|1⁄100|| paisa |
|Symbol||₹ (formerly ₨)|
|Freq. used||₹10, ₹20, ₹50, ₹100, ₹200, ₹500, ₹2,000|
|Rarely used||₹1, ₹2, ₹5|
|Freq. used||₹1, ₹2, ₹5, ₹10|
|Rarely used|| ₹20, 50 |
|Central bank||Reserve Bank of India|
|Printer||Security Printing & Minting Corporation of India Limited|
|Mint||India Government Mint|
|Source||RBI – Annual Inflation Report|
The Indian rupee (sign: ₹; currency code: INR) is the official currency of India. The rupee is subdivided into 100 paise (singular: paisa), though as of 2019, coins of denomination of 1 rupee is the lowest value in use. The issuance of the currency is controlled by the Reserve Bank of India. The Reserve Bank manages currency in India and derives its role in currency management on the basis of the Reserve Bank of India Act, 1934.
In 2010, a new rupee sign (₹) was officially adopted. It was designed by D. Udaya Kumar. It was derived from the combination of the Devanagari consonant "र" (ra) and the Latin capital letter "R" without its vertical bar (similar to the R rotunda). 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 sign started in circulation on 8 July 2011. Before this, India used "₨" and "Re" as the symbols for multiple rupees and one rupee, respectively.
On 8 November 2016, the Government of India announced the demonetisation of ₹500 and ₹1,000 banknotes with effect from midnight of the same day, making these notes invalid. A newly redesigned series of ₹500 banknote, in addition to a new denomination of ₹2,000 banknote is in circulation since 10 November 2016. The ₹1,000 note has been suspended.
On 25 August 2017, a new denomination of ₹200 banknote was added to the Indian currency structure to fill the gap of notes due to high demand for this note after demonetisation.
In July 2018, the Reserve Bank of India released the redesigned series of ₹100 banknote.
The immediate precursor of the rupee is the rūpiya—the silver coin weighing 178 grains minted in northern India by first Sher Shah Suri during his brief rule between 1540 and 1545 and adopted and standardized later by the Mughal Empire. The weight remained unchanged well beyond the end of the Mughals till the 20th century. 340–290 BCE), mentions silver coins as rūpyarūpa. Other types of coins, including gold coins (suvarṇarūpa), copper coins (tāmrarūpa), and lead coins (sīsarūpa), are also mentioned.Though Pāṇini mentions rūpya, it is unclear whether he was referring to coinage. Arthashastra , written by Chanakya, prime minister to the first Maurya emperor Chandragupta Maurya (c.
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.
Arthashastra , written by Chanakya, prime minister to the first Maurya emperor Chandragupta Maurya (c. 340–290 BCE), mentions silver coins as rūpyarūpa, other types including gold coins (suvarṇarūpa), copper coins (tamrarūpa) and lead coins (sīsarūpa) are mentioned. Rūpa means 'form' or 'shape'; for example, in the word rūpyarūpa: rūpya 'wrought silver' and rūpa 'form'.
In the intermediate times there was no fixed monetary system as reported by the Da Tang Xi Yu Ji.
During his five-year rule from 1540 to 1545, Sultan Sher Shah Suri issued a coin of silver, weighing 178 grains (or 11.53 grams), which was also termed the rupiya.During Babar's time, the brass to silver exchange ratio was roughly 50:2. The silver coin remained in use during the Mughal period, Maratha era as well as in British India. 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).
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|Indian silver rupee value (1850–1900)|
|Year||Exchange rate (pence per rupee)||Melt value (pence per rupee)|
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 (that is, paper linked to gold). The discovery of large quantities of silver in the United States and several European colonies caused the panic of 1873 which 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." In Britain the Long Depression resulted in bankruptcies, escalating unemployment, a halt in public works, and a major trade slump that lasted until 1897.
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 coin 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 coin; this decision was influenced by a letter written by Lord Liverpool in 1805 extolling the virtues of mono-metallism.
Following the First war of Independence 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 (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 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 of 1873, several nations switched over to a gold exchange standard (wherein silver or banknotes circulate locally but with a fixed gold value for export purposes), including India in the 1890s.
Around 1875, Britain started paying India for exported goods in India Council Bills (instead of silver).
The Indian Currency Committee or Fowler Committee was a government committee appointed by the British-run Government of India on 29 April 1898 to examine the currency situation in India.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.
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. This law was just to defraud Indian people, as gold sovereign coins were never minted in India.
