Indian rupee

  1. ^ Alongside the Bhutanese ngultrum
  2. ^ Alongside the US dollar, South African rand and Botswana pula

The Indian Rupee (sign: ; code: INR) is the official currency of India. The rupee is subdivided into 100 paise (singular paisa), though as of 2018, coins of denomination of 50 paise or half rupee is the lowest value in use. The issuance of the currency is controlled by the Reserve Bank of India.[3] The Reserve Bank manages currency in India and derives its role in currency management on the basis of the Reserve Bank of India Act, 1934.

In 2012, a new rupee symbol '', was officially adopted. It was designed by D. Udaya Kumar. It was derived from the combination of the Devanagari consonant "" (ra) and the Latin capital letter "R" without its vertical bar (similar to the R rotunda). The parallel lines at the top (with white space between them) are said to make an allusion to the tricolour Indian flag,[4] and also depict an equality sign that symbolises the nation's desire to reduce economic disparity. The first series of coins with the new rupee symbol started in circulation on 8 July 2011. Before this India used to use Rs for plural and Re to depict one rupee.

On 8 November 2016 the Government of India announced the demonetisation of 500 and 1000 banknotes[5][6] with effect from midnight of the same day, making these notes invalid.[7] A newly redesigned series of 500 banknote, in addition to a new denomination of 2000 banknote is in circulation since 10 November 2016.[8][9] 1000 has been suspended.[10]

On 25 August 2017, a new denomination of ₹200 banknote was added to Indian currency to fill the gap of notes due to high demand for this note after demonetisation.[11]

In July 2018, the Reserve Bank of India released the ₹100 banknote.[12]

Indian Rupee
Banknote of india
Banknotes currently in circulation in India
ISO 4217
CodeINR
Number356
Exponent2
Denominations
Subunit
 ​1100paisa
paisap
Banknotes
 Freq. used10, 20, 50, 100, 200, 500, 2000
 Rarely used1, 2, 5
Coins
 Freq. used1, 2, 5, 10
Demographics
Official user(s) India
Unofficial user(s) Bhutan[a]
   Nepal
 Zimbabwe[b][1]
Issuance
Central bankReserve Bank of India
PrinterReserve Bank of India
 Websitewww.rbi.org.in
MintIndia Government Mint
 Websitewww.spmcil.com
Valuation
Inflation4.4% (2017–18)
 SourceRBI – Annual Inflation Report
 MethodCPI[2]
Pegged byBhutanese ngultrum (at par)
Nepalese rupee (₹1 = रू1.6 NPR)
  1. ^ Alongside the Bhutanese ngultrum
  2. ^ Alongside the US dollar, South African rand and Botswana pula

Etymology

The word "rupee" was derived from the Sanskrit word rūpya and Hindustani rupaya (meaning "wrought silver, a coin of silver").[13][14][15] Panini characterised rūpya as a stamped rūpa (which means a form in general, but probably a silver form in this case).[16] Arthashastra, written by Chanakya, prime minister to the first Maurya emperor Chandragupta Maurya (c 340–290 BCE), mentions silver coins as rūpyarūpa. Other types of coins including gold coins (suvarṇarūpa), copper coins (tāmrarūpa) and lead coins (sīsarūpa) are also mentioned.

History

MauryanCoin
Silver punch mark coin of the Maurya empire, known as Rūpyarūpa, 3rd century BCE.
Sher shah's rupee
Rupiya issued by Sher Shah Suri, 1540–1545 CE

The history of the Indian rupee traces back to Ancient India in circa 6th century BCE, ancient India was one of the earliest issuers of coins in the world,[17] along with the Chinese wen and Lydian staters.[18]

Arthashastra, written by Chanakya, prime minister to the first Maurya emperor Chandragupta Maurya (c. 340–290 BCE), mentions silver coins as rūpyarūpa, other types including gold coins (suvarṇarūpa), copper coins (tamrarūpa) and lead coins (sīsarūpa) are mentioned. Rūpa means form or shape, example, rūpyarūpa, rūpya – wrought silver, rūpa – form.[19]

During his five-year rule from 1540 to 1545, Sultan Sher Shah Suri issued a coin of silver, weighing 178 grains (or 11.53 grams), which was termed the Rupiya.[20][21] During Babar's time, the brass to silver exchange ratio was roughly 50:2.[22] The silver coin remained in use during the Mughal period, Maratha era as well as in British India.[23] Among the earliest issues of paper rupees include; the Bank of Hindustan (1770–1832), the General Bank of Bengal and Bihar (1773–75, established by Warren Hastings), and the Bengal Bank (1784–91).

1800s

Historically, the rupee was a silver coin. This had severe consequences in the nineteenth century when the strongest economies in the world were on the gold standard. The discovery of large quantities of silver in the United States and several European colonies resulted in a decline in the value of silver relative to gold, devaluing India's standard currency. This event was known as "the fall of the rupee."

India was unaffected by the imperial order-in-council of 1825, which attempted to introduce British sterling coinage to the British colonies. British India, at that time, was controlled by the British East India Company. The silver rupee continued as the currency of India through the British Raj and beyond. In 1835, British India adopted a mono-metallic silver standard based on the rupee; this decision was influenced by a letter written by Lord Liverpool in 1805 extolling the virtues of mono-metallism.

INDIAN SILVER RUPEE VALUE 1850-1900
Chart showing exchange rate of Indian silver rupee coin (blue) and the actual value of its silver content (red), against British pence. (From 1850 to 1900)

Following the First war of Independence in 1857, the British government took direct control of British India. Since 1851, gold sovereigns were produced en masse at the Royal Mint in Sydney, New South Wales. In an 1864 attempt to make the British gold sovereign the "imperial coin", the treasuries in Bombay and Calcutta were instructed to receive gold sovereigns; however, these gold sovereigns never left the vaults. As the British government gave up hope of replacing the rupee in India with the pound sterling, it realised for the same reason it could not replace the silver dollar in the Straits Settlements with the Indian rupee (as the British East India Company had desired). Since the silver crisis of 1873, a number of nations adopted the gold standard; however, India remained on the silver standard until it was replaced by a basket of commodities and currencies in the late 20th century.

India Council Bill

Around 1875, Britain started paying India for exported goods in India Council Bills (instead of silver).

