Indian Rupee (sign: INR; code: INR ) is the official currency of the Republic of India. The rupee is divided into 100 paise (single paisa ), although in 2011, 25 paise denominations and less is no longer a valid payment instrument. The issuance of the currency is controlled by the Reserve Bank of India. The Reserve Bank manages the currency in India and takes its role in currency management under the Reserve Bank of India Act, 1934. The rupee is named after the silver coin, rupiya , first published by Sultan Sher Shah Suri in the 16th century and then continued by the Mughal Empire.
In 2010, the new symbol ' INR ', was officially adopted. It comes from a combination of Devanagari consonants "?" ( ra ) and the Latin letter "R" without a vertical bar (similar to R rotunda). The parallel lines at the top (with white space between them) are said to be offensive to the Indian flag of tricolor, and also illustrate the sign of the equation that symbolizes the nation's desire to reduce the economic disparity. The first coin series with the new rupee symbol began to circulate on July 8, 2011.
On November 8, 2016, the Government of India announced the demonization of INR 500 and INR 1000 banknotes with effects from midnight on the same day, making this record invalid. The newly redesigned $ 500 INR series of banknotes in addition to the new denomination of the INR 2000 notes are on sale since November 10, 2016. The newly redesigned series is also expected to be enlarged with money paper in denominations of INR 1000, INR 100, and INR 50 in the coming months.
On August 25, 2017, a new denomination of the INR200 notes was added to the Indian currency to fill the record gap due to the high demand for this record after the demonetisation.
Video Indian rupee
Etymology
The word "rupee" is derived from the Sanskrit word ( r? Pyakam ) or rupaya (meaning "silver forging, silver coin"). Arthashastra , written by Chanakya, prime minister for the first Maurya emperor Chandragupta Maurya (c 340-290 BC), mentions the silver coin as r? Other types of coins including gold coins (Suvar? ar? pa), copper coins (T? mrar? pa) and tin coins (S? sar? pa) are also mentioned. R? Pa means shape or form, for example, R? Pyar? Pa, r? PyaÃ, - silver forging, r? PaÃ, - form.
However, in the Bengal region, the term taka is always used to refer to the currency. In the fourteenth century Ibn Batutah realized that the people of the Bengal Sultanate referred to the gold and silver coins as taka in lieu of dinars. Today, the Bangladeshi currency is officially known as taka. The word taka in Bengali is also commonly used to mean money, currency, or any note. So, everyday language, a person speaking in Bengali can use "taka" to refer to money regardless of what currency is used. Thus, in the states of West Bengal and Tripura Indian rupees are formally known ???? (? alias ). Whereas, in the states of Assam and Odisha, the Indian rupee is also known by the name derived from the Sanskrit word ? A? Ka (meaning "money"), ??? (? ÃÆ'Â'ka ) in Assamese and ????? ( ta? k? ) in Odia.
The great value of the rupee is calculated in the number of thousands, 1 lakh (100 thousand), 10 lakh (1 million), 1 crore (10 million) and 100 crores (1 billion) or 1 Arab (1 billion).
Maps Indian rupee
History
The history of the Indian rupee goes back to the time of Ancient India around the 6th century BC, ancient India was one of the earliest coin publishers in the world, along with Chinese wen and Lydian stater.
During his five years of government from 1540 to 1545, Sultan Sher Shah Suri issued a silver coin, weighting 178 grains (or 11.53 grams), referred to as Rupiya . During Babar, the ratio of brass to silver exchange was around 50: 2. Silver coins remained in use during the Mughal period, Maratha era and in British India. Among the earliest issues of the rupee paper include; Hindustan Bank (1770-1832), Bengali and Bihar Banks (1773-75, founded by Warren Hastings), and Bank Bengal (1784-91).
1800s
Historically, the rupee is a silver coin. It had severe consequences in the nineteenth century when the world's strongest economy was at the gold standard. The discovery of large amounts of silver in the United States and some European colonies resulted in a decline in the value of silver relative to gold, devaluing the standard Indian currency. This event is known as "the fall of the rupee."
India was unaffected by the imperial imperial council of 1825, which sought to introduce British sterling coins to the British colony. British India, at that time, was controlled by the British East India Company. The silver rupee continues as the Indian currency through 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 to praise the virtues of mono-metallism.
