Indian rupee

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Indian rupee INR
रुपया (Hindi)
Indian Rupee symbol.svg
ISO 4217 codeINR
Central bankReserve Bank of India
 Websitewww.rbi.org.in
User(s) India
 Bhutan (alongside the Bhutanese ngultrum)
Inflation5.96%, March 2013
 SourceEconomic Adviser
 MethodWPI
Pegged byBhutanese ngultrum (at par)
Nepalese rupee (1 INR = 1.6 NPR)
Subunit
 1/100Paisa
SymbolINR
Paisap
 Formerly used symbols and CoinsRs,രൂ, ರೂ, ৳, ૱, రూ, ௹, रु .
Coins50 paise, INR1, INR2, INR5, INR10
BanknotesINR1, INR2, INR5, INR10, INR20, INR50, INR100, INR500, INR1000
PrinterReserve Bank of India
 Websitewww.rbi.org.in
MintIndia Government Mint
 Websitewww.spmcil.com
 
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"INR" redirects here. For other uses, see INR (disambiguation).
For the Malayalam film, see Indian Rupee (film).
Indian rupee INR
रुपया (Hindi)
Indian Rupee symbol.svg
ISO 4217 codeINR
Central bankReserve Bank of India
 Websitewww.rbi.org.in
User(s) India
 Bhutan (alongside the Bhutanese ngultrum)
Inflation5.96%, March 2013
 SourceEconomic Adviser
 MethodWPI
Pegged byBhutanese ngultrum (at par)
Nepalese rupee (1 INR = 1.6 NPR)
Subunit
 1/100Paisa
SymbolINR
Paisap
 Formerly used symbols and CoinsRs,രൂ, ರೂ, ৳, ૱, రూ, ௹, रु .
Coins50 paise, INR1, INR2, INR5, INR10
BanknotesINR1, INR2, INR5, INR10, INR20, INR50, INR100, INR500, INR1000
PrinterReserve Bank of India
 Websitewww.rbi.org.in
MintIndia Government Mint
 Websitewww.spmcil.com

The Indian rupee (symbol: INR; ISO code: INR) is the official currency of the Republic of India. The issuance of the currency is controlled by the Reserve Bank of India.[1]

The modern rupee is subdivided into 100 paise (singular paisa), though as of 2011 only 50-paise coins are legal tender.[2][3] Banknotes in circulation come in denominations of INR5, INR10, INR20, INR50, INR100, INR500 and INR1000. Rupee coins are available in denominations of INR1, INR2, INR5, INR10, INR20, INR50, INR60, INR75, INR100, INR150, INR500 and INR1000; the coins for INR20 and above are for commemorative purposes only; the only other rupee coin has a nominal value of 50 paise, since lower denominations have been officially withdrawn.

The Indian rupee symbol 'INR' (officially adopted in 2010) is derived from the Devanagari consonant "र" (ra) and the Latin letter "R". The first series of coins with the rupee symbol was launched on 8 July 2011.

The Reserve Bank manages currency in India and derives its role in currency management on the basis of the Reserve Bank of India Act, 1934. Recently RBI launched a website Paisa-Bolta-Hai to raise awareness of counterfeit currency among users of the INR.

Etymology[edit]

The word "rupee" was derived from the Sanskrit word rūpyakam.[citation needed]

  1. টকা (tôka) in Assamese
  2. টাকা (taka) in Bengali
  3. રૂપિયો (rupiyo) in Gujarati
  4. ರೂಪಾಯಿ (rūpāyi) in Kannada
  5. रुपया (rupayā) in Hindi
  6. روپے (pronounced ropyih) in Kashmiri
  7. रुपया (rupayā) in Konkani
  8. രൂപ (rūpā) in Malayalam
  9. रुपया (rupayā) in Marathi
  10. रुपैयाँ (rupaiya) in Nepali
  11. ଟଙ୍କା (tanka) in Oriya
  12. ਰੁਪਈਆ (rupiā) in Punjabi
  13. रूप्यकम् (rūpyakam) in Sanskrit (Devnagari)
  14. ᱴᱟᱠᱟ (taka) in Santali
  15. रुपियो (rupiyo) in Sindhi
  16. रिप्या (ripya) in Rajasthani
  17. ரூபாய் (rūpāi) in Tamil
  18. రూపాయి (rūpāyi) in Telugu
  19. روپیہ (rupyā) in Urdu

However, in the Assam, West Bengal, Tripura and Odisha the Indian rupee is officially known by names derived from the word टङ्क (ṭaṇkā), which means "money".[4] Thus, the rupee is called টকা (ṭôkā) in Assamese, টাকা (ṭākā) in Bengali and ଟଙ୍କା (ṭaṇkā) in Oriya. The amount (and the word "rupee") is, accordingly, written on the front of Indian banknotes in English and Hindi, whilst on the back the name is listed, in English alphabetical order,[5] in 15 other Indian languages[6]

Design[edit]

Main article: Indian rupee sign

The sign (INR) is a combination of the Devanagari letter "" (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.[7] and also depict an equality sign that symbolises the nation's desire to reduce economic disparity. It was designed by Udaya Kumar Dharmalingam, at the Industrial Design Centre at the Indian Institute of Technology, Bombay.

