Indian rupee
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Indian rupee  | |
|---|---|
| रुपया (Hindi) | |
 | |
| ISO 4217 code | INR |
| Central bank | Reserve Bank of India |
| Website | www.rbi.org.in |
| Official user(s) |  India Bhutan (alongside the Bhutanese ngultrum) |
| Unofficial user(s) |  Zimbabwe[1] |
| Inflation | 5.96%, March 2013 |
| Source | Economic Adviser |
| Method | WPI |
| Pegged by | Bhutanese ngultrum (at par) Nepalese rupee (1 INR = 1.6 NPR) |
| Subunit | |
| 1/100 | Paisa |
| Symbol | |
| Paisa | p |
| Formerly used symbols and Coins | Rs,രൂ, ರೂ, ৳, ૱, రూ, ௹, रु . |
| Coins | 50 paise, 1, 2, 5, 10 |
| Banknotes | 1, 2, 5, 10, 20, 50, 100, 500, 1000 |
| Printer | Reserve Bank of India |
| Website | www.rbi.org.in |
| Mint | India Government Mint |
| Website | www.spmcil.com |
The Indian rupee (symbol:
The modern rupee is subdivided into 100 paise (singular paisa), though as of 2011 only 50-paise coins are legal tender.[3][4] Banknotes in circulation come in denominations of
The Indian rupee symbol '
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. Recently RBI launched a website Paisa-Bolta-Hai to raise awareness of counterfeit currency among users of the INR.
Contents
[hide]Etymology[edit]
The word "rupee" was derived from the Sanskrit word rūpyakam.[citation needed]
- টকা (tôka) in Assamese
- টাকা (taka) in Bengali
- રૂપિયો (rupiyo) in Gujarati
- ರೂಪಾಯಿ (rūpāyi) in Kannada
- रुपया (rupayā) in Hindi
- روپے (pronounced ropyih) in Kashmiri
- रुपया (rupayā) in Konkani
- രൂപ (rūpā) in Malayalam
- रुपया (rupayā) in Marathi
- रुपैयाँ (rupaiya) in Nepali
- ଟଙ୍କା (tanka) in Oriya
- ਰੁਪਈਆ (rupiā) in Punjabi
- रूप्यकम् (rūpyakam) in Sanskrit (Devnagari)
- ᱴᱟᱠᱟ (taka) in Santali
- रुपियो (rupiyo) in Sindhi
- रिप्या (ripya) in Rajasthani
- ரூபாய் (rūpāi) in Tamil
- రూపాయి (rūpāyi) in Telugu
- روپیہ (rupyā) in Urdu
However, in the Assam, West Bengal, Tripura and Odisha the Indian rupee is officially known by names derived from the word टङ्क (ṭaṇkā), which means "money".[5] Thus, the rupee is called টকা (ṭôkā) in Assamese, টাকা (ṭākā) in Bengali and ଟଙ୍କା (ṭaṇkā) in Oriya. The amount (and the word "rupee") is, accordingly, written on the front of Indian banknotes in English and Hindi, whilst on the back the name is listed, in English alphabetical order,[6] in 15 other Indian languages[7]
Design[edit]
The sign (
Numeral system[edit]
The Indian numeral system is based on the decimal system, with two notable differences from Western systems using long and short scales. The system is ingrained in everyday monetary transactions in the Indian subcontinent.