After the Indian Uprising in 1857, the British government took over India's direct Britain. Since 1851, the gold rulers were produced massively at the Royal Mint in Sydney, New South Wales. In 1864 attempts to make British sovereignty "imperial coins", the treasuries in Bombay and Calcutta were instructed to receive the golden ruler; However, this golden ruler never leaves the safe. When the British government gave up hope of replacing rupees in India with pounds sterling, it was realized for the same reason it could not replace the silver dollar in the Straits Settlements with Indian rupees (as desired by the British East India Company). Since the silver crisis of 1873, a number of countries adopted the gold standard; However, India remained on the standard of silver until it was replaced by a basket of commodities and currencies at the end of the 20th century.
Indian Council Bill
Around 1875, Britain began paying India for export goods in India Council Bills (not silver).
- "If, therefore, the Council of India in London should not proceed to sell bills in India, traders and bankers must send silver to make the balance (trade) be good. So the channel for outflow silver was stopped, in 1875, by the Indian Council in London.
- "The importance of these (Council) bills, however, is the effect they have on the Silver Market Price: and they are actually one of the most powerful factors in recent years in causing the decline in Silver Value 'as compared to Gold. "
- "The silver-paid Indian and Chinese products are, and from 1873-74, prices are very low, and therefore take less silver to buy large quantities of Eastern commodities Now, in taking some agents into Integrated considerations, it certainly would not be so mysterious why silver should not just fall in price.
- "major countries have requested the assistance of two tools to replenish their refugees, - firstly, loans, and, secondly, more convenient banknotes ?"
1900s
Problems caused by gold standard
At the beginning of the First World War, the cost of gold was very low and hence pound sterling had a high value. But during the First World War, the value of the pound dropped alarmingly due to the rising costs of war. At the end of the war, the value of the pound is only a fraction of what it was before the start of the war. It remained low until 1925, when then the Minister of Finance of the United Kingdom, Winston Churchill, returned it to pre-war level. As a result, gold prices fell rapidly. While other parts of Europe buy large amounts of gold from the UK, only a slight increase in gold reserves. This is a blow to the already worsening British economy. The United Kingdom began to pay attention to his possession as India to compensate for the gold sold.
- "However, the price of gold in India, on the basis of the rupee exchange rate of about 1S.6d., is lower than the prevailing price abroad practically all over the price disparities that exports profitable metals, the ongoing phenomenon for nearly a decade.Thus, in 1931-32, there was a net export of 7.7 million ounces, worth Rs.579.88 crores. In the following year, both quantity and price rose further, net exports of 8.4 million ounces, worth Rs.65,52 crores. In the ten years ended March 1941, the net exports total was of 43 million ounces (1337.3 tons) worth of Rs 375 crores, or the average price of Rs 32-12- 4 per tola. "
- "In the fall of 1917 (when the silver price went up to 55 cents).... there was a danger of an uprising in India (against paper currency) that would hinder the serious participation of Britain in World War...In-convertibility (from paper currency to coin) will lead to running in the Post Office Savings Bank This will prevent further expansion of paper currency issues and lead to price increases, in paper currency, which will greatly increase the cost for get the supply of war for export.... To reduce the silver content of this historic coin (Rupee) may have caused such widespread distrust of the government for triggering an internal crisis, which would have been fatal to Britain's success in the war. "
In 1939, Dickson H. Leavens wrote in his book 'Silver Money': "In recent years, rising gold prices, measured in depreciated paper currency, have drawn to the (London) market in large quantities (gold) previously deposited or held in the form of ornaments in India and China ".
Indian rupees replaced the Danish Indian rupee in 1845, the Indian rupee of France in 1954 and the Portuguese escudo of India in 1961. After the independence of British India in 1947 and the accession of prince countries to the new Union, the Indian rupee replaced all the currencies of the countries which was previously autonomous (although the Hyderabadi rupee was not destroyed until 1959). Some states have issued rupees equal to those issued by the British (such as the Travancore rupee). Other currencies (including Hyderabadi and Kutch kori rupees) have different values.