Numeral system[edit]

The Indian numeral system is based on the decimal system, with two notable differences from Western systems using long and short scales. The system is ingrained in everyday monetary transactions in the Indian subcontinent.

Indian semanticInternational semanticIndian comma placementInternational comma placement
1 hazar1 thousand1,0001,000
10 hazar10 thousand10,00010,000
1 lakh100 thousand1,00,000100,000
10 lakhs1 million10,00,0001,000,000
1 crore10 million1,00,00,00010,000,000
10 crores100 million10,00,00,000100,000,000
1 arab1 billion1,00,00,00,0001,000,000,000
10 arabs10 billion10,00,00,00,00010,000,000,000
1 kharab100 billion1,00,00,00,00,000100,000,000,000
10 kharabs1 trillion10,00,00,00,00,0001,000,000,000,000
1 neel10 trillion1,00,00,00,00,00,00010,000,000,000,000
10 neel100 trillion10,00,00,00,00,00,000100,000,000,000,000
1 padam1 quadrillion1,00,00,00,00,00,00,0001,000,000,000,000,000
10 padams10 quadrillion10,00,00,00,00,00,00,00010,000,000,000,000,000
1 shankh100 quadrillion1,00,00,00,00,00,00,00,000100,000,000,000,000,000
10 shankhs1 quintillion10,00,00,00,00,00,00,00,0001,000,000,000,000,000,000

Maha Shankhs

For example, the amount INR3,25,84,729.25 is read as "three crore, twenty-five lakh, eighty-four thousand, seven hundred twenty-nine rupees and twenty-five paise". The use of millions (or billions, trillions, etc.) in the Indian subcontinent is very rare.

History[edit]

Main article: History of the rupee

Indian Rupee[edit]

Silver punch mark coin of the Maurya empire, known as Rupyarupa, 3rd century BCE.

Historically, the rupee (derived from the Sanskrit word raupya), was a silver coin. This had severe consequences in the nineteenth century, when the strongest economies in the world were on the gold standard. The discovery of large quantities of silver in the United States and several European colonies resulted in a decline in the value of silver relative to gold, devaluing India's standard currency. This event was known as "the fall of the rupee."

The history of the Indian rupee traces back to Ancient India in circa 6th century BC, ancient India was one of the earliest issuers of coins in the world,[8] along with the Chinese wen and Lydian staters.

The Hindi word rūpiya is derived from Sanskrit word rūpya, which means "wrought silver, a coin of silver",[9] in origin an adjective meaning "shapely", with a more specific meaning of "stamped, impressed", whence "coin". It is derived from the noun rūpa "shape, likeness, image". The word rūpa is being further identified as having sprung from the Dravidian ".

Arthashastra, written by Chanakya, prime minister to the first Maurya emperor Chandragupta Maurya(c. 340-290 BCE), mentions silver coins as rupyarupa, other types of coins including gold coins (Suvarnarupa), copper coins ( Tamararupa) and lead coins (Sisarupa) are also mentioned. Rupa means form or shape, example, Rupyarupa, Rupya - wrought silver, rupa - form.[10]

During his five-year rule from 1540 to 1545, Afghan king Sher Shah Suri issued a coin of silver, weighing 178 grains, which was termed the Rupiya.[9][11] The silver coin remained in use during the Mughal period, Maratha era as well as in British India.[12] 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).

Silver coins with raised writing
Rupiya issued by Sher Shah Suri, 1540–1545 CE

India was unaffected by the imperial order-in-council of 1825, which attempted to introduce British sterling coinage to the British colonies. British India, at that time, was controlled by the British East India Company. The silver rupee continued as the currency of India through the British Raj and beyond. In 1835, British India adopted a mono-metallic silver standard based on the rupee; this decision was influenced by a letter written by Lord Liverpool in 1805 extolling the virtues of mono-metallism.

Following the Indian Mutiny in 1857, the British government took direct control of British India. Since 1851, gold sovereigns were produced en masse at the Royal Mint in Sydney, New South Wales. In an 1864 attempt to make the British gold sovereign the "imperial coin", the treasuries in Bombay and Calcutta were instructed to receive gold sovereigns; however, these gold sovereigns never left the vaults. As the British government gave up hope of replacing the rupee in India with the pound sterling, it realized for the same reason it could not replace the silver dollar in the Straits Settlements with the Indian rupee (as the British East India Company had desired).