| Indian semantic | International semantic | Indian comma placement | International comma placement |
|---|---|---|---|
| 1 hazar | 1 thousand | 1,000 | 1,000 |
| 10 hazar | 10 thousand | 10,000 | 10,000 |
| 1 lakh | 100 thousand | 1,00,000 | 100,000 |
| 10 lakhs | 1 million | 10,00,000 | 1,000,000 |
| 1 crore | 10 million | 1,00,00,000 | 10,000,000 |
| 10 crores | 100 million | 10,00,00,000 | 100,000,000 |
| 1 arab | 1 billion | 1,00,00,00,000 | 1,000,000,000 |
| 10 arabs | 10 billion | 10,00,00,00,000 | 10,000,000,000 |
| 1 kharab | 100 billion | 1,00,00,00,00,000 | 100,000,000,000 |
| 10 kharabs | 1 trillion | 10,00,00,00,00,000 | 1,000,000,000,000 |
| 1 neel | 10 trillion | 1,00,00,00,00,00,000 | 10,000,000,000,000 |
| 10 neel | 100 trillion | 10,00,00,00,00,00,000 | 100,000,000,000,000 |
| 1 padam | 1 quadrillion | 1,00,00,00,00,00,00,000 | 1,000,000,000,000,000 |
| 10 padams | 10 quadrillion | 10,00,00,00,00,00,00,000 | 10,000,000,000,000,000 |
| 1 shankh | 100 quadrillion | 1,00,00,00,00,00,00,00,000 | 100,000,000,000,000,000 |
| 10 shankhs | 1 quintillion | 10,00,00,00,00,00,00,00,000 | 1,000,000,000,000,000,000 Maha Shankhs |
- Note that in practice, use of arab, kharab, padam and shankh is rare. In modern usage, 1 arab would be 100 crores.
For example, the amount
History[edit]
Indian Rupee[edit]
Historically, the rupee (derived from the Sanskrit word raupya), 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."
The history of the Indian rupee traces back to Ancient India in circa 6th century BC, ancient India was one of the earliest issuers of coins in the world,[9] along with theChinese wen and Lydian staters.
The Hindi word rūpiya is derived from Sanskrit word rūpya, which means "wrought silver, a coin of silver",[10] 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 is being further identified as having sprung from the Dravidian ".
Arthashastra, written by Chanakya, prime minister to the first Maurya emperor Chandragupta Maurya(c. 340-290 BCE), mentions silver coins as rupyarupa, other types of coins including gold coins (Suvarnarupa), copper coins ( Tamararupa) and lead coins (Sisarupa) are also mentioned. Rupa means form or shape, example, Rupyarupa, Rupya - wrought silver, rupa - form.[11]
During his five-year rule from 1540 to 1545, Afghan king Sher Shah Suri issued a coin of silver, weighing 178 grains, which was termed the Rupiya.[10][12] The silver coin remained in use during the Mughal period, Maratha era as well as in British India.[13] 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).
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.
Following the Indian Mutiny 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 realized 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.[citation needed]
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 newUnion, the Indian rupee replaced all the currencies of the previously autonomous states (although the Hyderabadi rupeewas not demonetised until 1959).[14] Some of the states had issued rupees equal to those issued by the British (such as theTravancore 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 artharupee = 8 anna, or 1/2 rupee (later 50 naye paise)
- 1 pavala = 4 anna, or 1/4 rupee (later 25naye paise)
- 1 beda = 2 anna, or 1/8 rupee (later equivalent to 12.5 naye paise)
- 1 anna = 1/16 rupee (later equivalent to 6.25 naye paise)
- 1 paraka = 1/2 anna (later equivalent to 3.125 naye paise)
- 1 kani (pice) = 1/4 anna (later equivalent to 1.5625 naye paise)
- 1 damidi (pie) = 1/12 anna (later equivalent to 0.520833 naye paise)
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.
Straits Settlements[edit]
The Straits Settlements were originally an outlier of the British East India Company. The Spanish dollar had already taken hold in the Settlements by the time the British arrived during the 19th century; however, the East India Company tried to replace it with the rupee. This attempt was resisted by the locals; by 1867 (when the British government took over direct control of the Straits Settlements from the East India Company), attempts to introduce the rupee were finally abandoned.
International use[edit]
With the Partition 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 and 1965, respectively.
The Bhutanese ngultrum is pegged at par with the Indian rupee; both currencies are accepted in Bhutan. The Nepalese rupee is pegged at
Recently Zimbabwe added the Indian Rupee as a legal tender to be used.[16]
Coins[edit]
East India Company, 1835[edit]
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 1⁄8- and 1⁄16-rupee in silver. Madras also issued two-rupee coins.
Copper denominations were more varied. Bengal issued one-pie, 1⁄2-, one- and two-paise coins. Bombay issued 1-pie, 1⁄4-,1⁄2-, 1-, 11⁄2-, 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 1⁄2 and one dub (or 1⁄96 and 1⁄48) rupee. Madras also issued the Madras fanam until 1815.