The values ​​of rupee subdivisions during British rule (and in the first decade of independence) were:
- 1 rupee = 16 anna (later 100 naye paise )
- 1 ardharupee = 8 anna, or 1 / 2 rupee (later 50 naye paise )
- 1 pavala = 4 anna, or 1 / 4 rupee (later 25 naye paise )
- 1 difference = 2 anna, or 1 / 8 rupee (later equivalent to 12.5 naye paise )
- 1 anna = 1 / 16 rupee (then equivalent to 6.25 naye paise )
- 1 paraka = 1 / 2 anna (then equivalent to 3,125 naye paise )
- 1 kani (pice) = 1 / 4 anna (later equivalent to 1.5625 naye paise )
- 1 damari (pie) = 1 / 12 anna (later equivalent to 0,520833 naye paise )
- 1 Athanni (dheli) = 1 / 2 rupee
- 1 Chawanni = 1 / 4 rupee
- 1 Dawanni = 1 / 8 rupee
- 1 Anna/Ekanni = 1 / 16 rupee
- 1 Taka/Adhanni = 1 / 32 rupee
- Paisa = 1 / 64 rupee
- Dhela = 1 / 128 rupee ( 1 / 2 paisa)
- Pai = 1 / 3 paisa = 1 / 192 rupee
- Damari = 1 / 4 paisa = 1 / 256 rupee.
In 1957, the rupee was decimal 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 respectively as 4, 8 and 12 annas, similar to the use of "two bits" in American English for a quarter of a dollar.
Worldwide Rupee Usage
Since the Straits settlements were originally a leading outpost of the British East India Company, In 1837, the Indian rupee was made the only official currency in the Straits Settlements, being administered as part of British India. This effort was opposed by the locals. However, the Spanish dollar continued to circulate and 1845 saw the introduction of the currency for the Settlements Strait using a system of 100 cents = 1 dollar, with dollars equal to Spanish dollars or Mexican pesos. In 1867, the administration of the Strait Settlements was separated from India and the Straits dollar became the standard currency, and efforts to reintroduce the rupee were eventually abandoned.
After Partition of India, the Pakistani rupee emerged, initially using Indian coins and Indian paper money that was only filled with "Pakistan". Previous Indian rupee is the official currency of other countries, including Aden, Oman, Dubai, Kuwait, Bahrain, Qatar, the State of Trusial, Kenya, Tanganyika, Uganda, Seychelles and Mauritius.
The Indian government introduced the Gulf rupee - also known as the Persian Gulf rupee (XPGR) - in lieu of Indian rupees for circulation abroad with the Reserve Bank of India (Amendment) Act of May 1, 1959. The creation of a separate currency is an attempt to ease the tension on India's foreign exchange reserves from gold smuggling. After India devalued the rupee on June 6, 1966, the countries that still use it - Oman, Qatar, and the Trusial Countries (which became the United Arab Emirates in 1971) - replaced the Gulf rupee with their own currency. Kuwait and Bahrain had done so in 1961 with the Kuwaiti Dinar and in 1965 with the Bahraini Dinar, respectively.
The memories of Bhutan languages ​​are pegged to the equivalent of Indian rupees; both currencies are accepted in Bhutan. The Nepalese rupee is pegged at INR 0.625; Indian rupees are accepted in Bhutan and Nepal except for the INR 500 and INR 1000 notes, which are not a valid payment instrument in Bhutan and Nepal and are prohibited by their respective governments, although accepted by many retailers. On January 29, 2014, Zimbabwe added Indian rupees as a valid payment instrument to use.
Coins
Pre-independence issues
East India Company, 1835
Three Presidencies established by the British East India Company (Bengal, Bombay, and Madras) each issued their own currency until 1835. All three issued rupees and their denominations to 1 / 8 - and 1 / 16 -in silver color. Madras also issued a two-rupee coin.
Copper denominations are more varied. Bengal take out one-cake, 1 / 2 -, one and two-paise coins. Bombay takes out 1-pie, 4 - 1 / 2 -, 1-, 1 1 / 2 -, 2- and 4-paise coins. In Madras there are copper coins for two and four pies and one, two and four paisa, with the first two nominated as 1 / 2 and one (or 1 / 96 and 1 / 48 ) rupee. Madras also expelled Madras fanatism until 1815.
The three Presidencies issue a mohur and a golden fraction of the mohur including 1 / 16 , 1 / 2 , / 4 in Bengal, 1 / 15 (gold rupee) and 1 / 3 (pancia) in Bombay and 1 / 4 , 1 / 3 and 1 / 2 in Madras.
In 1835, one coin for the EIC was introduced. It consists of copper 1 / 12 , 1 / 4 and / 2 anna, silver 1 / 4 , 1 / 3 and 1 rupee and 1 gold and 2 mohur. In 1841, silver 2 annas was added, followed by copper 1 / 2 pice in 1853. Coins from the EIC continued to be issued until 1862, even after the Company was taken over by the Crown.
Regal Issues, 1862-1947
In 1862, the coin was introduced (known as the "glorious problem") containing the portrait of Queen Victoria and the title "India". Their denominations are 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 golden denomination stopped production in 1891, and there was no 1 / 2 -anna coins issued after 1877.