Since the silver crisis of 1873, a number of nations adopted the gold standard; however, India remained on the silver standard until it was replaced by a basket of commodities and currencies in the late 20th century.[citation needed]

The Indian rupee replaced the Danish Indian rupee in 1845, the French Indian rupee in 1954 and the Portuguese Indian escudo in 1961. Following the independence of British India in 1947 and the accession of the princely states to the new Union, the Indian rupee replaced all the currencies of the previously autonomous states (although the Hyderabadi rupee was not demonetised until 1959).[13] 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.

Old one-rupee note
One-rupee banknote
Newer one-rupee note
Obverse of a one-rupee note issued by the Government of India.

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

In 1957, the rupee was decimalised and divided into 100 naye paise (Hindi for "new paise"); in 1964, the initial "naye" was dropped. Many still refer to 25, 50 and 75 paise as 4, 8 and 12 annas respectively, similar to the usage of "two bits" in American English for a quarter-dollar.

Straits Settlements[edit]

The Straits Settlements were originally an outlier of the British East India Company. The Spanish dollar had already taken hold in the Settlements by the time the British arrived during the 19th century; however, the East India Company tried to replace it with the rupee. This attempt was resisted by the locals; by 1867 (when the British government took over direct control of the Straits Settlements from the East India Company), attempts to introduce the rupee were finally abandoned.

International use[edit]

See also: Pakistani rupee

With the Partition the Pakistani rupee came into existence, initially using Indian coins and Indian currency notes simply overstamped with "Pakistan". Previously the Indian rupee was an official currency of other countries, including Aden, Oman, Dubai, Kuwait, Bahrain, Qatar, the Trucial States, Kenya, Tanganyika, Uganda, the Seychelles and Mauritius.

The Indian government introduced the Gulf rupee – also known as the Persian Gulf rupee (XPGR) – as a replacement for the Indian rupee for circulation outside the country with the Reserve Bank of India (Amendment) Act of 1 May 1959. The creation of a separate currency was an attempt to reduce the strain on India's foreign reserves from gold smuggling. After India devalued the rupee on 6 June 1966, those countries still using it – Oman, Qatar, and the Trucial States (which became the United Arab Emirates in 1971) – replaced the Gulf rupee with their own currencies. Kuwait and Bahrain had already done so in 1961 and 1965, respectively.

The Bhutanese ngultrum is pegged at par with the Indian rupee; both currencies are accepted in Bhutan. The Nepalese rupee is pegged at INR0.625; the Indian rupee is accepted in Nepal, except INR500 and INR1000 banknotes, which are not legal tender in Nepal. Sri Lanka's rupee is not currently related to that of India; it is pegged to the US dollar.[14]

Recently Zimbabwe added the Indian Rupee as a legal tender to be used.[15]

Coins[edit]

Main article: Modern Indian coins

East India Company, 1835[edit]

The three Presidencies established by the British East India Company (Bengal, Bombay and Madras) each issued their own coinages until 1835. All three issued rupees and fractions thereof down to 18- and 116-rupee in silver. Madras also issued two-rupee coins.

Copper denominations were more varied. Bengal issued one-pie, 12-, one- and two-paise coins. Bombay issued 1-pie, 14-, 12-, 1-, 112-, 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 12 and one dub (or 196 and 148) rupee. Madras also issued the Madras fanam until 1815.

All three Presidencies issued gold mohurs and fractions of mohurs including 116, 12, 14 in Bengal, 115 (a gold rupee) and 13 (pancia) in Bombay and 14, 13 and 12 in Madras.

In 1835, a single coinage for the EIC was introduced. It consisted of copper 112, 14 and 12 anna, silver 14, 13 and 1 rupee and gold 1 and 2 mohurs. In 1841, silver 2 annas were added, followed by copper 12 pice in 1853. The coinage of the EIC continued to be issued until 1862, even after the Company had been taken over by the Crown.

Regal issues, 1862–1947[edit]

Regal issue minted during the reign of King/Emperor George V.

In 1862, coins were introduced (known as "regal issues") which bore the portrait of Queen Victoria and the designation "India". Their denominations were 112 anna, 12 pice, 14 and 12 anna (all in copper), 2 annas, 14, 12 and one rupee (silver), and five and ten rupees and one mohur (gold). The gold denominations ceased production in 1891, and no 12-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 112 anna and 12 pice ceased production, the 14 anna was changed to a bronze, holed coin, cupro-nickel and nickel-brass 12-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 14-, 12- and one-rupee pieces minted in 1946 and 1947, bearing the image of George VI, King and Emperor on the obverse and an Indian tiger on the reverse..

Independent predecimal issues, 1950–1957[edit]

Both sides of copper-coloured coin
Indian one pice, minted in 1950

India's first coins after independence were issued in 1950 in 1 pice, 12, one and two annas, 14, 12 and one-rupee denominations. The sizes and composition were the same as the final regal issues, except for the one-pice (which was bronze, but not holed).

