Wikipedia

Indian rupee

TheIndian rupee(symbol:₹;code:INR) is the officialcurrencyinIndia.The rupee is subdivided into 100paise(Hindiplural; singular:paisa). The issuance of the currency is controlled by theReserve Bank of India.The Reserve Bank manages currency in India and derives its role in currency management based on theReserve Bank of India Act, 1934.

Indian rupee
Banknotes of the Indian RupeeCoins of the Indian rupee
ISO 4217
CodeINR (numeric:356)
Subunit0.01
Unit
UnitRupee
Symbol₹‎
Denominations
Subunit
 1⁄100paisa
Symbol
 paisa
Banknotes
 Freq. used₹10,₹20,₹50,₹100,₹200,₹500
 Rarely used₹1,₹2[a],₹5[b],1000[c],₹2000[d]
Coins
 Freq. used₹1,₹2,₹5,₹10
 Rarely used50[e]
Demographics
Official user(s)
Unofficial user(s)
Issuance
Central bankReserve Bank of India[5]
 Websitewww.rbi.org.in
PrinterSecurity Printing and Minting Corporation of India Limited[6]
 Websitespmcil.com
MintIndia Government Mint[6]
 Websiteindiagovtmint.in
Valuation
InflationDecrease5.02% (October 2023)[7]
 SourceRBI – Annual Inflation Report
 MethodConsumer price index(India)[9]
Pegged byBhutanese ngultrum(at par)
Nepalese rupee(higher value) [1₹=1.6 Nepalese Rupee][8]
  1. ^discontinued in 1995
  2. ^discontinued in 2011
  3. ^discontinued in 2016
  4. ^discontinued in 2023
  5. ^discontinued in 2016
  6. ^AlongsideZimbabwean dollar(suspended indefinitely from 12 April 2009), thePound sterling,Euro,United States dollar,South African rand,Botswana pula,Indian rupee,Chinese yuan,andJapanese yenhave been adopted as official currencies for all government transactions.

Etymology

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Pāṇini(6th to 4th century BCE) mentionsrūpya(रूप्य). While Shankar Goyal mentions it is unclear whether Panini was referring to coinage,[10]other scholars concludethat Panini uses the termrūpato mean a piece of precious metal (typically silver) used as a coin, and arūpyato mean a stamped piece of metal, a coin in the modern sense.[11]TheArthashastra,written byChanakya,prime minister to the firstMaurya emperorChandragupta Maurya(c. 340–290 BCE), mentions silver coins asrūpyarūpa.Other types of coins, including gold coins (suvarṇarūpa), copper coins (tāmrarūpa), and lead coins (sīsarūpa), are also mentioned.[12]The immediate precursor of the rupee is therūpiya—the silver coin weighing 178grainsminted in northern India, first bySher Shah Suriduring his brief rule between 1540 and 1545, and later adopted and standardized by theMughal Empire.The weight remained unchanged well beyond the end of the Mughals until the 20th century.[13]

History

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Main pages:Rupee,History of the rupee,Historical currencies of India,Paisa,andCoinage of India
Silverpunch mark coinof theMaurya empire,known asRūpyarūpa,3rd century BCE.
Silver coin ofSkandaguptaofGupta Empireknown asRūpaka(रूपक) in Sanskrit, in the style of theWestern Satraps,withpeacockon reverse, 455-467
Rupiyaissued bySher Shah Suri,1540–1545

The history of the Indianrupeetraces back toancient Indiaaround the 6th century BCE: ancient India was one of the earliest issuers ofcoinsin the world,[14]along with theChinese wenandLydianstaters.[15]

Arthashastra,written byChanakya,Prime minister to the firstMaurya emperorChandragupta Maurya(c. 340–290 BCE), mentions silver coins asrūpyarūpa,other types including gold coins (suvarṇarūpa), copper coins (tamrarūpa) and lead coins (sīsarūpa) are mentioned.Rūpameans 'form' or 'shape'; for example, in the wordrūpyarūpa:rūpya'wrought silver' andrūpa'form'.[16]

TheGupta Empireproduced large numbers of silver coins clearly influenced by those of the earlierWestern SatrapsbyChandragupta II.[17]The silverRūpaka(Sanskrit:रूपक) coins were weighed approximately 20rattis(2.2678g).[18]

In the intermediate times there was no fixed monetary system as reported by theDa Tang Xi Yu Ji.[19]

During his five-year rule from 1540 to 1545,SultanSher Shah Suriissued a coin of silver, weighing 178grains(or 11.53 grams), which was also termed therupiya.[20][21]DuringBabur's time, the brass to silver exchange ratio was roughly 50:2.[22]The silver coin remained in use during theMughal period,Maratha eraas well as inBritish India.[23]Among the earliest issues ofpaper rupeesinclude; theBank of Hindustan(1770–1832), the General Bank of Bengal and Bihar (1773–1775, established byWarren Hastings), and the Bengal Bank (1784–91).[citation needed]

1800s

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Chart showing exchange rate of Indiansilver rupee coin(blue) and the actual value of its silver content (red), againstBritish pence.(From 1850 to 1900)

