed usual procedures as well as been consistent with traditional practices, in the issue of this new currency note.