"If, therefore, the India Council in London should not step in to sell bills on India, the merchants and bankers would have to send silver to make good the (trade) balances. Thus a channel for the outflow of silver was stopped, in 1875, by the India Council in London."[25]
"The great importance of these (Council) Bills, however, is the effect they have on the Market Price of Silver : and they have in fact been one of the most potent factors in recent years in causing the diminution in the Value of Silver'as compared to Gold."[26]
"The Indian and Chinese products for which silver is paid were and are, since 1873–74, very low in price, and it there fore takes less silver to purchase a larger quantity of Eastern commodities. Now, on taking the several agents into united consideration, it will certainly not seem very mysterious why silver should not only have fallen in price"[25]
"the great nations had recourse to two expedients for replenishing their exchequers, - first, loans, and, second, the more convenient forced loans of paper money۔"[25]

Fowler Committee (1898)

The Indian Currency Committee or Fowler Committee was a government committee appointed by the British-run Government of India on 29 April 1898 to examine the currency situation in India.[27] They collected a wide range of testimony, examined as many as forty-nine witnesses, and only reported their conclusions in July, 1899, after more than a year's deliberation.[24]

The prophecy made before the Committee of 1898 by Mr. A. M. Lindsay, in proposing a scheme closely similar in principle to that which was eventually adopted, has been largely fulfilled. "This change, he said, "will pass unnoticed, except by the intelligent few, and it is satisfactory to find that by this almost imperceptible process the Indian currency will be placed on a footing which Ricardo and other great authorities have advocated as the best of all currency systems, viz., one in which the currency media used in the internal circulation are confined to notes and cheap token coins, which are made to act precisely as if they were bits of gold by being made convertible into gold for foreign payment purposes."[28]

The committee concurred in the opinion of the Indian government that the mints should remain closed to the unrestricted coinage of silver, and that a gold standard should be adopted without delay...they recommended (1) that the British sovereign be given full legal tender power in India, and (2) that the Indian mints be thrown open to its unrestricted coinage (for gold coins only).
These recommendations were acceptable to both governments, and were shortly afterwards translated into laws. The act making gold a legal tender was promulgated on September 15, 1899 ; and preparations were soon thereafter undertaken for the coinage of gold sovereigns in the mint at Bombay.[24] This law was just to defraud Indian people, as gold sovereign coins were never minted in India.

"Silver, therefore, has ceased to serve as standard; and the Indian currency system of to-day (that is 1901) may be described as that of a "limping" gold standard similar to the systems of France, Germany, Holland, and the United States."[24]
"The Committee of 1898 explicitly declared themselves to be in favour of the eventual establishment of a gold currency.
This goal, if it was their goal, the Government of India have never attained."[28]

1900s

IND-1c-Government of India-1 Rupee (1917)
Government of India-1 Rupee (1917)

In 1913 John Maynard Keynes writes in his book Indian Currency and Finance that during financial year 1900-1901, gold coins (sovereigns) worth of £6,750,000 were given to Indian people in the hope that it will circulate as currency. But even half of that were not returned to Government, and this experiment failed spectacularly, so Government abandoned this practice (but did not abandon narrative of gold standard). As a punishment, all gold held by Government of India was shipped to Bank of England. [29]

Problems caused by the gold standard

At the onset of the First World War, the cost of gold was very low and therefore the pound sterling had high value. But during the First World War, the value of the pound fell alarmingly due to rising war expenses. At the conclusion of the war, the value of the pound was only a fraction of what it used to be prior to the commencement of the war. It remained low until 1925, when the then Chancellor of the Exchequer (finance minister) of the United Kingdom, Winston Churchill, restored it to pre-War levels. As a result, the price of gold fell rapidly. While the rest of Europe purchased large quantities of gold from the United Kingdom, there was little increase in her gold reserves. This dealt a blow to an already deteriorating British economy. The United Kingdom began to look to its possessions as India to compensate for the gold that was sold.[30]

"However, the price of gold in India, on the basis of the exchange rate of the rupee around 1S.6d., was lower than the price prevailing abroad practically throughout; the disparity in prices made the export of the metal profitable, which phenomenon continued for almost a decade. Thus, in 1931–32, there were net exports of 7.7 million ounces, valued at Rs. 57.98 crores. In the following year, both the quantity and the price rose further, net exports totaling 8.4 million ounces, valued at Rs.65.52 crores. In the ten years ended March 1941, total net exports were of the order of 43 million ounces (1337.3 Tons) valued at about Rs. 375 crores, or an average price of Rs. 32-12-4 per tola."[31]
"In the autumn of 1917 (when the silver price rose to 55 pence).... there was danger of uprisings in India (against paper currency) which would handicap seriously British participation in the World War....In-convertibility (of paper currency into coin) would lead to a run on Post Office Savings Banks. It would prevent the further expansion of (paper currency) note issues and cause a rise of prices, in paper currency, that would greatly increase the cost of obtaining war supplies for export....To have reduced the silver content of this historic (Rupee) coin might well have caused such popular distrust of the Government as to have precipitated an internal crisis, which would have been fatal to British success in the war."[32]

In 1939, Dickson H. Leavens wrote in his book 'Silver Money': "In recent years the increased price of gold, measured in depreciated paper currencies, has attracted to the market (of London) large quantities (of gold) formerly hoarded or held in the form of ornaments in India and China".[32]

The Indian rupee replaced the Danish Indian rupee in 1845, the French Indian rupee in 1954 and the Portuguese Indian escudo in 1961. Following the independence of British India in 1947 and the accession of the princely states to the new Union, the Indian rupee replaced all the currencies of the previously autonomous states (although the Hyderabadi rupee was not demonetised until 1959).[33] Some of the states had issued rupees equal to those issued by the British (such as the Travancore rupee). Other currencies (including the Hyderabadi rupee and the Kutch kori) had different values.

The values of the subdivisions of the rupee during British rule (and in the first decade of independence) were:

  • 1 rupee = 16 anna (later 100 naye paise)
  • 1 ardharupee = 8 anna, or ​12 rupee (later 50 naye paise)
  • 1 pavala = 4 anna, or ​14 rupee (later 25 naye paise)
  • 1 beda = 2 anna, or ​18 rupee (later equivalent to 12.5 naye paise)
  • 1 anna = ​116 rupee (later equivalent to 6.25 naye paise)
  • 1 paraka = ​12 anna (later equivalent to 3.125 naye paise)
  • 1 kani (pice) = ​14 anna (later equivalent to 1.5625 naye paise)
  • 1 damari (pie) = ​112 anna (later equivalent to 0.520833 naye paise)
  • 1 Athanni (dheli) = ​12 rupee
  • 1 Chawanni = ​14 rupee
  • 1 Dawanni = ​18 rupee
  • 1 Anna/Ekanni = ​116 rupee
  • 1 Taka/Adhanni = ​132 rupee
  • Paisa = ​164 rupee
  • Dhela = ​1128 rupee (​12 paisa)
  • Pie = ​13 paisa = ​1192 rupee
  • Damari = ​14 paisa = ​1256 rupee.

In 1957, the rupee was decimalised and divided into 100 naye paise (Hindi for "new paise"); in 1964, the initial "naye" was dropped. Many still refer to 25, 50 and 75 paise as 4, 8 and 12 annas respectively, similar to the usage of "two bits" in American English for a quarter-dollar.

Worldwide rupee Usage

As the Straits Settlements were originally an outpost of the British East India Company, In 1837, the Indian rupee was made the sole official currency in the Straits Settlements, as it was administered as part of British India. This attempt was resisted by the locals. However, Spanish dollars continued to circulate and 1845 saw the introduction of coinage for the Straits Settlements using a system of 100 cents = 1 dollar, with the dollar equal to the Spanish dollar or Mexican peso. In 1867, administration of the Straits Settlements was separated from India and the Straits dollar was made the standard currency, and attempts to reintroduce the rupee were finally abandoned.[34]

After the Partition of India, the Pakistani rupee came into existence, initially using Indian coins and Indian currency notes simply overstamped with "Pakistan". Previously the Indian rupee was an official currency of other countries, including Aden, Oman, Dubai, Kuwait, Bahrain, Qatar, the Trucial States, Kenya, Tanganyika, Uganda, the Seychelles and Mauritius.

