Indian rupee – A introduction

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The Indian rupee (sign: ₹; code: INR) is the certified currency of the Republic of India. The rupee is divided into 100 paise (singular paisa), however, as of 2018, coins of denomination of 50 paise or half a rupee is the lowest value in use.

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The issuance of the currency is controlled by the (RBI) Reserve Bank of India. The Reserve Bank achieves currency in India and derives its part in currency management on the basis of the Reserve Bank of India Act, 1934. The rupee is called after the silver coin, rupiya, first issued by Sultan Sher Shah Suri in the 16th century and later sustained by the Mughal Empire.

In 2010, a new rupee symbol ‘₹’, was officially accepted. It was derived from the grouping of the Devanagari consonant “र” (ra) and the Latin capital letter “R” without its vertical bar (similar to the R rotunda).

The similar lines at the top (with white space between them) are said to make an allusion to the tricolour Indian flag, and also show an equality sign that symbolises the nation’s desire to decrease economic disparity.

On 8 July 2011, the first series of coins with the new rupee symbol started in circulation. On 8 November 2016, the Government of India declared the demonetisation of ₹500 and ₹1000 banknotes with effect from night of the same day, making these notes inacceptable.

A latest redesigned series of ₹500 banknote, in addition to a new denomination of ₹2000 banknote, is in flow since 10 November 2016. The latest redesigned series is also expected to be enlarged with banknotes in the denominations of ₹50, ₹100 and ₹1000 in the coming months.

A new denomination of ₹200 banknote was added to Indian currency to fill the gap of notes due to raised demand for this note after demonetisation on 25 August 2017.

In July 2018, the Reserve Bank of India launched the ₹100 banknote. The history of the Indian ₹ traces back to Historic India in circa 6th century BCE, earliest India was one of the ancient issuers of coins in the world, along with the Lydian staters and Chinese wen.

During his 5 year rule from 1540 to 1545, Sultan Sher Shah Suri issued a coin made of silver, which was weighing around 178 grains (or 11.53 grams), which was named as Rupiya.

During Babar’s period, the brass to silver exchange ratio was nearly 50:2. The silver coin continued in use during the Mughal time, Maratha period as well as in British India.

 

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