Historically, therupeewas asilver coin.This had severe consequences in the nineteenth century when the strongest economies in the world were on thegold standard(that is, paper linked to gold). The discovery of large quantities of silver in the United States and several European colonies caused thepanic of 1873which resulted in a decline in thevalueofsilver relativeto gold, devaluing India's standard currency. This event was known as "the fall of the rupee". In Britain War, theLong Depressionresulted in bankruptcies, escalating unemployment, a halt in public works, and a major trade slump that lasted until 1897.[25]

India was unaffected by the imperialorder-in-councilof 1825, which attempted to introduce Britishsterlingcoinage to the British colonies. India, at that time, wascontrolledby the BritishEast India Company.Thesilver rupee coincontinued as the currency of India through theBritish Rajand beyond. In 1835, British India adopted amono-metallicsilver standardbased on the rupee coin; this decision was influenced by a letter written byLord Liverpoolin 1805 extolling the virtues of mono-metallism.

Following theFirst War of Independencein 1857, the British government took directcontrolof India. From 1851, gold sovereigns were produceden masseat theRoyal MintinSydney.In an 1864 attempt to make the Britishgold sovereignthe "imperial coin", the treasuries inBombayandCalcuttawere instructed to receive (but not to issue) gold sovereigns; therefore, these gold sovereigns never left the vaults. As the British government gave up hope of replacing the rupee in India with the poundsterling,it realised for the same reason it could not replace thesilver dollarin theStraits Settlementswith the Indian rupee (as the British East India Company had desired). Since thesilver crisis of 1873,several nations switched over to agold exchange standard(wherein silver or banknotes circulate locally but with a fixed gold value for export purposes), including India in the 1890s.[26]

India Council Bill

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In 1870, India was connected to Britain by a submarinetelegraphcable. Around 1875, Britain started paying India for exported goods in India Council (paper) 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.[27]

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.[28]

The Indian and Chinese products for which silver is paid were and are, since 1873–74, very low in price, and it therefore 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[27]

The great nations had recourse to two expedients for replenishing their exchequers, – first, loans, and, second, the more convenient forced loans of paper money۔[27]

Fowler Committee (1898)

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Main article:Indian Currency Committee
Government of India- 5Rupeenote (1858)

TheIndian Currency Committeeor Fowler Committee was a government committee appointed by theBritish-run Government of Indiaon 29 April 1898 to examine the currency situation in India.[29]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.[30]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 15 September 1899; and preparations were soon thereafter undertaken for the coinage of gold sovereigns in the mint at Bombay.[24]

Silver, therefore, has ceased to serve as, andstandard; 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, and 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.[30]

1900s

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Government of India–1 rupee(1917)

In 1913,John Maynard Keyneswrites in his bookIndian Currency and Financethat during financial year 1900–1901, gold coins (sovereigns) worth £6,750,000 were given to the Indian people in the hope that they would circulate as currency. But against the expectation of the Government, not even half of that was returned to accounts. However the Government, and this experiment failed spectacularly, so Government abandoned this practice (but did not abandon the narrative of the gold standard). Subsequently, much of the gold held by the Government of India was shipped to theBank of Englandin 1901 and held there.[31]

DuringWorld War II,Colonial British control over parts of Nagaland was lost toJapanese forces,theBritish Indian rupeewas banned and theJapanese rupee(1942-44) was introduced.

Problems caused by the gold standard

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See also:Gold standard

At the onset of theFirst World War,the cost of gold was very low and therefore the pound sterling had high value. But during the war, the value of the pound fell alarmingly due to rising war expenses. At the end of the war, the value of the pound was only a fraction of what it had been before the war. It remained low until 1925, when the thenChancellor 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.[32]

However, the price of gold in India, on the basis of the official exchange rate of the rupee around 1s.6d., was lower than the price prevailing abroad practically throughout[clarification needed];the disparity in prices made the export of the metal profitable; and this continued for almost a decade. Thus, in 1931–32, there were net exports of 7.7 millionounces,valued at INR 57.98crore.In the following year, both the quantity and the price rose further: net exports totalled 8.4 million ounces, valued at INR 65.52 crore. In the ten years ended March 1941, total net exports were of the order of 43 million ounces (1337.3 tons) valued at about INR 375 crore, or an average price of INR 32-12-4 per tola.[33]

In the autumn of 1917 (when the silver price rose to 55pence), there was danger of uprisings in India (against paper currency) which would handicap seriously British participation in the war. Inconvertibility (of paper currency into coin) would lead to a run onPost 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.[34]

From 1931 to 1941, the United Kingdom purchased large amounts of gold from India and its many other colonies just by increasing price of gold, as Britain was able to pay in printable paper currency. Similarly, on 19 June 1934,Rooseveltmade[clarification needed]Silver Purchase Act(which increased the price of silver) and purchased about 44,000 tons of silver, paying with papersilver certificates.[35]

In 1939, Dickson H. Leavens wrote in his bookSilver 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".[34]

In their respective former colonies, the Indian rupee replaced theDanish Indian rupeein 1845, theFrench Indian rupeein 1954 and thePortuguese Indian escudoin 1961. Following theindependence of Indiain 1947 and theaccessionof theprincely statesto the newUnion,the Indian rupee replaced all the currencies of the previously autonomous states (although theHyderabadi rupeewas not demonetised until 1959).[36]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 theKutch kori) had different values.