Independent decimal issues, 1957–[edit]

Row of six differently-shaped aluminium coins, arranged by size
In 1964, India introduced aluminium coins for denominations up to 20p.

The first decimal-coin issues in India consisted of 1, 2, 5, 10, 25 and 50 naye paise, and 1 rupee. The 1 naya paisa was bronze; the 2, 5 & 10 naye paise were cupro-nickel, and the 25 naye paise (nicknamed chavanni; 25 naye paise equals 4 annas), 50 naye paise (also called athanni; 50 naye paise equaled 8 old annas) and 1-rupee coins were nickel. In 1964, the word naya(e) was removed from all coins. Between 1964 and 1967, aluminum one-, two-, three-, five- and ten-paise coins were introduced. In 1968 nickel-brass 20-paise coins were introduced, and replaced by aluminum coins in 1982. Between 1972 and 1975, cupro-nickel replaced nickel in the 25- and 50-paise and the 1-rupee coins; in 1982, cupro-nickel two-rupee coins were introduced. In 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 demonetization of the 25-(chavanni)paise coin and all paise coins below it took place, and a new series of coins (50 paise – nicknamed athanni – one, two, five and ten rupees, with the new rupee symbol) were put into circulation in 2011. Coins commonly in circulation are one, two, five and ten rupees.[16][17] Although it is still legal tender, the 50-paise (athanni) coin is rarely seen in circulation.[18]

Circulating Coins [16][19]
ValueTechnical parametersDescriptionYear of
DiameterMassCompositionShapeObverseReverseFirst mintingLast minting
50 paise19 mm3.79 gFerritic stainless steelCircularEmblem of IndiaValue, the word "PAISE" in English and Hindi, floral motif and year of minting2011
50 paise22 mm3.79 gFerritic stainless steelCircularEmblem of IndiaValue, hand in a fist2008
INR125 mm4.85 gFerritic stainless steelCircularEmblem of India, valueValue, two stalks of wheat1992
INR125 mm4.85 gFerritic stainless steelCircularEmblem of IndiaValue, hand showing thumb (an expression in the Bharata Natyam Dance)2007
INR122 mm3.79 gFerritic stainless steelCircularEmblem of IndiaValue, new rupee sign, floral motif and year of minting2011
INR226 mm6 gCupro-NickelEleven SidedEmblem of India, ValueNational integration1982
INR227 mm5.62 gFerritic stainless steelCircularEmblem of India, year of mintingValue, hand showing two fingers (Hasta Mudra - hand gesture from the dance Bharata Natyam)2007
INR225 mm4.85 gFerritic stainless steelCircularEmblem of IndiaValue, new rupee sign, floral motif and year of minting2011
INR523 mm9 gCupro-NickelCircularEmblem of IndiaValue1992
INR523 mm6 gFerritic stainless steelCircularEmblem of IndiaValue, wavy lines2007
INR523 mm6 gBrassCircularEmblem of IndiaValue, wavy lines2009
INR523 mm6 gNickel- BrassCircularEmblem of IndiaValue, new rupee sign, floral motif and year of minting2011
INR1027 mm5.62 gBimetallicCircularEmblem of India with valueValue, wavy lines2006
INR1027 mm5.62 gBimetallicCircularEmblem of India and year of mintingValue with outward radiating pattern, new rupee sign2011

The coins are minted at the four locations of the India Government Mint. The INR1, INR2, and INR5 coins have been minted since independence. Coins minted with the "hand picture" were minted from 2005 onwards.

Special coins[edit]

After independence, the Government of India mint, minted coins imprinted with Indian statesmen, historical and religious figures. In year 2010 and 2011 for the first time ever INR75, INR150 and INR1000 coins were minted in India to commemorate Platinum Jubilee of Reserve Bank of India, 150th birth anniversary of Rabindra Nath Tagore and 1000 years of Brihadeeswarar Temple, respectively. In 2012 a INR60 coin was also issued to commemorate 60 years of Government of India Mint, Kolkata.

Banknotes[edit]

The design of banknotes is approved by the central government, on the recommendation of the central board of the Reserve Bank of India.[1] Currency notes are printed at the Currency Note Press in Nashik, the Bank Note Press in Dewas, the Bharatiya Note Mudra Nigam (P) presses at Salboni and Mysore and at the Watermark Paper Manufacturing Mill in Hoshangabad.

The current series of banknotes (which began in 1996) is known as the Mahatma Gandhi series. Banknotes are issued in the denominations of INR5, INR10, INR20, INR50, INR100, INR500 and INR1000. The printing of INR5 notes (which had stopped earlier) resumed in 2009. ATMs usually distribute INR100, INR500 and INR1,000 notes. The zero rupee note is not an official government issue, but a symbol of protest; it is printed (and distributed) by an NGO in India.