In 1906, bronze replaced copper for the three lowest denominations; in 1907, a one-anna cupro-nickel 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 equivalent silver. In 1918, the Bombay mint also struck a gold ruler and a 15 rupee coin that was identical in size to the ruler as an emergency measure during the First World War.
In the early 1940s, several changes were applied. / 12 anna and 1 / 2 pice stop production, / 4 anna changed to bronze coin, perforated, cupro-nickel and nickel 1 / 2 -one coin introduced, nickel is used to produce several coins one and two-annas, and the silver composition is reduced from 91.7 to 50 percent. The last of the main problems is cupro-nickel / 4 - 1 / 2 - and a piece of one rupee printed in 1946 and 1947, with a picture of George VI, King and Emperor on the front and the Indian Lion at the back.
Post independence issues
Independent predecimal issues, 1950-1957
The first Indian coins after independence were issued in 1950 in 1 pice, 1 / 2 , one and two annas, 1 / 4 , 1 / 2 and denominating one rupee. Its size and composition are the same as the last great problems, except one-pice (which is bronze, but not perforated).
Decimal independent issue, 1957-present
The first decimal coin problem in India consists of 1, 2, 5, 10, 25 and 50 naye paise, and 1 rupee. The 1 naya paisa is bronze; 2, 5 & amp; 10 naye paise is cupro-nickel, and 25 naye paise (nicknamed chawanni 25 naye paise equals 4 annas), 50 naye paise (also called athanni ; 50 naye paise equal to 8 old annas) and 1 rupee coin is nickel. In 1964, the word naya (e) was removed from all coins. Between 1957 and 1967, one, two, three, five, and ten-paise aluminum coins were introduced. In 1968 20-paise nickel coins were introduced, and replaced by aluminum coins in 1982. Between 1972 and 1975, cupro-nickel replaced nickel in 25- and 50-paise and 1 rupee coins; in 1982, a cupro-nickel two-rupee coin was introduced. In 1988, 10, 25, and 50-paise stainless coins were introduced, followed by coins of 1 and 5 rupees in 1992. Five-rupee coins, made of brass, are being printed by the Reserve Bank of India (RBI).
Between 2005 and 2008 new fifty, one, two and five rupee coins were introduced, made of ferritic stainless steel. The move is driven by melting older coins, whose face value is less than their scrap value. The demonetisation of 25- (chawanni) paise coin and all the paise coins below it occur, and a series of new coins (50 paise - dubbed athanni Ã, - one, two, five and ten rupees, with rupee symbols new) were put into circulation in 2011. The usual coin is one, two, five and ten rupees. Although still a valid payment instrument, 50-paise coins ( athanni ) rarely look outstanding.
The coins are printed in four locations of the Government of India Mint. The INR 1, INR 2, and INR 5 coins have been printed since independence. Coins printed with "hand drawings" were printed from 2005 onwards.
Stealing
The Indian government has the sole right to print coins and one rupe note. The responsibility for coins came under the Coinage Act, 1906 which was amended from time to time. The design and printing of coins in various denominations is also the responsibility of the Government of India. Coins are printed in five Indian Mint Government in Mumbai, Alipore (Kolkata), Saifabad (Hyderabad), Cherlapally (Hyderabad) and NOIDA (UP). Coins are issued for circulation only through the Reserve Bank in terms of the RBI Act.
Warning coins
After independence, the Government of India mint, coins printed with Indian statesmen, historical and religious figures. In 2010 and 2011 for the first time INR 75, INR 150 and INR 1000 coins were printed in India to commemorate Platinum Jubilee from Reserve Bank of India , the 150th birthday of the birth of Rabindranath Tagore and 1000 years from the Brihadeeswarar Temple, respectively. In 2012, the coin INR 60 is also issued to commemorate the 60th anniversary of the Indian Government Mint, Kolkata. INR 100 coins were also released to commemorate 100 years of the return of Mahatma Gandhi to India. The commemorative coin INR 125 was released on 4 September 2015 and 6 December 2015 in honor of the 125th anniversary of the birth of Sarvepalli Radhakrishnan and B. R. Ambedkar, respectively.