All three Presidencies issued gold mohurs and fractions of mohurs including 1⁄16, 1⁄2, 1⁄4 in Bengal, 1⁄15 (a gold rupee) and 1⁄3(pancia) in Bombay and 1⁄4, 1⁄3 and 1⁄2 in Madras.
In 1835, a single coinage for the EIC was introduced. It consisted of copper 1⁄12, 1⁄4 and 1⁄2 anna, silver 1⁄4, 1⁄3 and 1 rupee and gold 1 and 2 mohurs. In 1841, silver 2 annas were added, followed by copper 1⁄2 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[edit]
In 1862, coins were introduced (known as "regal issues") which bore the portrait ofQueen Victoria and the designation "India". Their denominations were 1⁄12 anna, 1⁄2pice, 1⁄4 and 1⁄2 anna (all in copper), 2 annas, 1⁄4, 1⁄2 and one rupee (silver), and five and ten rupees and one mohur (gold). The gold denominations ceased production in 1891, and no 1⁄2-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 1⁄12 anna and 1⁄2 pice ceased production, the 1⁄4 anna was changed to a bronze, holed coin, cupro-nickel and nickel-brass 1⁄2-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 1⁄4-, 1⁄2- and one-rupee pieces minted in 1946 and 1947, bearing the image of George VI, King and Emperor on the obverse and an Indian tiger on the reverse..
Independent predecimal issues, 1950–1957[edit]
India's first coins after independence were issued in 1950 in 1 pice, 1⁄2, one and two annas, 1⁄4, 1⁄2 and one-rupee denominations. 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–[edit]
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 chavanni; 25 naye paise equals 4 annas), 50 naye paise (also called athanni; 50 naye paise equaled 8 old annas) and 1-rupee coins were nickel. In 1964, the word naya(e) was removed from all coins. Between 1964 and 1967, aluminum one-, two-, three-, five- and ten-paise coins were introduced. In 1968 nickel-brass 20-paise coins were introduced, and replaced by aluminum 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 1988stainless 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 demonetization of the 25-(chavanni)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.[17][18] Although it is still legal tender, the 50-paise (athanni) coin is rarely seen in circulation.[19]
| 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 | |
| 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 | |
| 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 | |
| 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 | |
| 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 | |
| 5 | 23 mm | 6 g | Ferritic stainless steel | Circular | Emblem of India | Value, wavy lines | 2007 | |
| 5 | 23 mm | 6 g | Brass | Circular | Emblem of India | Value, wavy lines | 2009 | |
| 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 | 5.62 g | Bimetallic | Circular | Emblem of India with value | Value, wavy lines | 2006 | |
| 10 | 27 mm | 5.62 g | Bimetallic | Circular | Emblem of India and year of minting | Value with outward radiating pattern, new rupee sign | 2011 | |
The coins are minted at the four locations of the India Government Mint. The
Special coins[edit]
After independence, the Government of India mint, minted coins imprinted with Indian statesmen, historical and religious figures. In year 2010 and 2011 for the first time ever
Banknotes[edit]
The design of banknotes is approved by the central government, on the recommendation of the central board of theReserve Bank of India.[2] Currency notes are printed at the Currency Note Press in Nashik, the Bank Note Press in Dewas, the Bharatiya Note Mudra Nigam (P) presses at Salboni and Mysore and at the Watermark Paper Manufacturing Mill inHoshangabad.
The current series of banknotes (which began in 1996) is known as the Mahatma Gandhi series. Banknotes are issued in the denominations of
British India[edit]
In 1861, the government of India introduced its first paper money:
Independent issues since 1949[edit]
After independence, new designs were introduced to replace the portrait of the king. The government continued issuing the
In September 2009, the Reserve Bank of India decided to introduce polymer banknotes on a trial basis. Initially, 100 crore (1 billion) pieces of polymer
Current banknotes[edit]
The Mahatma Gandhi series of banknotes are issued by the Reserve Bank of Indiaas 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. The RBI introduced the series in 1996 with
As of January 2012, the new '
Languages[edit]
Each banknote has its amount written in 17 languages. On the obverse, the denomination is written in English and Hindi. On the reverse is a language panel which displays the denomination of the note in 15 of the 22 official languages of India. The languages are displayed in alphabetical order. Languages included on the panel are Assamese, Bengali, Gujarati,Kannada, Kashmiri, Konkani, Malayalam, Marathi, Nepali, Oriya, Punjabi, Sanskrit, Tamil, Telugu and Urdu.