British India[edit]

Old 10 rupee note
British Indian ten rupee note
Old 1 rupee note
British Indian one rupee note

In 1861, the government of India introduced its first paper money: INR10 notes in 1864, INR5 notes in 1872, INR10,000 notes in 1899, INR100 notes in 1900, 50-rupee notes in 1905, 500-rupee notes in 1907 and 1000-rupee notes in 1909. In 1917, 1- and 212-rupee notes were introduced. The Reserve Bank of India began banknote production in 1938, issuing INR2, INR5, INR10, INR50, INR100, INR1,000 and INR10,000 notes while the government continued issuing INR1 notes.

Independent issues since 1949[edit]

After independence, new designs were introduced to replace the portrait of the king. The government continued issuing the INR1note, while the Reserve Bank issued other denominations (including the INR5,000 and INR10,000 notes introduced in 1949). During the 1970s, INR20 and INR50 notes were introduced; denominations higher than INR100 were demonetised in 1978. In 1987 the 500-rupee note was introduced, followed by the INR1,000 note in 2000. INR1 and INR2 notes were discontinued in 1995.

In September 2009, the Reserve Bank of India decided to introduce polymer banknotes on a trial basis. Initially, 100 crore (1 billion) pieces of polymer INR10 notes will be introduced.[20] According to Reserve Bank officials, the polymer notes will have an average lifespan of five years (four times that of paper banknotes) and will be difficult to counterfeit; they will also be cleaner than paper notes.

Current banknotes[edit]

Mahatma Gandhi Series 1,000 note
Mahatma Gandhi series INR1000 banknote with the portrait of Mahatma Gandhi

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. The RBI introduced the series in 1996 with INR10 and INR500 banknotes. At present, the RBI issues banknotes in denominations from INR5 to INR1,000. The printing of INR5 notes (which had stopped earlier) resumed in 2009.

As of January 2012, the new 'INR' sign has been incorporated into banknotes in denominations of INR10, INR20, INR50, INR100, INR500 and INR1,000.[21][22][23][24] In January, 2014 RBI announced That it would be withdrawing from circulation all currency notes printed prior to 2005 by March 31, 2014. The deadline was later extended to January 1, 2015.[25]

Languages[edit]

Each banknote has its amount written in 17 languages. On the obverse, the denomination is written in English and Hindi. On the reverse is a language panel which displays the denomination of the note in 15 of the 22 official languages of India. The languages are displayed in alphabetical order. Languages included on the panel are Assamese, Bengali, Gujarati, Kannada, Kashmiri, Konkani, Malayalam, Marathi, Nepali, Oriya, Punjabi, Sanskrit, Tamil, Telugu and Urdu.