Banknote
Pre-independence issues
In 1861, the Indian government introduced its first banknote: INR 10 notes in 1864, INR 5 notes in 1872, INR 10,000 notes in 1899, INR 100 note in 1900, INR 50 note in 1905, INR 500 note in 1907 and INR 1,000 note in 1909. In 1917, INR 1 and INR 2 1 / 2 notes were introduced. Reserve Bank of India started the production of banknotes in 1938, issued INR 2, INR 5, INR 10, INR 50, INR 1000, INR 1000 and INR 10,000 records while the government continues to issue INR 1 note but revoke < span> INR 500 and INR 2 1 / 2 note.
Post independence issues
After independence, a new design was introduced to replace the portrait of George VI. The government continues to issue the INR 1 note, while the Reserve Bank issues another denomination (including INR 5,000 and INR 10,000 records introduced in 1949). All of the pre-independence paper money was formally baptized with effect from 28 April 1957.
During the 1970s, INR 20 and INR 50 records were introduced; a higher denomination of INR 100 was demonized in 1978. In 1987, the INR 500 note was introduced, followed by INR 1,000 notes in 2000 while INR 1 and INR 2 notes were discontinued in 1995.
The design of the banknote was approved by the central government, on the recommendation of the central board of the Reserve Bank of India. Currency notes are printed on the Eye Note Press at Nashik, Bank Note Press in Dewas, Bharatiya Reserve Bank Note Mudran (P) Ltd in Salboni and Mysore and at the Watermark Paper Processing Factory in Hoshangabad. Mahatma Gandhi Series banknotes are issued by the Reserve Bank of India as a valid payment instrument. The series is so named because the front of each tone displays Mahatma Gandhi's portrait. Since its introduction in 1996, this series has replaced all the paper money issued from the Lion capital series. RBI introduced this series in 1996 with the INR 10 and INR 500 banknotes. Currently, RBI issues the denominated banknotes from INR 5 to INR 2,000. Notes printing INR 5 (which was stopped earlier) resumed in 2009.
Starting January 2012, new ' INR ' marks have been inserted in the Mahatma Gandhi Series banknotes in the INR 10, INR 20, INR 50, INR 100, INR 500, and INR 1,000. In January 2014, the RBI announced that it would withdraw from the circulation of all banknotes printed before 2005 on March 31, 2014. The deadline was later extended to January 1, 2015. The deadline was extended until June 30, 2016.
There is a discussion of the need to attract higher denominational notes such as the INR 1000 and INR 500 note, given their role in perpetuating countless money. This step is taken to further curb the problem of counterfeit currency circulation. Noting that withdrawing high denomination records can lead to increased printing costs for the RBI, there is the opinion that these costs should be weighed against the misuse of high-value records. On November 8, 2016 Prime Minister Narendra Modi announced the demonization of INR 500 and INR 1,000 Series Mahatma Gandhi banknotes, with a detailed step-down program. This program will stop all usage of INR 500 and INR 1,000 rupees notes on November 11, 2016. Citizens with valid identification will have until December 30, 2016 to redeem notes for tender lower at any bank or post office, and until March 31, 2017 to redeem it at the designated RBI office by filling out the statement form.
On November 8, 2016, the Reserve Bank of India (RBI) announced the issuance of the new 500 INR INR 500 and INR in Mahatma Gandhi Series New banknotes. The new 2,000 € INR 2,000 bundle of magenta, with Mahatma Gandhi portraits and the Asoka Pilar Emblem on the front. Denominations also have motifs of Mars Orbiter Mission (MOM) behind, describing the country's first attempt to interplanetary space. The new 500 INR 500 new banknote has a gray stone base color with Red Fort drawing along with an Indian flag printed on the back. Both bills also have Swachh Bharat Abhiyan logo printed on the back. The currency denominations of INR 200, INR 100 and INR 50 are also expected to be introduced in the new Mahatma Gandhi New Series, in the future months, replacing all the money from the previous Mahatma Gandhi Series. On June 13, 2017, RBI introduced INR 50 new notes, but the old continues to be a valid payment instrument. The design is similar to the current record in Mahatma Gandhi (New) Series, except they will come up with an 'A' inset.
Currently circulating banknotes
Starting August 24, 2017, the current outstanding banknotes are in denominations of INR 5, INR 10, INR 20, INR 50 and INR 100 are from the Mahatma Gandhi Series, while the denominations are INR50, INR 200, INR 500, and INR 2,000 is the new Mahatma Gandhi New Series, and the INR 1 denominational is from the Lion Capital Series.