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

Subdivisions of the rupee during 20th century
Value (inanna) Popular name Value (inpaise)
16 anna 1rupee 100 paise
8 anna 1 ardharupee / 1athanni(dheli) 50 paise
4 anna 1 pavala / 1chawanni 25 paise
2 anna 1 beda / 1 duanni 12 paise
1 anna 1 ekanni 6 paise
1⁄2anna 1 paraka / 1taka/ 1 adhanni 3 paise
1⁄4anna 1 kani (pice) / 1paisa(old paise) 11⁄2paise
1⁄8anna 1 dhela 3⁄4paisa
1⁄12anna 1pie 1⁄2paisa
  • In 1957, the rupee wasdecimalisedand divided into 100naye paise(Hindi for "new paise" ); in 1964, the initialnayewas dropped.
  • Many still refer to25-,50-and 75-paise coins as 4, 8, and 12annas,respectively; compare the expression "twobits"in colloquialAmerican Englishfor a quarter-dollar coin.

New currency sign for the Indian rupee

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In 2010, anew rupee sign(₹) was officially adopted. Asits designerexplained, it was derived from the combination of theDevanagariconsonant "र"(ra) and theLatincapital letter "R" without its vertical bar.[37]The parallel lines at the top (with white space between them) are said to make an allusion to theflag of India,[38]and also depict an equality sign that symbolises the nation's desire to reduceeconomic disparity.The first series of coins with the new rupee sign started in circulation on 8 July 2011. Before this, India used "₨"and" Re "as the symbols for multiple rupees and one rupee, respectively.

Digitization of Indian rupee

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Main article:Digital Rupee
This section is an excerpt fromDigital rupee.[edit]

The Digital Rupee (e₹)[39]or eINR or E-Rupee is a tokenised digital version of theIndian Rupee,issued by theReserve Bank of India(RBI) as acentral bank digital currency(CBDC).[40]The Digital Rupee was proposed in January 2017 and launched on 1 December 2022.[41]Digital Rupee is usingblockchaindistributed-ledger technology.[42]

Like banknotes it will be uniquely identifiable and regulated by Central Bank. Liability lies with RBI. Plans include online and offline accessibility.[43]RBI launched Digital Rupee for Wholesale (e₹-W) catering to financial institutions for interbank settlements and Digital Rupee for Retail (e₹-R) for consumer and business transactions.[44]The implementation of the Digital Rupee aims to remove the security printing cost borne by the general public, businesses, banks, and RBI on physical currency which amounted to ₹49,848,000,000.[45][4984.8 X1,00,00,000 = ~5000 Crores]
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British East India Company (EIC) was given the right in 1717 to mint coins in the name of theMughal emperorFarrukhsiyaron the island of Bombay. By 1792 the EIC demonetised all other coins till they were reduced to only 3 types of coins, i.e. EIC, Mughal &Marathacoins. After EIC expanded its control over India, it brought the "Coinage Act of 1835" and started to mint coins in the name of the British king.EIC rulewas replaced byBritish Crown rajwhich brought the "Paper Currency Act of 1861" and the "Uniform Coinage Act of 1906".[46]

After 2021, the government of independent India amended "The Coinage Act, 2011",[47]the "Foreign Exchange Management Act(FEMA), 1999, "the"Information Technology Act, 2000"and the" Crypto-currency and Regulation of Official Digital Currency Bill, 2021 ".[48][49]

Coins

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Post-independence issues

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Main articles:Coins of the Indian rupeeandIndian paisa

Independent pre-decimal issues, 1950–1957

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India's first coins after independence were issued in 1950 in denominations of 1pice,1⁄2,one and two annas,1⁄4,1⁄2andone-rupee.The sizes and composition were the same as the final regal issues, except for the one-piece (which was bronze, but not holed).

Independent decimal issues, 1957–present

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In 1964, India introducedaluminiumcoins for denominations up to 20p.

The firstdecimal-coinissues in India consisted of1,2,5,10, 25 and 50naye paise,and1 rupee.The 1 naya paisa was bronze; the 2, 5, and 10 naye paise were cupro-nickel, and the 25 naye paise (nicknamedchawanni;25 naye paise equals 4annas), 50 naye paise (also calledathanni;50 naye paise equalled 8 old annas) and 1-rupee were nickel. In 1964, the wordsnaya/nayewere removed from all coins. Between 1957 and 1967, aluminiumone-,two-,three-,five- andten-paisecoins were introduced. In 1968 nickel-brass20-paisecoins were introduced, and replaced by aluminium coins in 1982. Between 1972 and 1975, cupro-nickel replaced nickel in the25-and50-paiseand the 1-rupee coins; in 1982, cupro-nickeltwo-rupeecoins were introduced. In 1988stainless steel10-, 25- and 50-paise coins were introduced, followed by 1- and5-rupeecoins in 1992. Five-rupee coins, made frombrass,are being minted by theReserve Bank of India(RBI).

In 1997 the 20 paise coin was discontinued, followed by the 10 paise coin in 1998, and the 25 paise in 2002.