The Indian government introduced the Gulf rupee – also known as the Persian Gulf rupee (XPGR) – as a replacement for the Indian rupee for circulation outside the country with the Reserve Bank of India (Amendment) Act of 1 May 1959. The creation of a separate currency was an attempt to reduce the strain on India's foreign reserves from gold smuggling. After India devalued the rupee on 6 June 1966, those countries still using it – Oman, Qatar, and the Trucial States (which became the United Arab Emirates in 1971) – replaced the Gulf rupee with their own currencies. Kuwait and Bahrain had already done so in 1961 with Kuwaiti dinar and in 1965 with Bahraini dinar, respectively.[35]

The Bhutanese ngultrum is pegged at par with the Indian rupee; both currencies are accepted in Bhutan. The Nepalese rupee is pegged at 0.625; the Indian rupee is accepted in Bhutan and Nepal, except 500 and 1000 banknotes of the Mahatma Gandhi Series and the 200, 500 and 2,000 banknotes of the Mahatma Gandhi New Series, which are not legal tender in Bhutan and Nepal and are banned by their respective governments, though accepted by many retailers.[36] On 29 January 2014, Zimbabwe added the Indian rupee as a legal tender to be used.[1][37]

Coins

Pre-independence issues

India 1835 2 Mohurs
1835 East India Company 2 Mohurs
India 1 Rupee 1884 Victoria(obv)-4037
Obverse: Crowned bust of Queen Victoria surrounded by name.
India 1 Rupee 1884 Victoria(rev)-4038
Reverse: Face value, country and date surrounded by wreath.
India 1862 One Mohur
1862 India One Mohur
INDIAGeorge V King Emperor
Regal issue minted during the reign of King/Emperor George V.
1 Indian rupee coin, 1947
1 Indian rupee (1947) featuring George VI on obverse and Indian Lion on reverse.
Indian one pice minted in 1950
Indian one pice, minted in 1950
1 Indian rupee (1905)
1 Indian rupee (1905) featuring Edward VII.
1 Indian rupee (1918)
1 Indian rupee (1918) featuring George V.

East India Company, 1835

The three Presidencies established by the British East India Company (Bengal, Bombay and Madras) each issued their own coinages until 1835. All three issued rupees and fractions thereof down to ​18- and ​116-rupee in silver. Madras also issued two-rupee coins.

Copper denominations were more varied. Bengal issued one-pie, ​12-, one- and two-paise coins. Bombay issued 1-pie, ​14-, ​12-, 1-, 1​12-, 2- and 4-paise coins. In Madras there were copper coins for two and four pies and one, two and four paisa, with the first two denominated as ​12 and one dub (or ​196 and ​148) rupee. Madras also issued the Madras fanam until 1815.

All three Presidencies issued gold mohurs and fractions of mohurs including ​116, ​12, ​14 in Bengal, ​115 (a gold rupee) and ​13 (pancia) in Bombay and ​14, ​13 and ​12 in Madras.

In 1835, a single coinage for the EIC was introduced. It consisted of copper ​112, ​14 and ​12 anna, silver ​14, ​13 and 1 rupee and gold 1 and 2 mohurs. In 1841, silver 2 annas were added, followed by copper ​12 pice in 1853. The coinage of the EIC continued to be issued until 1862, even after the Company had been taken over by the Crown.

Regal issues, 1862–1947

In 1862, coins were introduced (known as "regal issues") which bore the portrait of Queen Victoria and the designation "India". Their denominations were ​112 anna, ​12 pice, ​14 and ​12 anna (all in copper), 2 annas, ​14, ​12 and one rupee (silver), and five and ten rupees and one mohur (gold). The gold denominations ceased production in 1891, and no ​12-anna coins were issued after 1877.

In 1906, bronze replaced copper for the lowest three denominations; in 1907, a cupro-nickel one-anna coin was introduced. In 1918–1919 cupro-nickel two-, four- and eight-annas were introduced, although the four- and eight-annas coins were only issued until 1921 and did not replace their silver equivalents. In 1918, the Bombay mint also struck gold sovereigns and 15-rupee coins identical in size to the sovereigns as an emergency measure during the First World War.

In the early 1940s, several changes were implemented. The ​112 anna and ​12 pice ceased production, the ​14 anna was changed to a bronze, holed coin, cupro-nickel and nickel-brass ​12-anna coins were introduced, nickel-brass was used to produce some one- and two-annas coins, and the silver composition was reduced from 91.7 to 50 percent. The last of the regal issues were cupro-nickel ​14-, ​12- and one-rupee pieces minted in 1946 and 1947, bearing the image of George VI, King and Emperor on the obverse and an Indian Lion on the reverse.

Post independence issues

Independent predecimal issues, 1950–1957

India's first coins after independence were issued in 1950 in denominations of 1 pice, ​12, one and two annas, ​14, ​12 and one-rupee. The sizes and composition were the same as the final regal issues, except for the one-pice (which was bronze, but not holed).

Independent decimal issues, 1957–present

IN Aluminium Series Paise
In 1964, India introduced aluminium coins for denominations up to 20p.

The first decimal-coin issues in India consisted of 1, 2, 5, 10, 25 and 50 naye paise, and 1 rupee. The 1 naya paisa was bronze; the 2, 5 & 10 naye paise were cupro-nickel, and the 25 naye paise (nicknamed chawanni; 25 naye paise equals 4 annas), 50 naye paise (also called athanni; 50 naye paise equalled 8 old annas) and 1-rupee coins were nickel. In 1964, the word naya(e) was removed from all coins. Between 1957 and 1967, aluminium one-, two-, three-, five- and ten-paise coins were introduced. In 1968 nickel-brass 20-paise coins were introduced, and replaced by aluminium coins in 1982. Between 1972 and 1975, cupro-nickel replaced nickel in the 25- and 50-paise and the 1-rupee coins; in 1982, cupro-nickel two-rupee coins were introduced. In 1988 stainless steel 10-, 25- and 50-paise coins were introduced, followed by 1- and 5-rupee coins in 1992. Five-rupee coins, made from brass, are being minted by the Reserve Bank of India (RBI).