Convertibility
Officially, the Indian rupee has a market-specified exchange rate. However, RBI actively trades in the USD/INR currency market to influence the effective exchange rate. Thus, the currency regime in place for the Indian rupee in respect of the US dollar is the de facto exchange rate controlled . This is sometimes called a "managed buoy". Other prices (such as EUR/INR and INR/JPY) have a typical volatility of floating exchange rates, and often create a persistent arbitrage opportunity against the RBI. Unlike China, successive administrations (through RBI, central bank) have not followed the policy of pegging the INR to a specific foreign currency at a certain exchange rate. RBI Intervention in the currency market solely to ensure low volatility in exchange rates, and does not affect the level (or direction) of Indian rupees in relation to other currencies.
Also affecting convertibility is a set of customs regulations that limit the import and export of rupees. By law, only up to INR 25000 can be imported or exported in cash at a time, and possession of INR 500 and higher notes in Nepal is prohibited. Currency conversion for and from rupees is also set up.
RBI also runs a capital control system other than (through active trading) in the currency market. In the current account, there are no currency conversion restrictions that prevent the purchase or sale of foreign exchange (although trade barriers exist). In the capital account, foreign institutional investors have the convertibility to bring money in and out of the country and buy securities (subject to quantitative restrictions). Local companies can take capital out of the country to expand globally. However, local households are limited in their ability to diversify globally. Due to the expansion of capital accounts and at present, India is increasingly moving towards full de facto convertibility .
There is some confusion about the exchange of currency with gold, but the system followed by India is that money can not be exchanged for gold under any circumstances because of the lack of gold liquidity; Therefore, money can not be converted into gold by the RBI. India follows the same principles as Great Britain and the United States.
The Reserve Bank of India explains its position on the promissory clause printed on every note:
According to Section 26 of the Reserve Bank of India Act, 1934, the Bank is responsible for paying the value of banknotes, which is payable upon request by RBI, to become the issuer The Bank's obligation to pay the value of the notes does not arise from the contract but from the provisions The promissory clause printed on the banknote is, "I promise to pay to the X sums" is a statement which means that banknotes are the legal means of payment for the amount of X. the obligation on the part of the Bank is to exchange coins for the amount of equivalent. "
Chronology
- 1991Ã, - India begins lifting its currency restrictions. Some reforms remove restrictions on current account transactions (including trade, interest payments and remittances and some capital-based asset transactions). The Liberated Exchange Rate Management System (LERMS) (a dual exchange rate system) introduced a portion of the rupee convertibility in March 1992. 1997 - A panel (set up to explore capital account convertibility) recommended that India move toward full convertibility in 2000, but the schedule was abandoned amid the 1997-1998 East Asian financial crisis.
- 2006 - Prime Minister Manmohan Singh calls on Finance Minister and Reserve Bank of India to prepare a roadmap to move towards capital account conversion.
- On November 8, 2016, the Government of India announced the demonization of all INR 500 (US $ 7.70) and INR 1,000 (US $ 15) Series Mahatma Gandhi paper money. The government claims that the measure will limit the shadow economy and crack down on the use of illicit and fake money to finance illegal activities and terrorism.
Exchange rate
Historical rate
For nearly a century after the Great Reconciliation of 1816, and the adoption of the Gold Standard, until the outbreak of World War I, silver-backed Indian rupees lost value against a set of golden baskets, and were periodically devalued to reflect the current and the ratio of gold reserves to silver, see above. In 1850, the official conversion rate between a pound sterling and a rupee was Ã, Â £ 0/2s/0d (or Ã, Â £ 1: INR10), while between 1899-1914 the conversion rate was set at Ã, Â £ 0/1s/4d (or Ã, Â £ 1: INR15), for comparison over this period the US dollar is pegged at Ã, Â £ 1: $ 4.79. Between wars, the rate increases to 1s 6d (or Ã, Â £ 1: INR13.33), and remains pegged at this level for the duration of the Breton Woods agreement, up to devaluation and grouping into US dollars, at $ 1: INR 7.50, in 1966.
The  £ was devalued against $ in 1949, affecting the currency that maintains pegs for sterling, such as INR .
Silver gold ratio expanded during 1870-1910. Unlike India, its British colonial rulers used the gold standard. To meet the House Cost (ie, spending in the UK) the colonial government must send more rupees and this necessitates an increase in taxation, anxiety and nationalism.
Current exchange rate
See also
- Coins from British India
- Modern Indian coins
- The Great Depression in India
- Zero rupee note
References
External links
- British India Coin wiki
- Gallery of all Indian currency issues
- "Gallery Indian Rupee Notes introduced till date". Reserve Bank of India . Retrieved January 9 2015 .
- Indian paper money (in English) (in German)
Source of the article : Wikipedia
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