Denominations in central level official languages (At below either ends)
LanguageINR1INR2INR5INR10INR20INR50INR100INR500INR1000
EnglishOne rupeeTwo rupeesFive rupeesTen rupeesTwenty rupeesFifty rupeesHundred rupeesFive hundred rupeesOne thousand rupees
Hindiएक रुपयादो रुपयेपाँच रुपयेदस रुपयेबीस रुपयेपचास रुपयेएक सौ रुपयेपांच सौ रुपयेएक हज़ार रुपये
Denominations in other Indian languages as seen on panel
LanguageINR1INR2INR5INR10INR20INR50INR100INR500INR1000
Assameseএক টকাদুই টকাপাঁচ টকাদহ টকাবিছ টকাপঞ্চাশ টকাএশ টকাপাঁচশ টকাএক হাজাৰ টকা
Bengaliএক টাকাদুই টাকাপাঁচ টাকাদশ টাকাকুড়ি টাকাপঞ্চাশ টাকাশত টাকাপাঁচশত টাকাএক হাজার টাকা
Gujaratiએક રૂપિયોબે રૂપિયાપાંચ રૂપિયાદસ રૂપિયાવીસ રૂપિયાપચાસ રૂપિયાસો રૂપિયાપાંચ સો રૂપિયાએક હજાર રૂપિયા
Kannadaಒಂದು ರುಪಾಯಿಎರಡು ರೂಪಾಯಿಗಳುಐದು ರೂಪಾಯಿಗಳುಹತ್ತು ರೂಪಾಯಿಗಳುಇಪ್ಪತ್ತು ರೂಪಾಯಿಗಳುಐವತ್ತು ರೂಪಾಯಿಗಳುನೂರು ರೂಪಾಯಿಗಳುಐನೂರು ರೂಪಾಯಿಗಳುಒಂದು ಸಾವಿರ ರೂಪಾಯಿಗಳು
Kashmiriآکھ رۄپےدہ رۄپے-
Konkaniएक रुपयादोन रुपयापांच रुपयाधा रुपयावीस रुपयापन्नास रुपयाशंभर रुपयापाचशें रुपयाएक हज़ार रुपया
Malayalamഒരു രൂപരണ്ടു രൂപഅഞ്ചു രൂപപത്തു രൂപഇരുപതു രൂപഅൻപതു രൂപനൂറു രൂപഅഞ്ഞൂറു രൂപആയിരം രൂപ
Marathiएक रुपयादोन रुपयेपाच रुपयेदहा रुपयेवीस रुपयेपन्नास रुपयेशंभर रुपयेपाचशे रुपयेएक हजार रुपये
Nepaliएक रुपियाँदुई रुपियाँपाँच रुपियाँदश रुपियाँबीस रुपियाँपचास रुपियाँएक सय रुपियाँपाँच सय रुपियाँएक हज़ार रुपियाँ
Oriyaଏକ ଟଙ୍କାଦୁଇ ଟଙ୍କାପାଞ୍ଚ ଟଙ୍କାଦଶ ଟଙ୍କାକୋଡିଏ ଟଙ୍କାପଚାଶ ଟଙ୍କାଏକ ଶତ ଟଙ୍କାପାଞ୍ଚ ଶତ ଟଙ୍କାଏକ ହଜାର ଟଙ୍କା
Punjabiਇਕ ਰੁਪਏਦੋ ਰੁਪਏਪੰਜ ਰੁਪਏਦਸ ਰੁਪਏਵੀਹ ਰੁਪਏਪੰਜਾਹ ਰੁਪਏਇਕ ਸੋ ਰੁਪਏਪੰਜ ਸੋ ਰੁਪਏਇਕ ਹਜਾਰ ਰੁਪਏ
Sanskritएकरूप्यकम्द्वे रूप्यकेपञ्चरूप्यकाणिदशरूप्यकाणिविंशती रूप्यकाणिपञ्चाशत् रूप्यकाणिशतं रूप्यकाणिपञ्चशतं रूप्यकाणिसहस्रं रूप्यकाणि
Tamilஒரு ரூபாய்இரண்டு ரூபாய்ஐந்து ரூபாய்பத்து ரூபாய்இருபது ரூபாய்ஐம்பது ரூபாய்நூறு ரூபாய்ஐந்நூறு ரூபாய்ஆயிரம் ரூபாய்
Teluguఒక రూపాయిరెండు రూపాయలుఐదు రూపాయలుపది రూపాయలుఇరవై రూపాయలుయాభై రూపాయలునూరు రూపాయలుఐదువందల రూపాయలువెయ్యి రూపాయలు
Urduایک روپیہدو روپےپانچ روپےدس روپےبیس روپےپچاس روپےایک سو روپےپانچ سو روپےایک ہزار روپے

Minting[edit]

A postcard depicting the Mint.

The Government of India has the only right to mint the coins. The responsibility for coinage comes under the Coinage Act, 1906 which is amended from time to time. The designing and minting of coins in various denominations is also the responsibility of the Government of India. Coins are minted at the five India Government Mints at Mumbai, Alipore(Kolkata), Saifabad(Hyderabad), Cherlapally (Hyderabad) and NOIDA (UP).[26]

The coins are issued for circulation only through the Reserve Bank in terms of the RBI Act.

Security features[edit]

The main security features of current banknotes are:

Convertibility[edit]

Most traded currencies by value
Currency distribution of global foreign exchange market turnover[27][28]
RankCurrencyISO 4217 code
(Symbol)
 % daily share
(April 2013)
1
United StatesUnited States dollar
USD ($)
87.0%
2
European UnionEuro
EUR (€)
33.4%
3
JapanJapanese yen
JPY (¥)
23.0%
4
United KingdomPound sterling
GBP (£)
11.8%
5
AustraliaAustralian dollar
AUD ($)
8.6%
6
SwitzerlandSwiss franc
CHF (Fr)
5.2%
7
CanadaCanadian dollar
CAD ($)
4.6%
8
MexicoMexican peso
MXN ($)
2.5%
9
ChinaChinese yuan
CNY (¥)
2.2%
10
New ZealandNew Zealand dollar
NZD ($)
2.0%
11
SwedenSwedish krona
SEK (kr)
1.8%
12
RussiaRussian ruble
RUB (₽)
1.6%
13
Hong KongHong Kong dollar
HKD ($)
1.4%
14
SingaporeSingapore dollar
SGD ($)
1.4%
15
TurkeyTurkish lira
TRY (Turkish lira symbol 8x10px.png)
1.3%
Other12.2%
Total[29]200%

Officially, the Indian rupee has a market-determined exchange rate. However, the RBI trades actively in the USD/INR currency market to impact effective exchange rates. Thus, the currency regime in place for the Indian rupee with respect to the US dollar is a de facto controlled exchange rate. This is sometimes called a "managed float". Other rates (such as the EUR/INR and INR/JPY) have the volatility typical of floating exchange rates, and often create persistent arbitrage opportunities against the RBI.[30] 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.[31]