Between 2005 and 2008 new, lighter fifty-paise, one-, two- and five-rupee coins were introduced, made from ferritic stainless steel. The move was prompted by the melting-down of older coins, whose face value was less than their scrap value. The demonetisation of the 25-(chawanni) paise coin and all paise coins below it took place, and a new series of coins (50 paise – nicknamed athanni – one, two, five and ten rupees, with the new rupee symbol) were put into circulation in 2011. Coins commonly in circulation are one, two, five and ten rupees.[38][39] Although it is still legal tender, the 50-paise (athanni) coin is rarely seen in circulation.[40]

Circulating Coins [38][41]
Value Technical parameters Description Year of
Diameter Mass Composition Shape Obverse Reverse First minting Last minting
50 paise 19 mm 3.79 g Ferritic stainless steel Circular Emblem of India Value, the word "PAISE" in English and Hindi, floral motif and year of minting 2011
50 paise 22 mm 3.79 g Ferritic stainless steel Circular Emblem of India Value, hand in a fist 2008
1 25 mm 4.85 g Ferritic stainless steel Circular Emblem of India, value Value, two stalks of wheat 1992 2004
1 25 mm 4.95 g Ferritic

stainless steel

Circular Unity from diversity,

cross dividing 4 dots

Value, Emblem of India, Year

of minting

2004 2007
1 25 mm 4.85 g Ferritic stainless steel Circular Emblem of India Value, hand showing thumb (an expression in the Bharata Natyam Dance) 2007 2011
1 22 mm 3.79 g Ferritic stainless steel Circular Emblem of India Value, new rupee sign, floral motif and year of minting 2011
2 26 mm 6 g Cupro-Nickel Eleven Sided Emblem of India, Value National integration 1982 2004
2 26.75mm 5.8 g Ferritic

stainless steel

circular Unity from diversity,

cross dividing 4 dots

Value, Emblem of India, Year

of minting

2005 2007
2 27 mm 5.62 g Ferritic stainless steel Circular Emblem of India, year of minting Value, hand showing two fingers (Hasta Mudra — hand gesture from the dance Bharata Natyam) 2007 2011
2 25 mm 4.85 g Ferritic stainless steel Circular Emblem of India Value, new rupee sign, floral motif and year of minting 2011
5 23 mm 9 g Cupro-Nickel Circular Emblem of India Value 1992 2006
5 23 mm 6 g Ferritic stainless steel Circular Emblem of India Value, wavy lines 2007 2009
5 23 mm 6 g Brass Circular Emblem of India Value, wavy lines 2009 2011
5 23 mm 6 g Nickel- Brass Circular Emblem of India Value, new rupee sign, floral motif and year of minting 2011
10 27 mm 7.62 g Bimetallic Circular Emblem of India and

year of minting

Value with outward radiating pattern of 15 spokes 2006 2010
10 27 mm 7.62 g Bimetallic Circular Emblem of India and year of minting Value with outward radiating pattern of 10 spokes, new rupee sign 2011 present

The coins are minted at the four locations of the India Government Mint. The 1, 2, and 5 coins have been minted since independence. Coins minted with the "hand picture" were minted from 2005 onwards.

Minting

BOMBAY MINT Post Card
A postcard depicting the Mint.

The Government of India has the only right to mint the coins and one rupee note. The responsibility for coinage comes under the Coinage Act, 1906 which is amended from time to time. The designing and minting of coins in various denominations is also the responsibility of the Government of India. Coins are minted at the five India Government Mints at Mumbai, Alipore (Kolkata), Saifabad (Hyderabad), Cherlapally (Hyderabad) and NOIDA (UP). The coins are issued for circulation only through the Reserve Bank in terms of the RBI Act.[42]

Commemorative coins

After independence, the Government of India mint, minted coins imprinted with Indian statesmen, historical and religious figures. In the years 2010 and 2011 for the first time ever 75, 150 and 1000 coins were minted in India to commemorate the Platinum Jubilee of the Reserve Bank of India, the 150th birth anniversary of the birth of Rabindranath Tagore and 1000 years of the Brihadeeswarar Temple, respectively. In 2012 a 60 coin was also issued to commemorate 60 years of the Government of India Mint, Kolkata. 100 coin was also released commemorating the 100th anniversary of Mahatma Gandhi's return to India.[43] Commemorative coins of 125 were released on 4 September 2015 and 6 December 2015 to honour the 125th anniversary of the births of Sarvepalli Radhakrishnan and B. R. Ambedkar, respectively.[44][45]

Banknotes

Pre independence issues

IND-A10a-Government of India-10 Rupees (1910)
Government of India-10 Rupees (1910)
KGVI rupee 1 note obverse
British Indian one rupee note

In 1861, the government of India introduced its first paper money: Rs 10 note in 1864, Rs 5 note in 1872, Rs 10,000 note in 1899, Rs 100 note in 1900, Rs 50 note in 1905, Rs 500 note in 1907 and Rs 1,000 note in 1909. In 1917, Re 1 and Rs 2​12 notes were introduced. The Reserve Bank of India began banknote production in 1938, issuing Rs 2, Rs 5, Rs 10, Rs 50, Rs 100, Rs 1,000 ad Rs 10,000 notes while the government continued issuing Re 1 note but demonetized the Rs 500 and Rs 2​12 notes.

Post independence issues

First banknote of independent India, one rupee, 1949
First banknote of independent India, one rupee, 1949

After independence, new designs were introduced to replace the portrait of George VI. The government continued issuing the Re1 note, while the Reserve Bank issued other denominations (including the Rs 5,000 and Rs 10,000 notes introduced in 1949). All pre-independence banknotes were officially demonetised with effect from 28 April 1957.[46][47]

During the 1970s, Rs 20 and Rs 50 notes were introduced; denominations higher than Rs 100 were demonetised in 1978. In 1987, the Rs 500 note was introduced, followed by the Rs 1,000 note in 2000 while Re 1 and Rs 2 notes were discontinued in 1995.

The design of banknotes is approved by the central government, on the recommendation of the central board of the Reserve Bank of India.[3] Currency notes are printed at the Currency Note Press in Nashik, the Bank Note Press in Dewas, the Bharatiya Reserve Bank Note Mudran (P) Ltd at Salboni and Mysore and at the Watermark Paper Manufacturing Mill in Hoshangabad. The Mahatma Gandhi Series of banknotes are issued by the Reserve Bank of India as legal tender. The series is so named because the obverse of each note features a portrait of Mahatma Gandhi. Since its introduction in 1996, this series has replaced all issued banknotes of the Lion capital series. The RBI introduced the series in 1996 with Rs10 and Rs 500 banknotes. At present, the RBI issues banknotes in denominations from 5 to 2,000. The printing of Rs 5 notes (which had stopped earlier) resumed in 2009.

As of January 2012, the new '' sign has been incorporated into banknotes of the Mahatma Gandhi Series in denominations of 10, 20, 50, 100, 500 and 1,000.[48][49][50][51] In January 2014 RBI announced that it would be withdrawing from circulation all currency notes printed prior to 2005 by 31 March 2014. The deadline was later extended to 1 January 2015. The dead line was further extended to 30 June 2016.[52]

On 8 November 2016, the Reserve Bank of India (RBI) announced the issuance of new 500 and 2,000 banknotes in new series. The new 2,000 banknote has a magenta base colour, with a portrait of Mahatma Gandhi as well as the Ashoka Pillar Emblem on the front. The denomination also has a motif of the Mars Orbiter Mission (MOM) on the back, depicting the country's first venture into interplanetary space. The new 500 banknote has a stone grey base colour with an image of the Red Fort along with the Indian flag printed on the back. Both the banknotes also have the Swachh Bharat Abhiyan logo printed on the back. The banknote denominations of 200, 100 and 50 have also been introduced in the new Mahatma Gandhi New Series intended to replace all banknotes of the previous Mahatma Gandhi Series.[53] On 13 June 2017, RBI introduced new 50 notes, but the old ones continue being legal tender. The design is similar to the current notes in the Mahatma Gandhi (New) Series, except they will come with an inset 'A'.