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-paise coin and all paise coins below it took place, and a new series of coins (50 paise – nicknamedathanni– one, two, five, and ten rupees with the new rupee sign) were put into circulation in 2011. In 2016 the 50 paise coin was last minted. Coins commonly in circulation are one, two, five, ten, and twenty rupees.[50][51]Although it is still legal tender, the 50-paise (athanni) coin is rarely seen in circulation.[52]

Circulating coins[50][53]
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 2016
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 ofwheat 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 theBharata NatyamDance) 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 2018
₹2 26 mm 6 g Cupro-Nickel Eleven-sided Emblem of India, Value National integration 1982 2004
₹2 26.75 mm 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 2018
₹2 23 mm 4.07 g Ferritic stainless steel Circular Emblem of India Value, rupee sign, year of issue, grains depicting the agricultural dominance of the country 2019
₹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 2018
₹5 25 mm 6.74 g Nickel-Brass Circular Emblem of India Value, rupee sign, year of issue, grains depicting the agricultural dominance of the country 2019
₹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 2018
₹10 27 mm 7.74 g Bimetallic Circular Emblem of India Value, rupee sign, year of issue, grains depicting the agricultural dominance of the country 2019
₹20 27 mm 8.54 g Bimetallic Dodecagonal Emblem of India Value, rupee sign, year of issue, grains depicting the agricultural dominance of the country 2020

The coins are minted at the four locations of theIndia Government Mint.The₹1,₹2, and₹5 coins have been minted since independence. The Government of India is set to introduce a new₹20 coin with a dodecagonal shape, and like the₹10 coin, also bi-metallic, along with new designs for the new versions of the₹1,₹2,₹5 and₹10 coins, which was announced on 6 March 2019.[54]

Minting

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Main articles:India Government MintandSecurity Printing and Minting Corporation of India
A postcard depicting theBombay Mint.

TheGovernment of Indiahas 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 fourIndia Government MintsatMumbai,Kolkata,Hyderabad,andNoida.[55]The coins are issued for circulation only through theReserve Bankin terms of theRBI Act.[56]

Commemorative coins

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Main article:Commemorative coins of India

After independence, theGovernment of India Mint,mintednumismaticscoins 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 theReserve Bank of India,the 150th birth anniversary of the birth ofRabindranath Tagoreand 1000 years of theBrihadeeswarar Temple,respectively. In 2012, a₹60 piececoins was also issued to commemorate 60 years of the Government of India Mint, Kolkata.₹100 coinwas also released commemorating the 100th anniversary ofMahatma Gandhi's return to India.[57]Commemorative coinsof₹125 were released on 4 September 2015 and 6 December 2015 to honour the 125th anniversary of the births ofSarvepalli RadhakrishnanandB. R. Ambedkar,respectively.[58][59]

Pre-independence issues

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Main article:Coins of British India
1835East India Company2Mohurs
1840East India Companyrupee. It was minted inBombay,CalcuttaandMadras
Indian rupee (from 1862)
Obverse:Crowned bust ofQueen Victoria
Reverse:Face value, country and year of issue
Coin made of 91.7% silver
1862 Indian OneMohur
Silver Rupee ofSayajirao Gaekwad IIIofBaroda State(ruled 1875–1939), showing his profile. This coin is dated 1955 in theVikrami calendar(1897 CE)
Regal issue minted during the reign ofKing/Emperor George V
1 Indian rupee(1947) featuringGeorge VIon obverse andIndian Lionon reverse
Indian one pice,minted in 1950
1 Indian rupee(1905) featuringEdward VII
One Rupee coin issued byMir Mahbub Ali KhanofHyderabad State,1329AH(1911)
1 Indian rupee(1918) featuringGeorge V

East India Company, 1835

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The threePresidenciesestablished by the BritishEast India Company(Bengal,BombayandMadras) each issued theirown coinagesuntil 1835. All three issued rupees and fractions thereof down to1⁄8- and1⁄16-rupee in silver. Madras also issued two-rupee coins.

Copper denominations were more varied. Bengal issued one-pie,1⁄2-, one- and two-paisecoins. 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 as1⁄2and one dub (or1⁄96and1⁄48) rupee. Madras also issued theMadras fanamuntil 1815.

All three Presidencies issued goldmohursand fractions of mohurs including1⁄16,1⁄2,1⁄4in Bengal,1⁄15(a gold rupee) and1⁄3(pancia) in Bombay and1⁄4,1⁄3and1⁄2in Madras.

In 1835, a single coinage for theEICwas introduced. It consisted of copper1⁄12,1⁄4and1⁄2anna,silver1⁄4,1⁄3and 1 rupee and gold 1 and 2 mohurs. In 1841, silver 2 annas were added, followed by copper1⁄2picein 1853. The coinage of the EIC continued to be issued until 1862, even after the company had beentaken over by the Crown.

Regal issues, 1862–1947

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In 1862, coins were introduced (known as "regal issues" ) which bore the profile ofQueen Victoriaand the designation "India". Their denominations were1⁄12anna,1⁄2pice,1⁄4and1⁄2anna (all in copper), 2 annas,1⁄4,1⁄2and one rupee (silver),[60]and five and ten rupees and onemohur(gold). The gold denominations ceased production in 1891, and no1⁄2-anna coins were issued after 1877.