In 1913 John Maynard Keynes writes in his book Indian Currency and Finance that during financial year 1900–1901, gold coins (sovereigns) worth of £6,750,000 were given to Indian people in the hope that it will circulate as currency. But against the expectation of Government, even half of that were not returned to Government, and this experiment failed spectacularly, so Government abandoned this practice (but did not abandon the narrative of gold standard). As a punishment to this loss of gold, all gold held by Government of India was shipped to Bank of England in 1901.
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 until 1925, when the then Chancellor 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.
During 1931 to 1941, England purchased large amount of gold from India and its many other colonies just by increasing price of gold, as England was able to pay in printable paper currency. Similarly, on 19 June 1934, Roosevelt made Silver purchase act, (which increased price of silver) and purchased about 44,000 tons of silver by paying paper certificates (silver certificate).
In 1939, Dickson H. Leavens wrote in his book 'Silver 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".
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 new Union, the Indian rupee replaced all the currencies of the previously autonomous states (although the Hyderabadi rupee was not demonetised until 1959).Some of the states had issued rupees equal to those issued by the British (such as the Travancore 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:
|Value (in anna)||Popular name||Value (in paise)|
|16 anna||1 rupee||100 paise|
|8 anna||1 ardharupee / 1 athanni (dheli)||50 paise|
|4 anna||1 pavala / 1 chawanni||25 paise|
|2 anna||1 beda / 1 dawanni||12.5 paise|
|1 anna||1 ekanni||6.25 paise|
|1⁄2 anna||1 paraka / 1 taka / 1 adhanni||3.12 paise (approx.)|
|1⁄4 anna||1 kani (pice) / 1 paisa (old paise)||1.56 paise (approx.)|
|1⁄8 anna||1 dhela||0.78 paise (approx.)|
|1⁄12 anna||1 pie||0.52 paise (approx.)|
As the Straits Settlements were originally an outpost of the British East India Company, In 1837, the 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. However, Spanish dollars continued to circulate and 1845 saw the introduction of coinage for the Straits Settlements using a system of 100 cents = 1 dollar, with the dollar equal to the Spanish dollar or Mexican peso. In 1867, administration 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 India, 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 with Kuwaiti dinar and in 1965 with Bahraini dinar, respectively.
The Bhutanese ngultrum is pegged at par with the Indian rupee; both currencies are accepted in Bhutan. The Nepalese rupee is pegged at ₹0.625; the Indian rupee is accepted in Bhutan and Nepal, except ₹500 and ₹1000 banknotes of the Mahatma Gandhi Series and the ₹200, ₹500 and ₹2,000 banknotes of the Mahatma Gandhi New Series, which are not legal tender in Bhutan and Nepal and are banned by their respective governments, though accepted by many retailers. On 29 January 2014, Zimbabwe added the Indian rupee as a legal tender to be used.
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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.
In 1862, coins were introduced (known as "regal issues") which bore the portrait of Queen Victoria and the designation "India". Their denominations were 1⁄12 anna, 1⁄2 pice, 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 Lion on the reverse.
India's first coins after independence were issued in 1950 in denominations of 1 pice, 1⁄2, one and two annas, 1⁄4, 1⁄2 and one-rupee. 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. The 1 naya paisa was bronze; the 2, 5, and 10 naye paise were cupro-nickel, and the 25 naye paise (nicknamed chawanni; 25 naye paise equals 4 annas), 50 naye paise (also called athanni; 50 naye paise equalled 8 old annas) and 1-rupee coins were nickel. In 1964, the words naya/naye were removed from all coins. Between 1957 and 1967, aluminium one-, two-, three-, five- and ten-paise coins were introduced. In 1968 nickel-brass 20-paise coins were introduced, and replaced by aluminium 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 1988 stainless 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 demonetisation of the 25-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 sign) were put into circulation in 2011. Coins commonly in circulation are one, two, five, and ten rupees. Although it is still legal tender, the 50-paise (athanni) coin is rarely seen in circulation.
|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||2018|
|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||2004|
|₹1||25 mm||4.95 g||Ferritic |
|Circular||Unity from diversity, |
cross dividing 4 dots
|Value, Emblem of India, Year |
|₹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||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 |
|Circular||Unity from diversity, |
cross dividing 4 dots
|Value, Emblem of India, Year |
|₹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|
The coins are minted at the four locations of the India 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.
