Discovery Of Indian Currency
The Indian currency is called the Indian Rupee [INR] ; INR is its currency code and the coins are called paisa. The symbol of the Indian Rupee is [₹]. The design resembles both the Devanagari letter "₹" (ra) and the Latin capital letter "R", with a double horizontal line at the top. The Indian rupee is the official currency of India.
One Rupee consists of 100 paisa, though as of 2019, coins of denomination of 1 rupee is the lowest value in use. The issuance of the currency is controlled by the Reserve Bank of India.
The government owned presses are at Nasik (Western India) and Dewas (Central India). The other two presses are at Mysore (Southern India) and Salboni (Eastern India). Coins are minted in four minutes owned by the Government of India. The mints are located at Mumbai, Hyderabad, Calcutta and NOIDA.
“History Of Indian Currency”
ANCIENT INDIAN COINS
The first documented coinage is deemed to start with 'Punch Marked' coins issued between the 7th-6th century BC and 1st century
MEDIEVAL INDIA COINAGE
The Arabs conquered Sindh in 712 AD and ruled it as a province of the Caliphate. By the 9th Century AD, provincial governors established independent rule and struck their own coins.
The emergence of Turkish Sultans of Delhi in the 12th Century, the royal designs of Indian Kings were gradually replaced by Islamic devices, largely calligraphy. With the Delhi Sultanate (1206-1526 AD) came the attempt at standardization.
Mughal Coinage was the creation of Sher Shah Suri in 1540-45. ET traces the history of rupee from the British era to now. The word 'rupee' has been derived from the Sanskrit word rupyakam. It owes its origin to rupiya, meaning a silver coin. This weighed 178 grains and was the precursor of the modern rupee.
THE PRE-INDEPENDENCE BRITISH SERIES
The Paper Currency Act of 1861 gave the British government the monopoly to issue notes in India. 1770-1832 Earliest paper rupees issued by Bank of Hindostan (1770– 1832), General Bank of Bengal and Bihar (1773–75), and Bengal Bank (1784–91).
BRITISH INDIA SERIES
Victoria portrait series
The series comprised the first British India notes - Rs 10, Rs 20, Rs 50, Rs 100, Rs 1,000. These were unifaced, carried two language panels and were printed on hand-moulded paper.
In 1867, the Victoria Portrait series, withdrawn due to forgeries, was replaced by this series. Initially, notes were legally encashable only in the Currency Circle in which they were issued, but in 1903-11, Rs 5, Rs 10, Rs 50 and Rs 100 were universalized.
Small denomination notes
Paper currency of small denominations was started due to the first World War. Rupee One was introduced on 30th November 1917,followed by Rupees Two and Annas Eight.
King’s portrait series
This series carried the portrait of George V and was introduced in May 1923 with 10 Rupees Note and included Rs 5, Rs 10, Rs 50, Rs 100, Rs 500, Rs 1000, and Rs 10,000. This continued till 1935 when the Reserve Bank of India was set up.
RESERVE BANK ISSUES
Today, the Reserve Bank of India issued currency under the RBI Act 1934.First note of Rs 5 issued by the Reserve Bank in Jan 1938,and Feb-June 1938 (RBI) issued another series of currency Rs 10, Rs 100, Rs 1000, Rs 10,000.The RBI has the authority to issue notes up to ₹10,000
The George VI series continued till 15 August 1947.. However, the existing currency kept frozen until 26th January 1950, when India became a republic.
REPUBLIC INDIA ISSUES
New design of Rupee one note was introduced by Indian Government in 1949.
In 1953, Hindi was displayed prominently on the new notes.
In 1954, High denomination notes of Rs 1,000, Rs 5,000, and Rs 10,000 were reintroduced.
In 1967, the lean period of the early sixties led to considerations of economy and the sizes of notes were reduced.
MAHATMA GANDHI SERIES
In 1969, a commemorative design series in honour of the birth centenary celebrations of Mahatma Gandhi.
In 1980, New notes were issued with symbols of science and technology.
In 1987, 500 Rupees note was introduced in October with the portrait of Mahatma Gandhi.
In 1996, introduced new features in the 'Mahatma Gandhi Series'.
The new series also witnessed the introduction of Rs. 1000 denomination on October 09, 2000.
In 2006, “Star Series” was introduced on the banknotes to avoid re-printing of the defective notes
In 2011, the Rupee symbol (₹), the identity mark of Indian rupee was introduced.
In India, the last such up-gradation was done in 2005.
In 2015, “Rupee One” was re-introduced by the Government of India.
The new banknotes were introduced in the Mahatma Gandhi (New) Series with Two new denominations viz. Rupee 2000 on 8 Nov. 2016 and Rupee 200 on 23 Aug. 2017.