In 1906, bronze replaced copper for the lowest three denominations; in 1907, acupro-nickelone-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 struckgold sovereignsand 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. The1⁄12annaand1⁄2piceceased production, the1⁄4anna was changed to a bronze,holed coin,cupro-nickel andnickel-brass1⁄2-anna coins were introduced, nickel-brass was used to produce Mintsomeone- and two-annas coins, and the silver composition was reduced from 91.7 to 50 percent. The last of the regal issues were cupro-nickel1⁄4-,1⁄2- and one-rupee pieces minted in 1946 and 1947, bearing the image ofGeorge VI,King and Emperor on the obverse and anIndian lionon the reverse.

Banknotes

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Post-independence issues

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Main article:Lion Capital Series
See also:The High Denomination Bank Notes (Demonetisation) Act, 1978and2016 Indian banknote demonetisation
First banknote ofindependent India,one rupee(1949)

After independence, new designs were introduced to replace the portrait ofGeorge VI.The government continued issuing the₹1 note,while theReserve Bank of India(RBI) issued other denominations (including the₹5,000 and₹10,000 notes introduced in 1949). All pre-independence banknotes were officially demonetised with effect from 28 April 1957.[61][62]

During the 1970s,₹20and₹50 noteswere introduced; denominations higher than₹100weredemonetised in 1978.In 1987, the₹500 notewas introduced, followed by the₹1,000 notein 2000 while₹1and₹2 noteswere discontinued in 1995.

10 Rupees banknote from the 1990s

The design of banknotes is approved by thecentral government,on the recommendation of the central board of theReserve Bank of India.[5]Currency notes are printed at the Currency Note Press inNashik,the Bank Note Press inDewas,theBharatiya Reserve Bank Note Mudran(P) Ltd atSalboniandMysoreand at the Watermark Paper Manufacturing Mill in Narmadapuram. TheMahatma Gandhi Seriesof 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 ofMahatma Gandhi.Since its introduction in 1996, this series has replaced all issued banknotes of theLion Capital Series.The RBI introduced the series in 1996 with₹10and₹500 banknotes. The printing of₹5 notes(which had stopped earlier) resumed in 2009.

As of January 2012, the new'₹' signhas been incorporated into banknotes of theMahatma Gandhi Seriesin denominations of₹10,₹20,₹50,₹100,₹500 and₹1,000.[63][64][65][66]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.[67]

On 8 November 2016, the RBI announced the issuance of new₹500 banknotes in a new series afterdemonetisation of the older₹500 and₹1000 notes.The new₹500 banknote has a stone grey base colour with an image of theRed Fortalong with theIndian flagprinted on the back. Both the banknotes also have theSwachh Bharat Abhiyanlogo printed on the back. The banknote denominations of₹200,₹100 and₹50 have also been introduced in the newMahatma Gandhi New Seriesintended to replace all banknotes of the previousMahatma Gandhi Series.[68]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'.

On 8 November 2016, theGovernment of Indiaannouncedthe demonetisation of₹500 and₹1,000 banknotes[69][70]with effect from midnight of the same day, making these notes invalid.[71]A newlyredesigned seriesof₹500 banknote,in addition to a new denomination of₹2,000 banknoteis in circulation since 10 November 2016.[72][73]

From 2017 to 2019, the remaining banknotes of theMahatma Gandhi New Serieswere released in denominations of₹10,₹20,₹50,₹100and₹200.[74][75]The₹1,000 notehas been suspended.[68]

Current circulating banknotes

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Main articles:Mahatma Gandhi SeriesandMahatma Gandhi New Series

As of 20 May 2023, current circulating banknotes are in denominations of₹5,₹10,₹20,₹50and₹100from theMahatma Gandhi Seriesand in denominations of ₹10, ₹20,[76]₹50,₹100,₹200,₹500from theMahatma Gandhi New Series.

Image Value Dimensions Main colour Description Date of issue Circulation
Obverse Reverse Obverse Reverse Watermark
₹1 97 mm × 63 mm Pink New ₹1 coin Sagar Samrat oil rig National Emblem of India 2020 Limited
₹5 117 mm × 63 mm Green Mahatma Gandhi Tractor Mahatma Gandhi and
electrotype denomination		 2002 / 2009 Limited
New series banknotes
Image Value Dimensions Main colour Description Date of issue Circulation
Obverse Reverse Obverse Reverse Watermark
₹10 123 mm × 63 mm Brown Mahatma Gandhi Konark Sun Temple Mahatma Gandhi and
electrotype denomination		 2017 Wide
₹20 129 mm × 63 mm Greenish Yellow Ellora Caves 2019 Wide
₹50 135 mm × 66 mm Cyan HampiwithChariot 2017 Wide
₹100 142 mm × 66 mm Lavender Rani ki vav 2018 Wide
₹200 146 mm × 66 mm Bright Yellow Sanchi Stupa 2017 Wide
₹500 150 mm × 66 mm Stone grey Red Fort 2016 Wide
₹2000 66 mm × 166 mm Magenta Mangalyaan 2016 Remains legal tender but withdrawn from circulation[77]
For table standards, see thebanknote specification table.
Micro printing
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See also:Bharatiya Reserve Bank Note MudranandSecurity Printing and Minting Corporation of India

The new Indian banknote series features a few micro printed texts on various locations. The first one lies on the inner surface of the left temple of Gandhi's spectacles that reads "भारत" (Bhārata), the Hindi word for India. The next one (which are printed only in 10 and 50 denominations) is placed on the outer surface of the right temple of Gandhi's spectacles near his ear and reads "RBI" (Reserve Bank of India) and the face value in numerals "10" or "50". The last one is written on both sides of Gandhi's collar and reads "भारत" and "INDIA" respectively. Currency notes have 17 languages on the panel which appear on the reverse of the notes.