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, 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 four India Government Mints at Mumbai, Alipore (Kolkata), Saifabad (Hyderabad), Cherlapally (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 numismatics coins 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 the Reserve Bank of India, the 150th birth anniversary of the birth of Rabindranath Tagore and 1000 years of the Brihadeeswarar Temple, respectively. In 2012 a ₹60 coin was also issued to commemorate 60 years of the Government of India Mint, Kolkata. ₹100 coin was also released commemorating the 100th anniversary of Mahatma Gandhi's return to India. Commemorative coins of ₹125 were released on 4 September 2015 and 6 December 2015 to honour the 125th anniversary of the births of Sarvepalli Radhakrishnan and B. R. Ambedkar, respectively.
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In 1861, the Government of India introduced 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 ₹21⁄2 notes were introduced. The Reserve Bank of India began 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 ₹21⁄2 notes.
After independence, new designs were introduced to replace the portrait of George VI. The government continued issuing the Re1 note, while the Reserve Bank 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.
During the 1970s, ₹20 and ₹50 notes were introduced; denominations higher than ₹100 were demonetised in 1978. In 1987, the ₹500 note was introduced, followed by the ₹1,000 note in 2000 while ₹1 and ₹2 notes were discontinued in 1995.
The design of banknotes is approved by the central government, on the recommendation of the central board of the Reserve Bank of India. ₹10 and ₹500 banknotes. At present, the RBI issues banknotes in denominations from ₹5 to ₹2,000. The printing of ₹5 notes (which had stopped earlier) resumed in 2009.Currency notes are printed at the Currency Note Press in Nashik, the Bank Note Press in Dewas, the Bharatiya Reserve Bank Note Mudran (P) Ltd at Salboni and Mysore and at the Watermark Paper Manufacturing Mill in Hoshangabad. 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 in 1996, this series has replaced all issued banknotes of the Lion capital series. The RBI introduced the series in 1996 with
As of January 2012, the new '₹' sign has been incorporated into banknotes of the Mahatma Gandhi Series in denominations of ₹10, ₹20, ₹50, ₹100, ₹500 and ₹1,000. 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.
On 8 November 2016, the Reserve Bank of India (RBI) announced the issuance of new ₹500 and ₹2,000 banknotes in new series. The new ₹2,000 banknote has a magenta base colour, with a portrait of Mahatma Gandhi as well as the Ashoka Pillar Emblem on the front. The denomination also has a motif of the Mars Orbiter Mission (MOM) on the back, depicting the country's first venture into interplanetary space. The new ₹500 banknote has a stone grey base colour with an image of the Red Fort along with the Indian flag printed on the back. Both the banknotes also have the Swachh Bharat Abhiyan logo printed on the back. The banknote denominations of ₹200, ₹100 and ₹50 have also been introduced in the new Mahatma Gandhi New Series intended to replace all banknotes of the previous Mahatma Gandhi Series. 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'.
As of 26 April 2019, current circulating banknotes are in denominations of ₹5, ₹10, ₹20, ₹50 and ₹100 from the Mahatma Gandhi Series and in denominations of ₹10, ₹20, ₹50, ₹100, ₹200, ₹500 and ₹2,000 from the Mahatma Gandhi New Series.
|Image||Value||Dimensions||Main colour||Description||Date of issue||Circulation|
|₹5||117 mm × 63 mm||Green||Mahatma Gandhi||Tractor||Mahatma Gandhi and electrotype denomination||2002 / 2009||Limited|
|₹10||123 mm × 63 mm||Brown||Konark Sun Temple||2018||Wide|
|₹20||129 mm × 63 mm||Yellow||Ellora Caves||2019||Wide|
|₹50||135 mm × 66 mm||Teal||Hampi with Chariot||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||166 mm × 66 mm||Magenta||Mangalyaan||2016||Wide|
|For table standards, see the banknote specification table.|
The new Indian banknote series feature a couple of brilliant 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" which means India. The next one (which are printed only on 10 and 50 denominations) is placed on the outer surface of the right temple of Gandhi's spectacles near his ear and reads "RBI" 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.
|Rank||Currency|| ISO 4217 code|
|% of daily trades|
(bought or sold)
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.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.
Also affecting convertibility is a series of customs regulations 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 in Nepal is prohibited. The conversion of currencies for and from rupees is also regulated.
RBI also exercises a system of capital controls in 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 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 US.
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."