Current circulating banknotes

As of 24 August 2017, current circulating banknotes are in denominations of 5, 10, 20, 50 and 100 from the Mahatma Gandhi Series, in denominations of ₹10, ₹50, 100,[54] 200, 500 and 2,000 from the Mahatma Gandhi New Series, and the denomination of 1 of the Lion Capital Series.

Current circulating banknotes
Image Value Dimensions Main colour Description Date of Issue Circulation
Obverse Reverse Obverse Reverse Watermark
India 1 R 2015, obverse India 1 R 2015, reverse 1 97 × 63 mm Green and Pink One-rupee coin Sagar Samrat oil rig Pillars of Ashoka 2015[55] Limited
5 Rupees (Obverse) 5 Rupees (Reverse) 5 117 × 63 mm Green Mahatma Gandhi Tractor Mahatma Gandhi 2002 / 2009 Limited
India new 10 INR, MG series, 2018, obverse India new 10 INR, MG series, 2018, reverse 10 123 x 63 mm Chocolate brown Konark Sun Temple 2018 Wide
India P-089A 20 Rupees Gandhi 2002, obverse India P-089A 20 Rupees Gandhi 2002, reverse 20 147 × 63 mm Red-Orange Mount Harriet, Port Blair 2001 / 2006 Wide
India new 50 INR, MG series, 2018, obverse India new 50 INR, MG series, 2018, reverse 50 135 × 66 mm Fluorescent blue Hampi with Chariot 2017 Wide
100 rs note obverse 100 rs note reverse 100 142x66 mm Lavender Rani ki Vav 2018 Wide
India, 200 INR, 2018, obverse India, 200 INR, 2018, reverse 200 146 × 66 mm Bright Yellow Sanchi Stupa 2017 Wide
India new 500 INR, MG series, 2016, obverse India new 500 INR, MG series, 2016, reverse 500 150 × 66 mm Stone Grey Red Fort 2016 Wide
India new 2000 INR, MG series, 2016, obverse India new 2000 INR, MG series, 2016, reverse 2000 166 × 66 mm Magenta Mangalyaan 2016 Wide
For table standards, see the banknote specification table.

Convertibility

Most traded currencies by value
Currency distribution of global foreign exchange market turnover[56]
Rank Currency ISO 4217 code
(symbol)
% of daily trades
(bought or sold)
(April 2016)
1
United States dollar
USD (US$)
87.6%
2
Euro
EUR (€)
31.4%
3
Japanese yen
JPY (¥)
21.6%
4
Pound sterling
GBP (£)
12.8%
5
Australian dollar
AUD (A$)
6.9%
6
Canadian dollar
CAD (C$)
5.1%
7
Swiss franc
CHF (Fr)
4.8%
8
Renminbi
CNY (元)
4.0%
9
Swedish krona
SEK (kr)
2.2%
10
New Zealand dollar
NZD (NZ$)
2.1%
11
Mexican peso
MXN ($)
1.9%
12
Singapore dollar
SGD (S$)
1.8%
13
Hong Kong dollar
HKD (HK$)
1.7%
14
Norwegian krone
NOK (kr)
1.7%
15
South Korean won
KRW (₩)
1.7%
16
Turkish lira
TRY (₺)
1.4%
17
Russian ruble
RUB (₽)
1.1%
18
Indian rupee
INR (₹)
1.1%
19
Brazilian real
BRL (R$)
1.0%
20
South African rand
ZAR (R)
1.0%
21
Danish krone
DKK (kr)
0.8%
22
Polish złoty
PLN (zł)
0.7%
23
New Taiwan dollar
TWD (NT$)
0.6%
24
Thai baht
THB (฿)
0.4%
25
Malaysian ringgit
MYR (RM)
0.4%
26
Hungarian forint
HUF (Ft)
0.3%
27
Saudi riyal
SAR (﷼)
0.3%
28
Czech koruna
CZK (Kč)
0.3%
29
Israeli shekel
ILS (₪)
0.3%
30
Chilean peso
CLP (CLP$)
0.2%
31
Indonesian rupiah
IDR (Rp)
0.2%
32
Colombian peso
COP (COL$)
0.2%
33
Philippine peso
PHP (₱)
0.1%
34
Romanian leu
RON (L)
0.1%
35
Peruvian sol
PEN (S/)
0.1%
Other 2.1%
Total[57] 200.0%

Officially, the Indian rupee has a market-determined exchange rate. However, the RBI trades actively in the USD/INR currency market to impact effective exchange rates. Thus, the currency regime in place for the Indian rupee with respect to the US dollar is a de facto controlled exchange rate. This is sometimes called a "managed float". Other rates (such as the EUR/INR and INR/JPY) have the volatility typical of floating exchange rates, and often create persistent arbitrage opportunities against the RBI.[58] Unlike China, successive administrations (through RBI, the central bank) have not followed a policy of pegging the INR to a specific foreign currency at a particular exchange rate. RBI intervention in currency markets is solely to ensure low volatility in exchange rates, and not to influence the rate (or direction) of the Indian rupee in relation to other currencies.[59]

Also affecting convertibility is a series of customs regulations restricting the import and export of rupees. Legally, only up to 25000 can be imported or exported in cash at a time, and the possession of 200 and higher notes in Nepal is prohibited.[60][61] The conversion of currencies for and from rupees is also regulated.

RBI also exercises a system of capital controls in addition to (through active trading) in currency markets. On the current account, there are no currency-conversion restrictions hindering buying or selling foreign exchange (although trade barriers exist). On the capital account, foreign institutional investors have convertibility to bring money into and out of the country and buy securities (subject to quantitative restrictions). Local firms are able to take capital out of the country in order to expand globally. However, local households are restricted in their ability to diversify globally. Because of the expansion of the current and capital accounts, India is increasingly moving towards full de facto convertibility.

There is some confusion regarding the interchange of the currency with gold, but the system that India follows is that money cannot be exchanged for gold under any circumstances due to gold's lack of liquidity; therefore, money cannot be changed into gold by the RBI. India follows the same principle as Great Britain and the US.

Reserve Bank of India clarifies its position regarding the promissory clause printed on each banknote:

"As per Section 26 of Reserve Bank of India Act, 1934, the Bank is liable to pay the value of banknote. This is payable on demand by RBI, being the issuer. The Bank's obligation to pay the value of banknote does not arise out of a contract but out of statutory provisions.The promissory clause printed on the banknotes i.e., "I promise to pay the bearer an amount of X" is a statement which means that the banknote is a legal tender for X amount. The obligation on the part of the Bank is to exchange a banknote for coins of an equivalent amount." [62]

Chronology

  • 1991 – India began to lift restrictions on its currency. A number of reforms removed restrictions on current account transactions (including trade, interest payments and remittances and some capital asset-based transactions). Liberalised Exchange Rate Management System (LERMS) (a dual-exchange-rate system) introduced partial convertibility of the rupee in March 1992.[63]
  • 1997 – A panel (set up to explore capital account convertibility) recommended that India move towards full convertibility by 2000, but the timetable was abandoned in the wake of the 1997–1998 East Asian financial crisis.
  • 2006 – Prime Minister Manmohan Singh asked the Finance Minister and the Reserve Bank of India to prepare a road map for moving towards capital account convertibility.[64]
  • 2016 - the Government of India announced the demonetisation of all 500 (US$7.00) and 1,000 (US$14) banknotes of the Mahatma Gandhi Series.[65] The government claimed that the action would curtail the shadow economy and crack down on the use of illicit "black money" and counterfeit cash to fund illegal activity and terrorism.[66][67]