Micro printed texts onGandhi's spectacles
Micro printed texts onGandhi's collar

Pre-independence issues

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Government of India–10 rupees(1910)
British Indianone rupee note

In 1861, theGovernment of Indiaintroduced its first paper money:₹10 note in 1864,₹5 note in 1872,₹10,000 note in 1899,₹100 note in 1900,₹50 note in 1905,₹500 note in 1907 and₹1,000 note in 1909. In 1917,₹1 and₹21⁄2notes were introduced. TheReserve Bank of Indiabegan banknote production in 1938, issuing₹2,₹5,₹10,₹50,₹100,₹1,000 and₹10,000 notes while the government continued issuing₹1 note but demonetized the₹500 and₹21⁄2notes.

Convertibility

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See also:Monetary policy of IndiaandMonetary Policy Committee (India)
Most traded currencies by value
Currency distribution of global foreign exchange market turnover[78]
Rank Currency ISO 4217
code 		Symbolor
abbreviation 		Proportion of daily volume Change
(2019–2022)
April 2019 April 2022
1 U.S. dollar USD US$ 88.3% 88.5% 0.2pp
2 Euro EUR € 32.3% 30.5% 1.8pp
3 Japanese yen JPY ¥ /Viên 16.8% 16.7% 0.1pp
4 Sterling GBP £ 12.8% 12.9% 0.1pp
5 Renminbi CNY ¥ /Nguyên 4.3% 7.0% 2.7pp
6 Australian dollar AUD A$ 6.8% 6.4% 0.4pp
7 Canadian dollar CAD C$ 5.0% 6.2% 1.2pp
8 Swiss franc CHF CHF 4.9% 5.2% 0.3pp
9 Hong Kong dollar HKD HK$ 3.5% 2.6% 0.9pp
10 Singapore dollar SGD S$ 1.8% 2.4% 0.6pp
11 Swedish krona SEK kr 2.0% 2.2% 0.2pp
12 South Korean won KRW ₩ /원 2.0% 1.9% 0.1pp
13 Norwegian krone NOK kr 1.8% 1.7% 0.1pp
14 New Zealand dollar NZD NZ$ 2.1% 1.7% 0.4pp
15 Indian rupee INR ₹ 1.7% 1.6% 0.1pp
16 Mexican peso MXN MX$ 1.7% 1.5% 0.2pp
17 New Taiwan dollar TWD NT$ 0.9% 1.1% 0.2pp
18 South African rand ZAR R 1.1% 1.0% 0.1pp
19 Brazilian real BRL R$ 1.1% 0.9% 0.2pp
20 Danish krone DKK kr 0.6% 0.7% 0.1pp
21 Polish złoty PLN zł 0.6% 0.7% 0.1pp
22 Thai baht THB ฿ 0.5% 0.4% 0.1pp
23 Israeli new shekel ILS ₪ 0.3% 0.4% 0.1pp
24 Indonesian rupiah IDR Rp 0.4% 0.4%
25 Czech koruna CZK Kč 0.4% 0.4%
26 UAE dirham AED د.إ 0.2% 0.4% 0.2pp
27 Turkish lira TRY ₺ 1.1% 0.4% 0.7pp
28 Hungarian forint HUF Ft 0.4% 0.3% 0.1pp
29 Chilean peso CLP CLP$ 0.3% 0.3%
30 Saudi riyal SAR ﷼ 0.2% 0.2%
31 Philippine peso PHP ₱ 0.3% 0.2% 0.1pp
32 Malaysian ringgit MYR RM 0.2% 0.2%
33 Colombian peso COP COL$ 0.2% 0.2%
34 Russian ruble RUB ₽ 1.1% 0.2% 0.9pp
35 Romanian leu RON L 0.1% 0.1%
36 Peruvian sol PEN S/ 0.1% 0.1%
37 Bahraini dinar BHD .د.ب 0.0% 0.0%
38 Bulgarian lev BGN BGN 0.0% 0.0%
39 Argentine peso ARS ARG$ 0.1% 0.0% 0.1pp
… Other 1.8% 2.3% 0.5pp
Total[a] 200.0% 200.0%

Officially, the Indian rupee has a market-determined exchange rate. However, theReserve Bank of Indiatrades actively in the USD/INR currency market to impacteffective exchange rates.Thus, the currency regime in place for the Indian rupee with respect to theUS dollaris ade factocontrolled exchange rate. This is sometimes called a "managed float".On 9 May 2022, Indian Rupee traded at ₹77.41 against the US dollar, hitting an all-time low.[79]Other rates (such as the EUR/INR and INR/JPY) have the volatility typical offloating exchange rates,and often create persistentarbitrageopportunities against the RBI.[80]UnlikeChina,successiveadministrations(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 tois other currencies.[81]

Also affecting convertibility is a series ofcustomsregulations 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 inNepalis prohibited.[82][83]The conversion of currencies for and from rupees is also regulated.

