The zero rupee note differs from standard Indian currency as it lacks the RBI’s sovereign guarantee. Instead, it was issued in 2007 by the Chennai-based NGO, 5th Pillar, as a non-traditional approach to combat corruption.
The time of demonetization will be remembered by everyone. When in an instant, the 500 and 1000 rupee notes turned into mere pieces of paper. However, before that, a zero-rupee note had already been printed in India. This note was so effective that its demand kept increasing everywhere.
The note had no monetary value, meaning one could not purchase anything with it. Yet, it was printed for several years, and its demand rose from South India to North India and across the entire country. About 7 years later, the printing of this note was discontinued.
“Volunteers from 5th Pillar hand out Zero Rupee Notes at bus and train stations, as well as in marketplaces, to educate people about bribery, remind them of their rights, and provide alternate options. On the NGO’s website, it states that “During wedding ceremonies, birthday parties, and social gatherings, information desks were set up at the entrance of marriage halls, and Zero Rupee notes are distributed along with information booklets and pamphlets.”
The website further states that “Students and the public were urged to sign on huge Zero Rupee Note banners of 30 ft in length and 15 ft in height which were carried to more than 1200 schools, colleges and public meetings in the last 5 years, thereby obtaining more than 5 lakh signatures from citizens as a mark of endorsement to their “Zero corruption” pledge that “I will neither receive nor give bribe” which is printed on the bottom of the front side of the Zero Rupee Note.”
#Indian zero-rupee note carries the slogan, “Eliminate corruption at all levels”. https://t.co/5E4syNAltR #goodgov pic.twitter.com/NfpnGxpZYT
— World Bank (@WorldBank) December 25, 2019
The printing of zero-rupee notes occurred to combat widespread corruption in government offices. Corruption had deeply infiltrated official departments, where getting any work done required bribery. This left the common people distressed. To eradicate corruption completely, the idea of printing zero-rupee notes was implemented. Five pillars initiated the printing, and whenever a demand for a bribe arose, these zero-rupee notes were presented, symbolizing a firm stand against corruption.