Exchange rates

Historic exchange rates

INR-USD, GBP, EUR, JPY
Graph of exchange rates of Indian rupee (INR) per 1 USD, 1 GBP, 1 EUR, 100 JPY averaged over the month, from September 1998 to May 2013. Data source: Reserve Bank of India reference rate

For almost a century following the Great Recoinage of 1816, and adoption of the Gold Standard, until the outbreak of World War I, the silver backed Indian rupee lost value against a basket of Gold pegged currencies, and was periodically devalued to reflect the then current gold to silver reserve ratios, see above. In 1850 the official conversion rate between a pound sterling and the rupee was £0 / 2s / 0d (or £1:₹10), while between 1899–1914 the conversion rate was set at £0 / 1s / 4d (or £1:₹15), for comparison during this period the US dollar was pegged at £1:$4.79. Between the wars the rate improved to 1s 6d (or £1:₹13.33), and remained pegged at this rate for the duration of the Breton Woods agreement, to its devaluation and pegging to the US dollar, at $1:7.50, in 1966.[68][69]

The £ was devalued against the $ in 1949, impacting currencies that maintained a peg to sterling, such as the .

The gold silver ratio expanded during 1870–1910. Unlike India, Britain was on gold standard. To meet the Home Charges (i.e., expenditure in England) the colonial government had to remit a larger number of rupees and this necessitated increased taxation, unrest and nationalism.

Indian rupees per currency unit averaged over the year[70][71][72][73]
Currency ISO code 1947 1949 1966 1995 1996 2000 2004 2006 2007 2008 2009 2010 2013 2014 2015 2016 2017 2018
Australian dollar AUD 5.33 27.69 26.07 33.28 34.02 34.60 36.81 38.22 42.00 56.36 54.91 48.21 49.96 49.91 50.64
Bahraini Dinar BHD 13.35 91.75 91.24 117.78 120.39 120.40 109.59 115.65 128.60 121.60 155.95 164.55 170.6 178.3 169.77
Bangladeshi taka BDT 0.84 0.84 0.77 0.66 0.63 0.57 0.71 0.66 0.68 0.80 0.88 0.84 0.85 0.76
Canadian dollar CAD 5.90 23.63 26.00 30.28 34.91 41.09 42.92 44.59 52.17 44.39 56.88 49.53 47.94 52.32 50.21 51.38
Chinese Yuan CNY 5.80 9.93 10.19 10.15 9.81
Emirate dirham AED 17.47 18.26 17.73 17.80
Euroa EUR 42.41 44.40 41.52 56.38 64.12 68.03 60.59 65.69 70.21 72.60 75.84 73.53 79.52
Israeli shekelb ILS 13.33 13.33 21.97 11.45 10.76 10.83 17.08 16.57 17.47 18.36
Japanese Yenc JPY 6.6 0.01 2.08 32.66 32.96 41.79 41.87 38.93 35.00 42.27 51.73 52.23 60.07 57.79 53.01 62.36 56
Kuwaiti Dinar KWD 17.80 115.5 114.5 144.9 153.3 155.5 144.6 161.7 167.7 159.2 206.5 214.3 213.1 222.4 211.43
Malaysian Ringgit MYR 1.55 1.55 2.07 12.97 14.11 11.84 11.91 12.36 11.98 13.02 13.72 14.22 18.59 18.65 16.47 16.37 15.72
Maldivian rufiyaa MVR 1.00 1.33 2.93 2.91 4.58 4.76 5.01 5.23 4.13
Pakistani rupee PKR 1.00 1.33 1.08 0.95 0.80 0.77 0.75 0.67 0.61 0.59 0.53 0.57 0.60 0.62 0.64 0.57
Pound sterling GBP 13.33 13.33 17.76 51.14 55.38 68.11 83.06 80.63 76.38 71.33 83.63 70.63 91.08 100.51 98.11 92.00 83.87 90.37
Russian rubled RUB 6.60 15.00 7.56 6.69 1.57 1.05 0.99 1.10
Saudi riyal SAR 1.41 17.11 17.88 17.02
Singapore dollar / Brunei dollare SGD / BND 1.55 1.55 2.07 23.13 25.16 26.07 26.83 30.93 33.60 34.51 41.27 33.58 46.84 45.86 46.67 48.86 47.70
Sri Lankan rupee LKR 1.33 0.63 0.64 0.58 0.47 0.46 0.45 0.46 0.41
Swiss franc CHF 1.46 27.48 43.95 66.95 66.71 66.70 68.40 65.48
U.S. dollar USD 3.30 4.76 7.50 32.45 35.44 44.20 45.34 43.95 39.50 48.76 45.33 45.00 68.80 66.07 66.73 67.19 65.11 72.10
a Before 1 January 1999, the European Currency Unit (ECU)
b Before 1980, the Israeli pound (ILP)
c 100 Japanese Yen
d Before 1993, the Soviet ruble (SUR), in 1995 and 1996 – per 1000 rubles
e Before 1967, the Malaya and British Borneo dollar

Current exchange rates

Current INR exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD RUB CNY AED
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD RUB CNY AED
From XE: AUD CAD CHF EUR GBP HKD JPY USD RUB CNY AED
From OANDA: AUD CAD CHF EUR GBP HKD JPY USD RUB CNY AED
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD RUB CNY AED

See also

References

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  4. ^ "Indian Rupee Joins Elite Currency Club". Theworldreporter.com. 17 July 2010.
  5. ^ Mukherjee, Amrita (14 November 2016). "How I feel super rich with Rs 100 and Rs 10 in my purse". www.atimes.com. Retrieved 16 November 2016.
  6. ^ Asia Times, Staff (15 November 2016). "India's demonetization takes its toll on major sectors". www.atimes.com. Retrieved 16 November 2016.
  7. ^ Alpana Killawala (8 November 2016). "Withdrawal of Legal Tender Status for ₹ 500 and ₹ 1000 Notes: RBI Notice" (Press release). Reserve Bank of India. Retrieved 13 November 2016.
  8. ^ Alpana Killawala (8 November 2016). "Issue of ₹500 Banknotes (Press Release)" (PDF) (Press release). Reserve Bank of India. Retrieved 8 November 2016.
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  10. ^ "RBI to issue ₹1,000, ₹100, ₹50 with new features, design in coming months". 10 November 2016.
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  13. ^ "roopyakam – meaning in English".
  14. ^ "sopkensanskrit.org".
  15. ^ "Mughal Coinage". Archived from the original on 2002-10-05. Sher Shah issued a coin of silver which was termed the Rupiya. This weighed 178 grains and was the precursor of the modern rupee. It remained largely unchanged till the early 20th Century
  16. ^ Goyal, Shankar (1999), "The Origin and Antiquity of Coinage in India", Annals of the Bhandarkar Oriental Research Institute, 80 (1/4): 144, JSTOR 41694581
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  21. ^ Mughal Coinage Archived 16 May 2008 at the Wayback Machine at RBI Monetary Museum. Retrieved on 4 May 2008.
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  30. ^ Balachandran, G. (1996). John Bullion's Empire: Britain's Gold Problem and India Between the Wars. Routledge. ISBN 978-0-7007-0428-6., Pg 6
  31. ^ Currency, Exchange and Banking Prior to 1935
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  33. ^ Rezwan Razack; Kishore Jhunjhunwalla (2012). The Revised Standard Reference Guide to Indian Paper Money. Coins & Currencies. ISBN 978-81-89752-15-6.
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  57. ^ The total sum is 200% because each currency trade always involves a currency pair; one currency is sold (e.g. US$) and another bought (€). Therefore each trade is counted twice, once under the sold currency ($) and once under the bought currency (€). The percentages above are the percent of trades involving that currency regardless of whether it is bought or sold, e.g. the U.S. Dollar is bought or sold in 87% of all trades, whereas the Euro is bought or sold 31% of the time.
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External links