| Language | 1 | 2 | 5 | 10 | 20 | 50 | 100 | 500 | 1000 |
|---|---|---|---|---|---|---|---|---|---|
| English | One rupee | Two rupees | Five rupees | Ten rupees | Twenty rupees | Fifty rupees | Hundred rupees | Five hundred rupees | One thousand rupees |
| Hindi | एक रुपया | दो रुपये | पाँच रुपये | दस रुपये | बीस रुपये | पचास रुपये | एक सौ रुपये | पांच सौ रुपये | एक हज़ार रुपये |
| Language | 1 | 2 | 5 | 10 | 20 | 50 | 100 | 500 | 1000 |
|---|---|---|---|---|---|---|---|---|---|
| Assamese | এক টকা | দুই টকা | পাঁচ টকা | দহ টকা | বিছ টকা | পঞ্চাশ টকা | এশ টকা | পাঁচশ টকা | এক হাজাৰ টকা |
| Bengali | এক টাকা | দুই টাকা | পাঁচ টাকা | দশ টাকা | কুড়ি টাকা | পঞ্চাশ টাকা | শত টাকা | পাঁচশত টাকা | এক হাজার টাকা |
| Gujarati | એક રૂપિયો | બે રૂપિયા | પાંચ રૂપિયા | દસ રૂપિયા | વીસ રૂપિયા | પચાસ રૂપિયા | સો રૂપિયા | પાંચ સો રૂપિયા | એક હજાર રૂપિયા |
| Kannada | ಒಂದು ರುಪಾಯಿ | ಎರಡು ರೂಪಾಯಿಗಳು | ಐದು ರೂಪಾಯಿಗಳು | ಹತ್ತು ರೂಪಾಯಿಗಳು | ಇಪ್ಪತ್ತು ರೂಪಾಯಿಗಳು | ಐವತ್ತು ರೂಪಾಯಿಗಳು | ನೂರು ರೂಪಾಯಿಗಳು | ಐನೂರು ರೂಪಾಯಿಗಳು | ಒಂದು ಸಾವಿರ ರೂಪಾಯಿಗಳು |
| Kashmiri | آکھ رۄپے | دہ رۄپے | - | ||||||
| Konkani | एक रुपया | दोन रुपया | पांच रुपया | धा रुपया | वीस रुपया | पन्नास रुपया | शंभर रुपया | पाचशें रुपया | एक हज़ार रुपया |
| Malayalam | ഒരു രൂപ | രണ്ടു രൂപ | അഞ്ചു രൂപ | പത്തു രൂപ | ഇരുപതു രൂപ | അൻപതു രൂപ | നൂറു രൂപ | അഞ്ഞൂറു രൂപ | ആയിരം രൂപ |
| Marathi | एक रुपया | दोन रुपये | पाच रुपये | दहा रुपये | वीस रुपये | पन्नास रुपये | शंभर रुपये | पाचशे रुपये | एक हजार रुपये |
| Nepali | एक रुपियाँ | दुई रुपियाँ | पाँच रुपियाँ | दश रुपियाँ | बीस रुपियाँ | पचास रुपियाँ | एक सय रुपियाँ | पाँच सय रुपियाँ | एक हज़ार रुपियाँ |
| Oriya | ଏକ ଟଙ୍କା | ଦୁଇ ଟଙ୍କା | ପାଞ୍ଚ ଟଙ୍କା | ଦଶ ଟଙ୍କା | କୋଡିଏ ଟଙ୍କା | ପଚାଶ ଟଙ୍କା | ଏକ ଶତ ଟଙ୍କା | ପାଞ୍ଚ ଶତ ଟଙ୍କା | ଏକ ହଜାର ଟଙ୍କା |
| Punjabi | ਇਕ ਰੁਪਏ | ਦੋ ਰੁਪਏ | ਪੰਜ ਰੁਪਏ | ਦਸ ਰੁਪਏ | ਵੀਹ ਰੁਪਏ | ਪੰਜਾਹ ਰੁਪਏ | ਇਕ ਸੋ ਰੁਪਏ | ਪੰਜ ਸੋ ਰੁਪਏ | ਇਕ ਹਜਾਰ ਰੁਪਏ |
| Sanskrit | एकरूप्यकम् | द्वे रूप्यके | पञ्चरूप्यकाणि | दशरूप्यकाणि | विंशती रूप्यकाणि | पञ्चाशत् रूप्यकाणि | शतं रूप्यकाणि | पञ्चशतं रूप्यकाणि | सहस्रं रूप्यकाणि |
| Tamil | ஒரு ரூபாய் | இரண்டு ரூபாய் | ஐந்து ரூபாய் | பத்து ரூபாய் | இருபது ரூபாய் | ஐம்பது ரூபாய் | நூறு ரூபாய் | ஐந்நூறு ரூபாய் | ஆயிரம் ரூபாய் |
| Telugu | ఒక రూపాయి | రెండు రూపాయలు | ఐదు రూపాయలు | పది రూపాయలు | ఇరవై రూపాయలు | యాభై రూపాయలు | నూరు రూపాయలు | ఐదువందల రూపాయలు | వెయ్యి రూపాయలు |
| Urdu | ایک روپیہ | دو روپے | پانچ روپے | دس روپے | بیس روپے | پچاس روپے | ایک سو روپے | پانچ سو روپے | ایک ہزار روپے |
Minting[edit]
The Government of India has the only right to mint the coins. 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).[27]