Also affecting convertibility is a series of customs regulations restricting the import and export of rupees. Legally, foreign nationals are forbidden from importing or exporting rupees; Indian nationals can import and export only up to INR7,500 at a time, and the possession of INR500 and INR1,000 rupee notes in Nepal is prohibited.[32][33]

RBI also exercises a system of capital controls in addition to intervention (through active trading) in currency markets. On the current account, there are no currency-conversion restrictions hindering buying or selling foreign exchange (although trade barriers exist). On the capital account, foreign institutional investors have convertibility to bring money into and out of the country and buy securities (subject to quantitative restrictions). Local firms are able to take capital out of the country in order to expand globally. However, local households are restricted in their ability to diversify globally. Because of the expansion of the current and capital accounts, India is increasingly moving towards full de facto convertibility.

There is some confusion regarding the interchange of the currency with gold, but the system that India follows is that money cannot be exchanged for gold under any circumstances due to gold's lack of liquidity;[citation needed] therefore, money cannot be changed into gold by the RBI. India follows the same principle as Great Britain and the U.S.

Reserve Bank of India clarifies its position regarding the promissory clause printed on each banknote:

"As per Section 26 of Reserve Bank of India Act, 1934, the Bank is liable to pay the value of banknote. This is payable on demand by RBI, being the issuer. The Bank's obligation to pay the value of banknote does not arise out of a contract but out of statutory provisions.The promissory clause printed on the banknotes i.e., "I promise to pay the bearer an amount of X" is a statement which means that the banknote is a legal tender for X amount. The obligation on the part of the Bank is to exchange a banknote for coins of an equivalent amount." [34]

Chronology[edit]

Exchange rates[edit]

Historic exchange rates[edit]

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

For almost a century since the Great Recoinage of 1816 until the outbreak of World War I, the Indian Rupee sustained parity with the US Dollar while pegged to the Pound Sterling that was exchanged at INR4.80 (or 50 old pence per Rupee).

Thereafter, both the Rupee and the Sterling gradually declined in worth against the US Dollar due to deficits in trade, capital and budget. In 1966, the Rupee was devalued and pegged to the US Dollar. The peg to the pound was at INR 13.33 to a Pound which itself was pegged to USD 4.03. That means officially speaking the USD to INR rate would be closer to Rs 4. In 1966, India changed the peg to dollar at INR 7.50.[37]

Indian rupees per currency unit averaged over the year[38][39]
Currencycode194719661996200020042006200720082009201020132014
U.S. dollarUSD3.307.5035.44444.245.34043.95439.548.7611245.33544568.8062.07
Canadian dollarCAD26.00230.28334.91441.09842.9202644.591552.1706
Euro*EUR44.40141.52556.38564.12768.0331260.597365.6987
Pound sterlingGBP13.3355.38968.11983.06480.63376.3802371.331383.6329
Swiss francCHF2870
Singapore dollarSGD25.16026.0726.83030.93233.6038834.512741.2737
*before 1 Jan 1999, European Currency Unit,

Banknotes and coins in circulation[edit]

As of 2013 banknotes of the denominations of {5, INR10, INR20, INR50, INR100, INR500 and INR1000 are in circulation; coins with face-value of 50 paise, INR1, INR2, INR5 and INR10 rupees. This is excluding the commemorative coins minted for special occasions.

Current exchange rates[edit]

Current INR exchange rates
From Google Finance:AUD CAD CHF EUR GBP HKD JPY USD RUB CNY KRW
From Yahoo! Finance:AUD CAD CHF EUR GBP HKD JPY USD RUB CNY KRW
From XE.com:AUD CAD CHF EUR GBP HKD JPY USD RUB CNY KRW
From OANDA.com:AUD CAD CHF EUR GBP HKD JPY USD RUB CNY KRW
From fxtop.com:AUD CAD CHF EUR GBP HKD JPY USD RUB CNY KRW

See also[edit]

References[edit]