59th Filmfare Awards South

The 59th Filmfare Awards South ceremony honouring the winners and nominees of the best of South Indian cinema in 2011 was held on 7 July 2012 at the Jawaharlal Nehru Stadium, Chennai, India. For this year more than 451 films from each of the four film industries were considered for nominations in various categories.

Bhutanese ngultrum

The ngultrum (Dzongkha: དངུལ་ཀྲམ [ŋýˈʈúm], symbol: Nu., code: BTN) is the currency of the Kingdom of Bhutan. It is subdivided into 100 chhertum (Dzongkha: ཕྱེད་ཏམ [pt͡ɕʰɛ́ˈtám], spelled as chetrums on coins until 1979). The Royal Monetary Authority of Bhutan is the minting authority of the Ngultrum banknotes and coins. The Ngultrum is currently pegged to the Indian rupee at parity.

Coins of British India

British trading posts in India were first established by the East India Company (EIC) early in the seventeenth century, which quickly evolved into larger colonies covering a significant part of the subcontinent. Early settlements or factories included Masulipatnam (1611) and Madras (1640) in the south, Surat (1612) in the west, and modern-day Kolkata (1698–99) in the east. These colonies gave rise to Madras Presidency, Bombay Presidency, and Bengal Presidency, and each Presidency had a separate coinage and monetary system. In 1835, the EIC adopted a unified system of coinage throughout all British possessions in India and the older Presidency system was discontinued. After the Indian Rebellion of 1857, control of EIC territories passed to the British Crown. Coinage issued after 1857 were under the authority of the monarch as India became part of the British Empire. With the Royal Titles Act 1876, Victoria took the title "Empress of India", so in 1877 coin inscriptions changed from Victoria Queen to Victoria Empress. There was a transition period after India gained independence on 15 August 1947, and the first set of republic India coins were issued in 1950.

Coinage under the British can be divided into two periods: East India Company (EIC) issues, pre-1835; and Imperial issues struck under direct authority of the crown. The EIC issues can be further subdivided into two subcategories: the Presidency issues, which comprise separate Madras Presidency, Bombay Presidency, and Bengal Presidency issues; and uniform coinage for all British territories from 1835 to 1858. Imperial issues bear obverse portraits of Queen Victoria (dated 1862–1901), Edward VII (dated 1903–1910), George V (dated 1911–1936), and George VI (dated 1938–1947). No British India coins were issued during the brief reign of Edward VIII.

Coins of the Indian rupee

Coins of the Indian rupee were first minted in 1950. New coins have been produced annually since then and they make up a valuable aspect of the Indian currency system. Today, circulating coins exist in denominations of ₹1, ₹2, ₹5, and ₹10. All of these are produced by four mints located across India, in Kolkata, Mumbai, Hyderabad and Noida.

Danish Indian rupee

The Danish Indian rupee was the currency of Danish India. It was subdivided into 8 fano, each of 80 kas. In 1845, Danish India became part of British India and the local rupee was replaced by the Indian rupee.

French Indian rupee

The roupie or rupee was the currency of French India. It was equal to the Indian rupee issued by the British and then Indian governments. Until 1871 it was issued as coins with the roupie divided into 8 fanons, each of 3 doudous or 20 cash. From 1871, banknotes were issued by France's Banque de l'Indochine, which circulated alongside coins issued by British India.

Gulf rupee

The Gulf rupee (Arabic: روبيه or روبيه خليجيه), also known as the Persian Gulf rupee, was a currency used in the countries of the Persian Gulf and the Arabian Peninsula between 1959 and 1966. It was issued by the Government of India and the Reserve Bank of India and was equivalent to the Indian rupee.

History of the rupee

The history of the Rupee traces back to 6th century BC. Ancient India was the earliest issuers of coins in the world, along with the Chinese wen and Lydian staters.

The word "rupee" is derived from a Sanskrit word "rūpya", which means "wrought silver, a coin of silver", in origin an adjective meaning "shapely", with a more specific meaning of "stamped, impressed", whence "coin". It is derived from the noun rūpa "shape, likeness, image". The word rūpa itself could have Vedic or Dravidian roots.

Vedic origin is more likely, as Sanskrit rūpa, n.,m. a form, beauty (Rigveda), rūpaka adjective and n.,m. a particular coin Pañcatantra, rūpya,*rūpiya-, adj. beautiful, bearing a stamp Pāṇini., n. silver Mahabharata.http://dsal.uchicago.edu (10 November 2013). "Etymology of rupee" (PDF). Retrieved 10 November 2013.

Arthashastra, written by Chanakya, prime minister to the first Maurya emperor Chandragupta Maurya (c. 340–290 BCE), mentions silver coins as rūpyarūpa, other types including gold coins (suvarṇarūpa), copper coins (tāmrarūpa) and lead coins (sīsarūpa) are mentioned. Rūpa means form or shape, example, rūpyarūpa, rūpya – wrought silver, rūpa – form.Sher Shah Suri, during his five-year rule from 1540 to 1545, set up a new civic and military administration and issued a coin of silver, weighing 178 grains, which was termed the Rupiya. The silver coin remained in use during the Mughal period, Maratha era as well as in British India. Among the earliest issues of paper rupees include the Bank of Hindostan (1770–1832), the General Bank of Bengal and Bihar (1773–75, established by Warren Hastings), and the Bengal Bank (1784–91).

The Indian rupee was a silver-based currency during much of the 19th century, which had severe consequences on the standard value of the currency, as stronger economies were on the gold standard. During British rule, and the first decade of independence, the rupee was subdivided into 16 annas. Each anna was subdivided into 4 paisas. So one rupee was equal to 64 pice (paisa) In 1957, decimalisation occurred and the rupee was divided into 100 naye paise (Hindi/Urdu for new paisas). After a few years, the initial "naye" was dropped.

For many years in the early and mid-20th century, the Indian rupee was the official currency in several areas that were controlled by the British and governed from India; areas such as East Africa, Southern Arabia and the Persian Gulf.

