The original silver rupee was the currency of India. Silver means rupee and the name rupee is derived from it.
The Indian rupee is the national currency of India. Regulated by the Reserve Bank of India. The modern rupee is divided into 100 paise. In terms of currency, there are 1, 2, 5, 10 rupee coins. And Rs. 5, 10, 20, 20, 100, 500, 500 and 2000 notes are in circulation. The new rupee symbol is a combination of Devanagari script ₹ and Latin R. Which now represents the Indian currency in the international markets.
Etymology
Although in most parts of India the rupee is known as the rupee , it also has some regional names, such as: rubai (Tamil) (ரூபாய்); Rupee (Hindi) (Rupee); Rupee Gujarati; Rupee Telugu (రూపాయి); Kannada (ರೂಪಾಯಿ) and Tulu (ರೂಪಾಯಿ), Rupa Malayalam (രൂപ); Rupee Marathi (Rupees). Apart from this, if you look in another language, it is called Rupyakam-Rupyakam in Sanskrit. In Sanskrit, silver means silver and rupyakam means silver coin.
However, the official name of the Indian rupee in West Bengal, Tripura, Mizoram, Orissa and Assam is composed of various words derived from the Sanskrit word tanka tanka. Thus, in Bengali rupee is called taka (taka), in Assamese it is called toka (taka) and in Oriya it is called tanka (ଟଙ୍କା) and similarly they are written on currency notes.
symbol
On March 6, 2009, the Government of India announced a competition to create a global symbol for the rupee. During the 2010 Union Budget, the then Finance Minister Pranab Mukherjee had suggested that the proposed symbol would reflect and reflect Indian values and culture. Five symbols were identified and out of them, the Cabinet passed a resolution on July 12, 2010. The mark was chosen by Uday Kumar.
This symbol is taken from the letter ‘R’ of Devanagari script ₹. The parallel lines at the top (and the space between them) give a tricolor tinge and a desire to eliminate the country’s economic inequality.
History
India was also one of the countries that used coins in ancient times. Coins have been in circulation in India since the 3rd century BC. Coins found in archeological excavations show that the Harappan culture also had a coinage that was minted between 800 and 120 BC.
The first currency notes were issued by Bank of Hindustan (190-19), followed by General Bank of Bengal and Bihar (12-9, Producer, Warren Hasting), Bengal Bank (19-21), and Madras Bank. The value of which was 15 phanem = 1 rupee.
- 1 pound = 0.520833 paise
- 1 pice = 1.5625 paise
- 1 paraka = 3.125 paise
- 1 ana = 6.25 paise
- 1 beda = 12.5 paise
- 1 pavli = 25 paise
- 1 half rupee = 50 paise
- 1 rupee = 100 paise
India Council Bill
In 1870, India was connected to Britain by a submarine telegraph cable.Telegraphy 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.
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.
The Indian and Chinese products for which silver is paid were and are, since 1873–74, very low in price, and it there fore 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
East India Company, 1835
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-rupee and 1⁄16-rupee in silver. Madras also issued two-rupee coins.
Copper denominations were more varied. Bengal issued one-pie, 1⁄2-paise , one-paise and two-paise coins. Bombay issued 1-pie, 1⁄4-paise, 1⁄2-paise, 1-paise, 11⁄2-paise, 2-paise 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
Regal issues, 1862–1947
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.
Independent pre-decimal issues, 1950–1957
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).
Independent decimal issues, 1957–present
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, 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 were nickel. In 1964, the words naya/naye were removed from all coins. Between 1957 and 1967, aluminium one-paise , two-paise , three-paise , five-paise 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-paise and 50-paise and the 1-rupee coins; in 1982, cupro-nickel two-rupee coins were introduced. In 1988 stainless steel 10-paise , 25-paise and 50-paise coins were introduced, followed by 1-rupee and 5-rupee coins in 1992. Five-rupee coins, made from brass, are being minted by the Reserve 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-rupee , two-rupee , 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. In 2016 the 50 paise coin was last minted, but small commodities of prices are in 50 paise. Coins commonly in circulation are one, two, five, ten, and twenty rupees. Although it is still legal tender, the 50-paise (athanni) coin is rarely seen in circulation.
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