The Indian rupee sign: INRis the official currency of the Republic of India. The issuance of the currency is controlled by the Reserve Bank of India. The rupee is named after the silver coin, rupiyafirst issued by Sultan Sher Shah Suri in the 16th century and later continued by the Mughal Empire. The parallel lines at the top with white space between them are said to make an allusion to the tricolour Indian flag 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 However, in the region of Bengalthe term taka has always been used to refer to currency. Today, the currency of Bangladesh is officially known as taka. The word taka in Bengali is also commonly used generically to mean any money, currency, or notes.
Thus, colloquially, a person speaking in Bengali may use "taka" to refer to money regardless of what currency it is denominated in. Large values of rupees are counted in terms of thousands, lakh thousand ,10 lakhs 1 million and crore 10 million10 crores 1 billion1 Arab 10 billion10 Arab billion. 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,  along with the Chinese wen and Lydian staters.
During his five-year rule from toSultan Sher Shah Suri issued a coin of silver, weighing grains or 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 ofwhich attempted to introduce British sterling coinage to the British colonies.
ECB euro reference exchange rate: Indian rupee (INR)
British Indiaat 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. InBritish India adopted a mono-metallic silver standard based on the rupee; this decision was influenced by a letter written by Lord Liverpool in extolling the virtues of mono-metallism. Following the Indian Mutiny inthe British government took direct control of British India.
Sincegold sovereigns were produced en masse at the Royal Mint in SydneyNew South Wales. In an 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 ofa 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.
AroundBriton started paying India for exported goods in India Council Bills instead of silver. 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 untilwhen the then Chancellor of the Exchequer Finance Minister of United Kingdom, Winston Churchillrestored 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. InDickson H. Leavens wrote in his book SILVER MONEY: The Indian rupee replaced the Danish Indian rupee inthe French Indian rupee in and the Portuguese Indian escudo in Following the independence of British India in and the accession of the princely states to the new Unionthe Indian rupee replaced all the currencies of the previously autonomous states although the Hyderabadi rupee was not demonetised until 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:.
Inthe rupee was decimalised and divided into naye paise Hindi for "new paise" ; inthe 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. As the Straits Settlements were originally an outpost of the British East India CompanyInthe 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. Inadministration 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.
After the Partition of Indiathe 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 AdenOmanDubaiKuwaitBahrainQatarthe Trucial StatesKenyaTanganyikaUgandathe Seychelles and Mauritius. The creation of a separate currency was an attempt to reduce the strain on India's foreign reserves from gold smuggling. Kuwait and Bahrain had already done so in with Kuwaiti dinar and in with Bahraini dinarrespectively.
The Bhutanese ngultrum is pegged at par with the Indian rupee; both currencies are accepted in Bhutan. The three Presidencies established by the British East India Company BengalBombay and Madras each issued their own coinages until Madras also issued two-rupee coins.
Copper denominations were more varied. Madras also issued the Madras fanam until Ina single coinage for the EIC was introduced. The coinage of the EIC continued to be issued untileven after the Company had been taken over by the Crown.
Incoins were introduced known as "regal issues" which bore the portrait of Queen Victoria and the designation "India". Inbronze replaced copper for the lowest three denominations; instock market for middle schoolers cupro-nickel one-anna coin was introduced. In — cupro-nickel two- four- and eight-annas were introduced, although the four- and eight-annas coins were only issued until and did not replace their silver equivalents.
Inthe Bombay mint also struck gold sovereigns and rupee coins identical in size to the sovereigns as an emergency measure during the First World War. In the early s, several changes were implemented. The sizes and composition were the same as the final regal issues, except for the one-pice which was bronze, but not holed. The first decimal-coin issues in India consisted of 1, 2, 5, 10, 25 and 50 naye paise, and 1 rupee. Inthe word naya e was removed from all coins. Between andaluminium one- two- three- five- and ten-paise coins were introduced.