  1. ^ a b "Reserve Bank of India FAQ - Your Guide to Money Matters". Rbi.org.in. Retrieved 2011-11-05. 
  2. ^ "25 paise and below coins not acceptable from June 30 - The Times of India". Times of India. Retrieved 2011-01-26. 
  3. ^ "Govt to scrap 25 paise coins". NDTV. Retrieved 2011-01-26. 
  4. ^ Klaus Glashoff. "Meaning of टङ्क (Tanka)". Spokensanskrit.de. Retrieved 2011-11-05. 
  5. ^ "Languages on the rupee". Ccat.sas.upenn.edu. Retrieved 2013-05-28. 
  6. ^ Languages on Indian currency notes | kaulonline | BLOG. kaulonline (2007-02-11). Retrieved on 2013-07-28.
  7. ^ "Indian Rupee Joins Elite Currency Club". Theworldreporter.com. 2010-07-17. 
  8. ^ Subodh Kapoor (January 2002). The Indian encyclopaedia: biographical, historical, religious ..., Volume 6. Cosmo Publications. p. 1599. ISBN 81-7755-257-0. 
  9. ^ a b etymonline.com (September 20, 2008). "Etymology of rupee". Retrieved 2008-09-20. 
  10. ^ Redy. "AIndia.htm". Worldcoincatalog.com. Retrieved 2013-06-20. 
  11. ^ Mughal Coinage at RBI Monetary Museum. Retrieved on May 4, 2008.
  12. ^ "Coinage - Pre-Colonial India Coinage". Rbi.org.in. Retrieved 2013-06-20. 
  13. ^ Rezwan Razack and Kishore Jhunjhunwalla (2012). The Revised Standard Reference Guide to Indian Paper Money. Coins & Currencies. ISBN 978-81-89752-15-6. 
  14. ^ "Sri Lanka bank liquid assets shrink amid peg defence". Forum.srilankaequity.com. Retrieved 2013-05-28. 
  15. ^ [1]
  16. ^ a b "Issue of new series of Coins". RBI. Retrieved 4 November 2011. 
  17. ^ "This numismatist lays hands on coins with Rupee symbol". Times of India. 29 August 2011. Retrieved 4 November 2011. 
  18. ^ "Coins of 25 paise and below will not be Legal Tender from June 30, 2011 : RBI appeals to Public to Exchange them upto June 29, 2011". RBI. 18 May 2011. Retrieved 23 January 2012. 
  19. ^ "Reserve Bank of India - Coins". Rbi.org.in. Retrieved 2011-11-05. 
  20. ^ "RBI to introduce Rs.10 plastic notes". Hindustan Times. 2009-09-08. Retrieved 2009-09-08. 
  21. ^ "Issue of ` 10/- Banknotes with incorporation of Rupee symbol (`)". RBI. Retrieved 23 January 2012. 
  22. ^ "Issue of ` 500 Banknotes with incorporation of Rupee symbol". RBI. Retrieved 23 January 2012. 
  23. ^ "Issue of ` 1000 Banknotes with incorporation of Rupee symbol". RBI. Retrieved 23 January 2012. 
  24. ^ "Issue of `100 Banknotes with incorporation of Rupee symbol". RBI. Retrieved 23 January 2012. 
  25. ^ "Withdrawal of Currencies Issued Prior to 2005". Press Information Bureau. 25 July 2014. Retrieved 25 July 2014. 
  26. ^ Reserve Bank of India - Coins. Rbi.org.in. Retrieved on 2013-07-28.
  27. ^ "World’s Most Traded Currencies By Value 2012". http://www.investopedia.com/. Retrieved 10 June 2013. 
  28. ^ "Report on global foreign exchange market activity in 2013" (PDF). Triennial Central Bank Survey. Basel, Switzerland: Bank for International Settlements. April 2013. p. 12. Retrieved 22 October 2013. 
  29. ^ The total sum is 200% because each currency trade always involves a currency pair.
  30. ^ "Convertibility: Patnaik, 2004" (PDF)
  31. ^ Chandra, Shobhana (2007-09-26). "'Neither the government nor the central bank takes a view on the rupee (exchange rate movements), as long as the movement is orderly', says Indian Minister of Finance". Bloomberg.com. Retrieved 2011-11-05. 
  32. ^ "RBI Master Circular on Import of Goods and Services". Rbi.org.in. Retrieved 2013-08-25. 
  33. ^ "RBI Master Circular on Export of Goods and Services". Rbi.org.in. Retrieved 2013-08-25. 
  34. ^ Reserve bank of India Frequently Asked Questions rbi.org.in Retrieved 2013-08-27
  35. ^ Rituparna Kar and Nityananda Sarkar: Mean and volatility dynamics of Indian rupee/US dollar exchange rate series: an empirical investigation in Asia-Pacific Finan Markets (2006) 13:41–69, p. 48. DOI 10.1007/s10690-007-9034-0 .
  36. ^ "The "Fuller Capital Account Convertibility Report"". 2006-07-31. Retrieved 2009-01-23. 
  37. ^ Saurabh Chandra (August 21, 2013). "The fallacy of 'dollar = rupee' in 1947". Retrieved 22 August 2013. 
  38. ^ "FXHistory: historical currency exchange rates" (database). OANDA Corporation. Archived from the original on 2006-04-03. Retrieved 2009-09-01. 
  39. ^ "The fallacy of 'dollar = rupee' in 1947". DNA. Retrieved 2013-08-19. 

External links[edit]