The coins are issued for circulation only through the Reserve Bank in terms of the RBI Act.
Security features[edit]
The main security features of current banknotes are:
- Watermark - White side panel of notes has Mahatma Gandhi watermark.
- Security thread - All notes have a silver or green security band with inscriptions (visible when held against light) ofBharat in Hindi and "RBI" in English.
- Latent image - On notes of denominations of
- Microlettering - Numeral denominational value is visible under magnifying glass between security thread and latent image.
- Intaglio - On notes with denominations of
- Identification mark - On the left of the watermark window, different shapes are printed for various denominations
- Fluorescence - Number panels glow under ultraviolet light.
- Optically variable ink - Notes of
- See-through register - Floral designs printed on the front and the back of the note coincide and perfectly overlap each other when viewed against light.
- EURion constellation - A pattern of symbols found on the banknote helps software detect the presence of a banknote in a digital image, preventing its reproduction with devices such as colour photocopiers.
Convertibility[edit]
| Rank | Currency | ISO 4217 code (Symbol) | % daily share (April 2013) |
|---|---|---|---|
| 1 |  United States dollar | USD ($) | 87.0% |
2 |  Euro | EUR (€) | 33.4% |
3 |  Japanese yen | JPY (¥) | 23.0% |
4 |  Pound sterling | GBP (£) | 11.8% |
5 |  Australian dollar | AUD ($) | 8.6% |
6 |  Swiss franc | CHF (Fr) | 5.2% |
7 |  Canadian dollar | CAD ($) | 4.6% |
8 |  Mexican peso | MXN ($) | 2.5% |
9 |  Chinese yuan | CNY (¥) | 2.2% |
10 |  New Zealand dollar | NZD ($) | 2.0% |
11 |  Swedish krona | SEK (kr) | 1.8% |
12 |  Russian ruble | RUB (₽) | 1.6% |
13 |  Hong Kong dollar | HKD ($) | 1.4% |
14 |  Singapore dollar | SGD ($) | 1.4% |
15 |  Turkish lira | TRY (  ) | 1.3% |
| Other | 12.2% | ||
| Total[30] | 200% | ||
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.[31] 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.[32]
Also affecting convertibility is a series of customsregulations restricting the import and export of rupees. Legally, foreign nationals are forbidden from importing or exporting rupees; Indian nationals can import and export only up to
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 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;[citation needed] therefore, money cannot be changed into gold by the RBI. India follows the same principle as Great Britain and the U.S.