In nickel-brass paise coins were introduced, and replaced by aluminium coins in Between andcupro-nickel replaced nickel in the and paise and the 1-rupee coins; incupro-nickel two-rupee coins were introduced. In stainless steeland paise coins were introduced, followed by 1- and 5-rupee coins in Five-rupee coins, made from brassare being minted by the Reserve Bank of India RBI.
Between and 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. Coins commonly in circulation are one, two, five and ten rupees.
The coins are minted at the four locations of the India Government Mint. Coins minted with the "hand picture" were minted from onwards.
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, 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 MumbaiAlipore KolkataSaifabad HyderabadCherlapally Hyderabad and NOIDA UP.
The coins are issued for circulation only through the Reserve Bank in terms of the RBI Act. After independence, the Government of India mint, minted coins imprinted with Indian statesmen, historical and religious figures. Inthe government of India introduced its first paper money: After independence, new designs were introduced to replace the portrait of George VI.
The design of banknotes is approved by the tokyo stock exchange ticker list governmenton the recommendation of the central board of the Reserve Bank of India. 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 inthis series has replaced all issued banknotes of the Lion capital series. The deadline was later extended to 1 January Now further dead line was extended to 30 June This move was taken to further curb the problem of fake currency circulation.
The denomination also has a motif of the Mars Orbiter Mission MOM on the back, depicting the country's first venture into interplanetary space. Both the banknotes also have the Swachh Bharat Abhiyan logo printed on the back. The design is similar to the course stock trading toronto notes in the Mahatma Gandhi New Series, except they will come with an inset 'A'.
Officially, the Indian rupee has a market-determined exchange rate. 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 ". 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.
Euro to Rupee Exchange Rate Today, Live 1 EUR to INR = (Convert Euros to Rupees)
Also affecting convertibility is a series of customs regulations restricting the import and export of rupees. RBI also exercises a system of capital controls in addition to intervention 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 how to make halal money fast 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; [ citation needed ] 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:. This is payable on demand by Forex price action breakout strategy, 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. The obligation on the part of the Bank is to exchange a banknote for coins of an equivalent amount. The gold silver ratio expanded during — Unlike India, her colonial master Britain was on gold standard.
To meet the Home Charges i. Thereafter, both the rupee and the sterling gradually declined in worth against the US dollar due to deficits in trade, capital and budget. Inthe rupee was devalued and pegged to the dollar. From Wikipedia, the free encyclopedia. For the Malayalam film, see Indian Rupee film. For other uses, see Rupee disambiguation. History of the rupee. Mahatma Gandhi Series and Mahatma Gandhi New Series.
Numismatics portal India portal. INFLATION, MONEY AND CREDIT" PDF. Reserve Bank of India. Archived from the original on 12 January Retrieved 5 November Retrieved 16 November RBI Notice" Press release. Retrieved 13 November Retrieved 8 November Retrieved 10 November Sher Shah issued a coin of silver which was termed the Rupiya. This weighed grains and was the precursor of the modern rupee.
Retrieved 20 June Retrieved 20 September euro rates in indian currency Retrieved on 4 May Britain's Gold Problem and India Between the Wars. The Revised Standard Reference Guide to Indian Paper Money. Retrieved 1 March Retrieved 27 October Retrieved 4 November RBI appeals to Public to Exchange them upto June 29, ". Retrieved 23 January Retrieved on 28 July Retrieved 9 January PM Narendra Modi releases Rs coin in honour of Dr S Radhakrishnan". Retrieved 25 Forex risk management excel spreadsheet We should abolish Rs and Rs 1, notes completely".
RBI Notice Revised ". Retrieved 9 November Retrieved on 26 May is it a good time to buy anz shares Triennial Central Bank Survey.
Bank for International Settlements. Retrieved 22 March Retrieved 25 August The Times of India. Retrieved 22 August Archived from the original on 4 April Retrieved 1 September Retrieved 19 August Standard Catalog of World Coins: Standard Catalog of World Paper Money: Bruce II and Neil Shafer editors 7th ed.
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