For almost a century following the Great Recoinage of 1816, and adoption of the Gold Standard, until the outbreak of World War I, the silver backed Indian rupee lost value against a basket of Gold pegged currencies, and was periodically devalued to reflect the then current gold to silver reserve ratios, see above. In 1850 the official conversion rate between a pound sterling and the rupee was £0 / 2s / 0d (or £1:₹10), while between 1899 and 1914 the conversion rate was set at £0 / 1s / 4d (or £1:₹15), for comparison during this period the US dollar was pegged at £1:$4.79. Between the wars the rate improved to 1s 6d (or £1:₹13.33), and remained pegged at this rate for the duration of the Breton Woods agreement, to its devaluation and pegging to the US dollar, at $1:₹7.50, in 1966.
The sterling was devalued against the US dollar in 1949, impacting currencies that maintained a peg to the sterling, such as the Indian rupee.
The gold/silver ratio expanded during 1870–1910. Unlike India, Britain was on the gold standard. To meet the Home Charges (i.e., expenditure in England) the colonial government had to remit a larger number of rupees and this necessitated increased taxation, unrest and nationalism.
|Israeli shekel b||ILS||13.33||21.97||11.45||10.76||10.83||–||–||–||–||–||–||–||17.08||16.57||17.47||–||18.36|
|Japanese yen c||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|
|Russian ruble d||RUB||6.60||15.00||7.56||6.69||1.57||–||–||–||–||–||–||–||–||1.05||0.99||–||1.10|
|Singapore dollar / Brunei dollar e||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|
|aBefore 1 January 1999, the European Currency Unit (ECU)|
bBefore 1980, the Israeli pound (ILP)
c100 Japanese yen
dBefore 1993, the Soviet ruble (SUR), in 1995 and 1996 – per 1000 rubles
e Before 1967, the Malaya and British Borneo dollar
|Current INR exchange rates|
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Rupee is the common name for the currencies of India, Indonesia, the Maldives, Mauritius, Nepal, Pakistan, Seychelles, and Sri Lanka, and of former currencies of Afghanistan, all Arab states of the Persian Gulf, British East Africa, Burma, German East Africa, the Trucial States, and Tibet. In Indonesia and the Maldives the unit of currency is known as rupiah and rufiyaa respectively.
Legal tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered ("tendered") in payment of a debt extinguishes the debt. There is no obligation on the creditor to accept the tendered payment, but the act of tendering the payment in legal tender discharges the debt.
The rupee (Sinhala: රුපියල්, is the currency of Sri Lanka, divided into 100 cents. It is issued by the Central Bank of Sri Lanka. The abbreviation is generally Rs., but "LKR" is occasionally used to distinguish it from other currencies also called rupee.
The Pakistani rupee has been the official currency of Pakistan since 1948.
Coins of the Indian rupee (INR) were first minted in "1950". New coins have been produced annually since then and they make up a valuable aspect of the Indian currency system. Today, circulating coins exist in denominations of One Rupee, Two Rupees, Five Rupees, Ten Rupees and Twenty Rupees. All of these are produced by four mints located across India, in Kolkata, Mumbai, Hyderabad and Noida.
An anna was a currency unit formerly used in British India, equal to 1⁄16 of a rupee. It was subdivided into four (old) Paisa or twelve pies. When the rupee was decimalised and subdivided into 100 (new) paise, one anna was therefore equivalent to 6.25 paise. The term belonged to the Islamic monetary system. The anna was demonetised as a currency unit when India decimalised its currency in 1957, followed by Pakistan in 1961. It was replaced by the 5-paise coin, which was itself discontinued in 1994 and demonetised in 2011. Despite this, a 50-paise coin is still sometimes colloquially referred to as 8 annas today, with a 25-paise coin nicknamed 4 annas. The term anna is frequently used to express a fraction of 1⁄16.
The history of the Rupee traces back to ancient Indian subcontinent. The mention of rūpya by Panini is seemingly the earliest reference in a text about coins. The term in Indian subcontinent was used for referring to a coin.
The gulden was the unit of account of the Dutch East Indies from 1602 under the United East India Company, following Dutch practice first adopted in the 15th century. A variety of Dutch, Spanish and Asian coins were in official and common usage. After the collapse of the VOC at the end of the 18th century, control of the islands reverted to the Dutch government, which issued silver 'Netherlands Indies' gulden and fractional silver and copper coins until Indonesian independence in 1945.