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." [35]
Chronology[edit]
- 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.[36]
- 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.[37]
Exchange rates[edit]
Historic exchange rates[edit]
For almost a century since the Great Recoinage of 1816 until the outbreak of World War I, the Indian Rupee sustained parity with the US Dollar while pegged to the Pound Sterling that was exchanged at
Thereafter, both the Rupee and the Sterling gradually declined in worth against the US Dollar due to deficits in trade, capital and budget. In 1966, the Rupee was devalued and pegged to the US Dollar. The peg to the pound was at INR 13.33 to a Pound which itself was pegged to USD 4.03. That means officially speaking the USD to INR rate would be closer to Rs 4. In 1966, India changed the peg to dollar at INR 7.50.[38]
| Currency | code | 1947 | 1966 | 1996 | 2000 | 2004 | 2006 | 2007 | 2008 | 2009 | 2010 | 2013 | 2014 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| U.S. dollar | USD | 3.30 | 7.50 | 35.444 | 44.2 | 45.340 | 43.954 | 39.5 | 48.76112 | 45.3354 | 45 | 68.80 | 62.07 | ||||||
| Canadian dollar | CAD | 26.002 | 30.283 | 34.914 | 41.098 | 42.92026 | 44.5915 | 52.1706 | |||||||||||
| Euro* | EUR | 44.401 | 41.525 | 56.385 | 64.127 | 68.03312 | 60.5973 | 65.6987 | |||||||||||
| Pound sterling | GBP | 13.33 | 55.389 | 68.119 | 83.064 | 80.633 | 76.38023 | 71.3313 | 83.6329 | ||||||||||
| Swiss franc | CHF | 28 | 70 | ||||||||||||||||
| Singapore dollar | SGD | 25.160 | 26.07 | 26.830 | 30.932 | 33.60388 | 34.5127 | 41.2737 | |||||||||||
| *before 1 Jan 1999, European Currency Unit, | |||||||||||||||||||
Banknotes and coins in circulation[edit]
As of 2013 banknotes of the denominations of {5,
Current exchange rates[edit]
| Current INR exchange rates | |
|---|---|
| From Google Finance: | AUD CAD CHF EUR GBP HKD JPY USD RUB CNY KRW |
| From Yahoo! Finance: | AUD CAD CHF EUR GBP HKD JPY USD RUB CNY KRW |
| From XE.com: | AUD CAD CHF EUR GBP HKD JPY USD RUB CNY KRW |
| From OANDA.com: | AUD CAD CHF EUR GBP HKD JPY USD RUB CNY KRW |
| From fxtop.com: | AUD CAD CHF EUR GBP HKD JPY USD RUB CNY KRW |
See also[edit]
References[edit]
- ^ Alongside Zimbabwean dollar (suspended indefinitely from 12 April 2009), euro, US dollar. Pound sterling andBotswana pula. The US dollar has been adopted as the official currency for all government transactions.
- ^ a b "Reserve Bank of India FAQ - Your Guide to Money Matters". Rbi.org.in. Retrieved 2011-11-05.
- ^ "25 paise and below coins not acceptable from June 30 - The Times of India". Times of India. Retrieved 2011-01-26.
- ^ "Govt to scrap 25 paise coins". NDTV. Retrieved 2011-01-26.
- ^ Klaus Glashoff. "Meaning of टङ्क (Tanka)". Spokensanskrit.de. Retrieved 2011-11-05.
- ^ "Languages on the rupee". Ccat.sas.upenn.edu. Retrieved 2013-05-28.
- ^ Languages on Indian currency notes | kaulonline | BLOG. kaulonline (2007-02-11). Retrieved on 2013-07-28.
- ^ "Indian Rupee Joins Elite Currency Club". Theworldreporter.com. 2010-07-17.
- ^ Subodh Kapoor (January 2002). The Indian encyclopaedia: biographical, historical, religious ..., Volume 6. Cosmo Publications. p. 1599. ISBN 81-7755-257-0.
- ^ a b etymonline.com (September 20, 2008). "Etymology of rupee". Retrieved 2008-09-20.
- ^ Redy. "AIndia.htm". Worldcoincatalog.com. Retrieved 2013-06-20.
- ^ Mughal Coinage at RBI Monetary Museum. Retrieved on May 4, 2008.