RBI also exercises a system ofcapital controlsin 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 concerning 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 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 fullde factoconvertibility.

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:

"As per Section 26 ofReserve 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. "[84]

Chronology

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  • 1991 – India began to lift restrictions on its currency. A number of reforms removed restrictions on current account transactions (including trade, interest payments andremittancesand some capital asset-based transactions). Liberalised Exchange Rate Management System (LERMS) (adual-exchange-ratesystem) introduced partial convertibility of the rupee in March 1992.[85]
  • 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 1997–1998East Asian financial crisis.
  • 2006 –Prime MinisterManmohan Singhasked theFinance Ministerand theReserve Bank of Indiato prepare a road map for moving towardscapital account convertibility.[86]
  • 2016 – theGovernment of Indiaannounced thedemonetisationof all ₹500/- and ₹1,000/- banknotes of theMahatma Gandhi Series.[87]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.[88][89]
  • 2023 –Reserve Bank of Indiaissued a circular on19 Maystating currency notes of ₹ 2000 denomination will be withdrawn from circulation[90]The reason given for this withdrawal is the decline in the number of currency notes in circulation. According to the circular there were only 10.8% of Notes in Circulation on March 31, 2023.[91]

Exchange rates

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See also:Foreign Exchange Management Act

Historic exchange rates

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Main article:Exchange rate history of the Indian rupee

Pre-Independence

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

For almost a century following theGreat Recoinage of 1816,and adoption of theGold Standard,until the outbreak of World War I, the silver-backed Indian rupee lost its value against a basket of gold pegged currencies and was periodically devalued to reflect the then currentgold to silver reserve ratios.In 1850, the official conversion rate between the pound sterling and the rupee was £0 / 2s/ 0d (or £1:₹10), while between 1899 and 1914, the official conversion rate was set at £0 to 1sto 4d(or £1:₹15). However, this was just half of market exchange rates between 1893 and 1917.

Thegold-to-silver ratioexpanded between 1870 and 1910. Unlike India, Britain was on the gold standard. To meet the Home Charges (i.e., expenditure in the United Kingdom), the colonial government had to remit a larger number of rupees, and this necessitated increased taxation, unrest and nationalism.

Between both world wars, the rate improved to 1sto 6d(or £1:₹13.33), and remained pegged at this rate for the duration of theBreton Woods agreement,to its devaluation and pegging to the US dollar, at $1:₹7.50, in 1966.[92][93]

Post-Independence

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Following the country's independence, India implemented aPar valueexchange rate regime until 1971. The country switched toa fixed exchange rate regimein 1971 and graduated to a basket peg against five major currencies from 1975. Since 1991, the rupee is under a floating exchange rate regime.[94]

The first major impact on the rupee's exchange rate after independence was the devaluation of the pound sterling against the US dollar in 1949, which impacted currencies that maintained a peg to the sterling, which included the Indian rupee.[95]In 1966, the Indian rupee was devaluated by 57% againstUnited States dollar,which also led to the depreciation of the sterling.[96]Five years later, when theBretton Woods systemwas suspended, India initially announced that it will maintain a fixed rate of $1 to INR 7.50 and leave the sterling under a floating regime.[97]However, by the end of 1971, following theSmithsonian Agreementand the subsequent devaluation of the US dollar,Indiapegged the rupee with the pound sterling once again at a rate of £1 to INR 18.9677.[98]During this period,Indiahad a non-commercial exchange rate with theSoviet Union.The ruble to rupee exchange rates were announced by the Soviet Union, as the ruble was not a freely traded currency and the commercial trade between both nations use to take place in rupees following atreaty between India and the Soviet Unionin 1953.

In September 1975, the exchange rate of Indian rupee started to be determined on the basis of the basket peg. The details of currencies which forms the basket, and its weightage were kept confidentially byReserve Bank of Indiaand the exchange rate of the rupee on the basis of market fluctuation of these currencies were periodically announced by the RBI.[99][100]

The next major change that occurred was the devaluation of the rupee by about 18% in July 1991 following thebalance of payments crisis.[101]Thereafter, in March 1992, the Liberalized Exchange Rate Management System was introduced, enabling the transition to afloating exchange rateregime.

Indian rupees per currency unit averaged over the year[102][103]
Currency ISO code 1947 1966 1995 1996 2000 2004 2006 2007 2008 2009 2010 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
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 50.01 56.30
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
Renminbi 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 21.97 11.45 10.76 10.83 – – – – – – – 17.08 16.57 17.47 – 18.36
Japanese yenc JPY 6.6 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 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 0.46 0.45
Pound sterling GBP 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 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 0.39 0.39
Swiss franc CHF – 1.46 27.48 – – – – – – – 43.95 66.95 66.71 66.70 68.40 – 65.48
US dollar USD 3.30 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
aBefore 1 January 1999, theEuropean Currency Unit(ECU)
bBefore 1980, theIsraeli pound(ILP)
c100Japanese yen
dBefore 1993, theSoviet ruble(SUR), in 1995 and 1996 – per 1000 rubles
eBefore 1967, theMalaya and British Borneo dollar