The Straits dollar was the currency of the Straits Settlements from 1898 until 1939. At the same time, it was also used in the Federated Malay States, the Unfederated Malay States, Kingdom of Sarawak, Brunei, and British North Borneo.
The Gandhi Series of banknotes are issued by the Reserve Bank of India (RBI) as the legal tender of Indian rupee. The series is so called because the obverse of the banknotes prominently display the portrait of Mahatma Gandhi. Since its introduction in 1996, this series replaced all Lion Capital Series banknotes issued before 1996. The Reserve Bank of India (RBI) introduced the series in 1996 with 10 and 500 rupee banknotes.
The Indian 1000-rupee banknote was a denomination of the Indian rupee. It was first introduced by the Reserve Bank of India in 1938 under British rule and subsequently demonetized in 1946. Post-independence, the denomination was re-introduced in 1954. In January 1978, all high-denomination banknotes of ₹1000, ₹5,000, and ₹10,000 were demonetized in order to curb unaccounted cash money.
The Indian 500-rupee banknote is a denomination of the Indian rupee. The current ₹500 banknote, in circulation since 10 November 2016, is a part of the Mahatma Gandhi New Series. The previous banknotes of the Mahatma Gandhi Series, in circulation between October 1997 and November 2016, were demonetised on November 8, 2016.
The Indian 100-rupee banknote is a denomination of the Indian rupee. It has been in continuous production since Reserve Bank of India took over the functions of the controller of currency in India in 1935. The present ₹100 banknote in circulation is a part of the Mahatma Gandhi Series. These notes are in circulation along with the Mahatma Gandhi New Series of banknotes which were introduced in July 2018.
The is a denomination of the Indian rupee. The present ₹50 banknote in circulation is a part of the Mahatma Gandhi New Series of banknotes. However, ₹50 banknotes of the previous series will continue to be legal tender.
The Indian 20-rupee banknote is a common denomination of the Indian rupee. The current ₹20 banknote in circulation is a part of the Mahatma Gandhi Series. The Reserve Bank introduced the ₹20 note in the Mahatma Gandhi Series in August 2001. Making it one of the last denominations of the series to be introduced in the series; other than the ₹5, which was introduced in November 2001.
The Indian 10-rupee banknote is a common denomination of the Indian rupee. The ₹10 note was one of the first notes introduced by the Reserve Bank of India as a part of the Mahatma Gandhi Series in 1996. These notes are presently in circulation along with the Mahatma Gandhi New Series which were introduced in January 2018, this is used alongside the 10 rupee coin.
The Indian 2000-rupee banknote (₹2000) is a denomination of the Indian rupee. It was released by the Reserve Bank of India (RBI) on 8 November 2016 after the demonetisation of ₹500 and ₹1000 banknotes and has been in circulation since 10 November 2016. It is a part of the Mahatma Gandhi New Series of banknotes with a completely new design.
The Mahatma Gandhi New Series of banknotes are issued by the Reserve Bank of India (RBI) as the legal tender of the Indian rupee, intended to replace the Mahatma Gandhi Series of banknotes. Announced on 8 November 2016, it followed the demonetisation of ₹500 and ₹1000 banknotes of the original Mahatma Gandhi Series. Similar to the preceding series of banknotes, the obverse of the Mahatma Gandhi New Series banknotes also prominently displays the portrait of Mahatma Gandhi. The logo of Swachh Bharat Abhiyan is also printed on the back of the banknotes of this series.
The Indian 200-rupee note (₹200) is a denomination of the Indian rupee. Post 2016 Indian banknote demonetisation, the new currency notes have been announced by the Reserve Bank of India-- ₹2,000, ₹500, ₹200, ₹100, ₹50, ₹20 and ₹10.
The Lion Capital Series were a series of currency notes issued after India declared its independence from Great Britain and used until the Reserve Bank of India (RBI) introduced the Mahatma Gandhi Series in 1996 with banknotes in denominations of 10 and 500 rupees, and were designed with the image of the Lion Capital of Ashoka, the National Emblem which replaced the George VI banknote series. The first banknotes printed after India achieved its independence was a 1-rupee note.
Sher Shah issued a coin of silver which was termed the Rupiya. This weighed 178 grains and was the precursor of the modern rupee. It remained largely unchanged till the early 20th Century
... The Indian Currency Committee was appointed by the Royal Warrant of 29 April 1898 ... by the closing of the Indian Mints to what is known as the free coinage of Silver ...
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