Why is the clause ‘I promise to pay’ written on the bank notes?

       Ever noticed a small clause written on our banknotes? If you haven’t, take a close look at it. It is the promissory note, along with the signature of the RBI Governor.

         Let’s take an example. The promissory clause printed on the banknotes that read as ‘I promise to pay the bearer the sum of one hundred Rupees’ means that the banknote with you is a legal tender for the given amount. It is also the promise made by the Governor of the central bank.

            The clause acts as a written guarantee made by the bank regarding the genuineness of note, and its value. It is invariably seen on all banknotes printed in the country.