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The shilling is a historical coin, and the name of a unit of modern currencies formerly used in the United Kingdom, Australia, New Zealand, other British Commonwealth countries and Ireland, where they were generally equivalent to 12 pence or one-twentieth of a pound before being phased out during the 1960s and 1970s.
The Mexican peso is the official currency of Mexico. The peso was first introduced in 1863, replacing the old Spanish colonial real. The Mexican peso is subdivided into 100 centavos, represented by "¢". Mexican banknotes are issued by the Bank of Mexico in various denominations and feature vibrant colors and imagery representing Mexican culture and history. Modern peso and dollar currencies have a common origin in the 16th–19th century Spanish dollar, most continuing to use its sign, "$".
The Philippine peso, also referred to by its Filipino name piso, is the official currency of the Philippines. It is subdivided into 100 sentimo, also called centavos.
The Kuwaiti dinar is the currency of Kuwait. It is sub-divided into 1,000 fulūs.
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 Indian rupee is the official currency in India. The rupee is subdivided into 100 paise. 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 based on the Reserve Bank of India Act, 1934.
The Sri Lankan Rupee is the currency of Sri Lanka. It is subdivided into 100 cents, but cents are rarely seen in circulation due to its low value. It is issued by the Central Bank of Sri Lanka. The abbreviation Re (singular) and Rs (plural) is generally used, the World Bank suggests SL Rs as a fully disambiguating abbreviation for distinction from other currencies named "rupee".
The Pakistani rupee is the official currency in the Islamic Republic of Pakistan. The issuance of the currency is controlled by the State Bank of Pakistan. It was officially adopted by the Government of Pakistan in 1949. Earlier the coins and notes were issued and controlled by the Reserve Bank of India until 1949, when it was handed over to the Government and State Bank of Pakistan, by the Government and Reserve Bank of India.
The kyat is the currency of Myanmar (Burma). The typical notation for the kyat is "K" (singular) and "Ks." (plural), placed before the numerals followed by "/-". Amounts less than K. 1/- are typically denoted with the number of pyas following "-/".
The Jamaican dollar has been the currency of Jamaica since 1969. It is often abbreviated to J$, the J serving to distinguish it from other dollar-denominated currencies. It is divided into 100 cents, although cent denominations are no longer in use as of 2018. Goods and services may still be priced in cents, but cash transactions are now rounded to the nearest dollar.
The Trinidad and Tobago dollar is the currency of Trinidad and Tobago. It is normally abbreviated with the dollar sign $, or alternatively TT$ to distinguish it from other dollar-denominated currencies. It is subdivided into 100 cents. Cents are abbreviated with the cent sign ¢, or TT¢ to distinguish from other currencies that use cents. Its predecessor currencies are the Trinidadian dollar and the Tobagonian dollar.
The Omani rial is the currency of Oman. It is divided into 1000 baisa.
The history of the rupee traces back to ancient times in the Indian subcontinent. The mention of rūpya by Pāṇini is seemingly the earliest reference in a text about coins. The term in Indian subcontinent was used for referring to a coin.
The Hyderabadi Rupee was the currency of the Hyderabad State from 1918 to 1959. It co-existed with the Indian rupee from 1950. Like the Indian rupee, it was divided into 16 annas, each of 12 pai. Coins were issued in copper for denominations of 1 and 2 pai and 1⁄2 anna, in cupro-nickel for 1 anna and in silver for 2, 4 and 8 annas and 1 rupee.
In India, black money is funds earned on the black market, on which income and other taxes have not been paid. Also, the unaccounted money that is concealed from the tax administrator is called black money. The black money is accumulated by the criminals, smugglers, and tax-evaders. Around ₹22,000 crores are supposed to have been accumulated by the criminals for vested interests, though writ petitions in the supreme court estimate this to be even larger, at ₹900 lakh crores.
The Indian 1000-rupee banknote is an obsolete 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 ₹1000,5000, and 10000 were demonetized in order to curb unaccounted cash money.
The banknotes of the Sri Lanka rupee are part of the physical form of Sri Lanka's currency. The issuance of the rupee banknotes began in 1895.
The 2000 rupee note was introduced by the Reserve Bank of India on 8 November 2016. The introduction of this denomination of the Indian rupee was part of the government's demonetization exercise aimed at curbing corruption, black money and counterfeit currency. On the same day, the Indian government announced the demonetization of the existing 500 rupee and 1000 rupee notes. The intention behind demonetization was to invalidate the old notes to disrupt illegal activities and promote a shift towards digital transactions.
On 8 November 2016, the Government of India announced the demonetisation of all ₹500 and ₹1,000 banknotes of the Mahatma Gandhi Series. It also announced the issuance of new ₹500 and ₹2,000 banknotes in exchange for the demonetised banknotes. Prime Minister Narendra Modi said that this decision would curtail the shadow economy, increase cashless transactions and reduce the use of illicit and counterfeit cash to fund illegal activity and terrorism.
The High Denomination Bank Notes (Demonetisation) Act, 1978 was an act of the Indian Parliament that demonetized the high-denomination bank notes of ₹1000, ₹5000, and ₹10000. It was first introduced as the High Denomination Bank Notes (Demonetisation) Ordinance, 1978, by the then President of India Neelam Sanjiva Reddy. The then Prime Minister of India, Morarji Desai of Janata Party, and Finance Minister Hirubhai M. Patel were considered key architects in the development and execution of the policy, while RBI Governor Shri I. G. Patel was opposed to it.
References
- ↑ "Prevention of the Avoidance of Tax Act (No. 26 of 1970)". commonlii.org. Retrieved 27 March 2022.
- ↑ "Central Bank of Ceylon S.W.R.D. Bandaranaike - 1970". lakdiva.org. Retrieved 27 March 2022.