Current exchange rates

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Current INR exchange rates
FromGoogle Finance: AUDCADCHFCNYEURGBPHKDJPYUSDAEDJPYUSD
FromYahoo! Finance: AUDCADCHFCNYEURGBPHKDJPYUSDAEDJPYUSD
FromXE.com: AUDCADCHFCNYEURGBPHKDJPYUSDAEDJPYUSD
From OANDA: AUDCADCHFCNYEURGBPHKDJPYUSDAEDJPYUSD

Worldwide rupee usage

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See also:Gulf rupee,Bhutanese ngultrum,Nepalese rupee,Pakistani rupee,andMauritian rupee

As theStraits Settlementswere originally an outpost of the BritishEast India Company,the Indian rupee was made the sole official currency of the Straits Settlements in 1837, as it was administered as part ofBritish India.This attempt was resisted by the locals. However,Spanish dollarscontinued to circulate and 1845 saw the introduction of coinage for the Straits Settlements using a system of 100cents= 1 dollar, with the dollar equal to the Spanish dollar orMexican peso.In 1867, administration of the Straits Settlements was separated from India and theStraits dollarwas made the standard currency, and attempts to reintroduce the rupee were finally abandoned.[104]

After thePartition of India,thePakistani rupeecame into existence, initially using Indian coins and Indian currency notes simply over stamped with "Pakistan". Previously the Indian rupee was an official currency of other countries, includingAden,Oman,Dubai,Kuwait,Bahrain,Qatar,theTrucial States,Kenya,Tanganyika,Uganda,theSeychellesandMauritius.

The Indian government introduced theGulf rupeeas a replacement for the Indian rupee for circulation outside the country with the Reserve Bank of India (Amendment) Act of 1 May 1959.[105]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 theUnited Arab Emiratesin 1971) – replaced theGulf rupeewith their owncurrencies.Kuwait and Bahrain had already done so in 1961 withKuwaiti dinarand in 1965 withBahraini dinar,respectively.[106]

TheBhutanese ngultrumis pegged at par with the Indian rupee; both currencies are accepted in Bhutan. TheNepalese rupeeis pegged at₹0.625; the Indian rupee is accepted in Bhutan and Nepal, except₹500and₹1000 banknotesof theMahatma Gandhi Seriesand the₹200,₹500 banknotes of theMahatma Gandhi New Series,which are not legal tender in Bhutan and Nepal and are banned by their respective governments, though accepted by many retailers.[107]On 29 January 2014, Zimbabwe added the Indian rupee as alegal tenderto be used.[108][109]

See also

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Notes

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  1. ^The total sum is 200% because each currency trade is counted twice: once for the currency being bought and once for the one being sold. The percentages above represent the proportion of all trades involving a given currency, regardless of which side of the transaction it is on. For example, the US dollar is bought or sold in 88% of all currency trades, while the euro is bought or sold in 31% of all trades.

References

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Citations

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  2. ^"Indian Rupee to be legal tender in Zimbabwe".Deccan Herald.29 January 2014.Archivedfrom the original on 8 November 2019.Retrieved10 February2021.
  3. ^Hungwe, Brian (29 January 2014)."Zimbabwe's multi-currency confusion".BBC.Archivedfrom the original on 16 April 2019.Retrieved22 July2014.
  4. ^"Nepal writes to RBI to declare banned new Indian currency notes legal".The Economic Times.Times Internet.6 January 2019.Archivedfrom the original on 5 February 2022.Retrieved20 January2020.
  5. ^ab"FAQ – Your Guide to Money Matters".Reserve Bank of India.Archived fromthe originalon 12 January 2012.Retrieved5 November2014.
  6. ^abMinistry of Finance–Department of Economic Affairs(30 April 2010).Sixth Report, Committee on Public Undertakings – Security Printing and Minting Corporation of India Limited(PDF).Lok Sabha Secretariat.p. 8.Archived(PDF)from the original on 12 April 2018.Retrieved8 June2020.
  7. ^"Instant View: India's retail inflation eases to 5.02% in September".Reuters.12 October 2023. Archived fromthe originalon 12 October 2023.Retrieved12 October2023.
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  9. ^"Reserve Bank of India - Annual Report".rbi.org.in.Archivedfrom the original on 17 May 2022.Retrieved9 April2022.
  10. ^Goyal, Shankar (1999), "The Origin and Antiquity of Coinage in India",Annals of the Bhandarkar Oriental Research Institute,80(1/4),Bhandarkar Oriental Research Institute:144,JSTOR41694581,Paninimakes the statement (V.2.120) that a 'form' (rüpa) when 'stamped' (ahata) or when praise-worthy (prašamsa) takes the endingya(i.e.rupya).... Whether Panini was familiar with coins or not, hisAstadhyayidoes not specifically state.
  11. ^Mookerji, Chandragupta Maurya and His Times 1966,p. 214.
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  24. ^abcdAndrew, A. Piatt(August 1901)."Indian Currency Problems of the Last Decade".The Quarterly Journal of Economics. pp. 483–514.Retrieved18 April2018.
  25. ^W. B. Sutch,The Long Depression, 1865–1895.(1957)
  26. ^"Chapter II".Indian Currency and Finance– viaWikisource.
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  28. ^MacLeod, Henry Dunning(1883)."The Theory and Practice of Banking".Retrieved18 April2018– via Google Books.
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  31. ^"Chapter IV".Indian Currency and Finance– viaWikisource.
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