Indian 20-paisa coin

The Indian 20 paisa coin is a former denomination of the Indian rupee. The denomination of 20 paisa coin is ​1⁄5 of a rupee.

Indian Rupee (film)

Indian Rupee is a 2011 Indian satirical film written and directed by Ranjith Balakrishnan, and produced by August Cinema. The film stars Prithviraj Sukumaran, Thilakan, Tini Tom and Jagathy Sreekumar in significant roles.

The film released on 6 October 2011, to a positive response from critics. It received numerous accolades including National Film Award for Best Feature Film in Malayalam and Kerala State Film Award for Best Film.

Indian paisa

Indian paisa (plural: paise) is ​1⁄100 (one-hundredth) subdivision of the Indian rupee. The paisa was first introduced on 1 April 1957 after decimalisation of the Indian rupee. As of 30 June 2011, except for 50 paisa coins, all other paisa coins had been demonetized.In 1955, the Government of India first amended the "Indian Coinage Act" and adopted the "metric system for coinage". From 1957 to 1964, the Paisa was called "Naya Paisa" (New Paisa) and on 1 June 1964, the term "Naya" was dropped and the denomination was named "Paisa". Paisa has been issued in 1, 2, 3, 5, 10, 20, 25 and 50 paisa coins.

Indian rupee exchange rate history

This is a list tables showing the historical timeline of the exchange rate for the Indian rupee (INR) against various currencies.

Indian rupee sign

The Indian rupee sign (sign: ₹; code: INR) is the currency symbol for the Indian rupee, the official currency of India. Designed by Udaya Kumar, it was presented to the public by the Government of India on 15 July 2010, following its selection through an "open" competition among Indian residents. Before its adoption, the most commonly used symbols for the rupee were Rs, Re or, in texts in Indian languages, an appropriate abbreviation in the language used.

The design is based on the Devanagari letter "र" (ra) with a double horizontal line at the top. It also resembles the Latin capital letter "R", especially R rotunda (Ꝛ).

The Unicode character for the Indian rupee sign is U+20B9 ₹ INDIAN RUPEE SIGN. Other countries that use a rupee, such as Sri Lanka, Pakistan and Nepal, still use the generic U+20A8 ₨ RUPEE SIGN character.

Italian Somaliland rupia

The Somali rupia (plural: rupie, Somali: روپيا) was the currency in Italian Somaliland from 1909 to 1925. It was subdivided into 100 bese (singular: besa, Somali: بيزا).

List of Governors of Reserve Bank of India

The Governor of the Reserve Bank of India is the chief executive of India's central bank and the ex-officio chairperson of its Central Board of Directors. Indian Rupee currency notes, issued by the Reserve Bank of India (RBI), bear the governor's signature. Since its establishment in 1935 by the British colonial government, the RBI has been headed by twenty-five governors. The term of office typically runs for three years.

The inaugural officeholder was the British banker Osborne Smith, while C. D. Deshmukh was the first Indian governor. Holding office for over seven years, Benegal Rama Rau is the longest-serving governor, while Amitav Ghosh's 20-day term is the shortest. The bank's fifteenth governor, Manmohan Singh, later became India's thirteenth prime minister. Shaktikanta Das is the twenty-fifth governor of the Reserve Bank of India from 12 December 2018.

Nepalese rupee

The Nepalese Rupee (Nepali: रूपैयाँ, symbol: रू, Rs.; code: NPR) is the official currency of the Federal Democratic Republic of Nepal. The Nepalese rupee is subdivided into 100 paisa. The issuance of the currency is controlled by the Nepal Rastra Bank, the central bank of Nepal. The Nepalese rupee was introduced in 1932, when it replaced the Nepalese mohar at the rate 2:1.

Prior to 1994, the Nepalese rupee (रू) was pegged to the Indian Rupee (₹) at the rate रू1.45 = ₹1, however since then it has been pegged at the rate रू1.60 = ₹1 currently.

One rupee (Indian coin)

The One rupee coin is an Indian coin worth one Indian rupee and is made up of a hundred paisas. Currently, one rupee coin is the smallest Indian coin in circulation. Since 1992, one Indian rupee coins are minted from stainless steel. Round in shape, the one rupee coins weighs 3.76 grams (58.0 grains), has a diameter of 21.93-millimetre (0.863 in) and thickness of 1.45-millimetre (0.057 in). In independent India, one rupee coins was first minted in 1950 and is currently in circulation.

Rupee

Rupee is the common name for the currencies of India, Pakistan, Indonesia, the Maldives, Mauritius, Nepal, Seychelles, and Sri Lanka, and of former currencies of Afghanistan, Tibet, Burma, British East Africa, German East Africa, the Trucial States, and all Gulf Arab Countries (as the Gulf rupee).

In Indonesia and the Maldives the unit of currency is known as rupiah and rufiyaa respectively, also derived from the Sanskrit rūpya. The Indian rupees (₹) and Pakistani rupees (₨) are subdivided into one hundred paise (singular paisa) or pice. The Mauritian, Seychellois, and Sri Lankan rupees subdivide into 100 cents. The Nepalese rupee subdivides into one hundred paisas (both singular and double) or four Sukaas.

The Gold (Control) Act, 1968

The Gold (Control) Act, 1968 is a repealed Act of the Parliament of India which was enacted to control sale and holding of gold in personal possession. However excessive demand for gold in India with negligible indigenous production is met with gold imports leading to drastic devaluation of Indian rupee and depletion of foreign exchange reserves to alarming levels. Devaluation of Indian rupee is also leading to steep rise in food commodity prices due to costlier petroleum products imports. In these circumstances, the gold import policy of India aims at curbing the gold imports to manageable level time to time by imposing taxes and legal restrictions.

INDIAN SILVER RUPEE VALUE 1850–1900[24]
year exchange rate melt value
(pence per Rupee) (pence per Rupee)
1850 24.3 22.7
1851 24.1 22.7
1852 23.9 22.5
1853 24.1 22.8
1854 23.1 22.8
1855 24.2 22.8
1856 24.2 22.8
1857 24.6 22.9
1858 25.7 22.8
1859 26.0 23.0
1860 26.0 22.9
1861 23.9 22.6
1862 23.9 22.8
1863 23.9 22.8
1864 23.9 22.8
1865 23.8 22.7
1866 23.1 22.7
1867 23.2 22.5
1868 23.2 22.5
1869 23.3 22.5
1870 22.5 22.5
1871 23.1 22.5
1872 22.7 22.4
1873 22.3 22.0
1874 22.1 21.6
1875 21.6 21.1
1876 20.5 19.6
1877 20.8 20.4
1878 19.8 19.5
1879 20.0 19.0
1880 19.9 19.4
1881 19.9 19.2
1882 19.5 19.3
1883 19.5 18.7
1884 19.3 18.8
1885 18.2 18.0
1886 17.4 16.8
1887 16.9 16.6
1888 16.4 15.9
1889 16.5 15.8
1890 18.0 17.7
1891 16.7 16.7
1892 15.0 14.8
1893 14.5 13.2
1894 13.1 10.7
1895 13.6 11.1
1896 14.4 11.5
1897 15.3 10.2
1898 16.0 10.0
1899 16.0 10.2
1900 16.0 10.4
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