- ^ "Coinage - Pre-Colonial India Coinage". Rbi.org.in. Retrieved 2013-06-20.
- ^ Rezwan Razack and Kishore Jhunjhunwalla (2012). The Revised Standard Reference Guide to Indian Paper Money. Coins & Currencies. ISBN 978-81-89752-15-6.
- ^ "Sri Lanka bank liquid assets shrink amid peg defence". Forum.srilankaequity.com. Retrieved 2013-05-28.
- ^ [1]
- ^ a b "Issue of new series of Coins". RBI. Retrieved 4 November 2011.
- ^ "This numismatist lays hands on coins with Rupee symbol". Times of India. 29 August 2011. Retrieved 4 November 2011.
- ^ "Coins of 25 paise and below will not be Legal Tender from June 30, 2011 : RBI appeals to Public to Exchange them upto June 29, 2011". RBI. 18 May 2011. Retrieved 23 January 2012.
- ^ "Reserve Bank of India - Coins". Rbi.org.in. Retrieved 2011-11-05.
- ^ "RBI to introduce Rs.10 plastic notes". Hindustan Times. 2009-09-08. Retrieved 2009-09-08.
- ^ "Issue of ` 10/- Banknotes with incorporation of Rupee symbol (`)". RBI. Retrieved 23 January 2012.
- ^ "Issue of ` 500 Banknotes with incorporation of Rupee symbol". RBI. Retrieved 23 January 2012.
- ^ "Issue of ` 1000 Banknotes with incorporation of Rupee symbol". RBI. Retrieved 23 January 2012.
- ^ "Issue of `100 Banknotes with incorporation of Rupee symbol". RBI. Retrieved 23 January 2012.
- ^ "Withdrawal of Currencies Issued Prior to 2005". Press Information Bureau. 25 July 2014. Retrieved 25 July 2014.
- ^ Reserve Bank of India - Coins. Rbi.org.in. Retrieved on 2013-07-28.
- ^ "World's Most Traded Currencies By Value 2012".http://www.investopedia.com/. Retrieved 10 June 2013.
- ^ "Report on global foreign exchange market activity in 2013" (PDF). Triennial Central Bank Survey. Basel,Switzerland: Bank for International Settlements. April 2013. p. 12. Retrieved 22 October 2013.
- ^ The total sum is 200% because each currency trade always involves a currency pair.
- ^ "Convertibility: Patnaik, 2004" (PDF)
- ^ Chandra, Shobhana (2007-09-26). "'Neither the government nor the central bank takes a view on the rupee (exchange rate movements), as long as the movement is orderly', says Indian Minister of Finance". Bloomberg.com. Retrieved 2011-11-05.
- ^ "RBI Master Circular on Import of Goods and Services". Rbi.org.in. Retrieved 2013-08-25.
- ^ "RBI Master Circular on Export of Goods and Services". Rbi.org.in. Retrieved 2013-08-25.
- ^ Reserve bank of India Frequently Asked Questionsrbi.org.in Retrieved 2013-08-27
- ^ Rituparna Kar and Nityananda Sarkar: Mean and volatility dynamics of Indian rupee/US dollar exchange rate series: an empirical investigation in Asia-Pacific Finan Markets (2006) 13:41–69, p. 48. DOI 10.1007/s10690-007-9034-0 .
- ^ "The "Fuller Capital Account Convertibility Report"". 2006-07-31. Retrieved 2009-01-23.
- ^ Saurabh Chandra (August 21, 2013). "The fallacy of 'dollar = rupee' in 1947". Retrieved 22 August 2013.
- ^ "FXHistory: historical currency exchange rates"(database). OANDA Corporation. Archived from the original on 2006-04-03. Retrieved 2009-09-01.
- ^ "The fallacy of 'dollar = rupee' in 1947". DNA. Retrieved 2013-08-19.
- Krause, Chester L., and Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed.). Krause Publications.ISBN 0873411501.
- Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues. Colin R. Bruce II and Neil Shafer (editors) (7th ed.). Krause Publications. ISBN 0-87341-207-9.
External links[edit]
Media related to Rupee (India) at Wikimedia Commons
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