'Indian Rupee Essay\r'

'â€Å"INR” redirects here. For separate(a) uses, see INR (disambiguation). For the Malayalam film, see Indian rupee (film).\r\nIndian rupee ₹|\r\nरुपया (Hindu)|\r\n|\r\nISO 4217 code| INR|\r\n primaeval bank| military reserve commit of India|\r\nWebsite | www.rbi.org.in|\r\n ordained user(s)| India|\r\nUn ex officio user(s)| Bhutan (a want side theBhutanese ngultrum) Nepal (alongside theNepalese rupee)|\r\nInflation| 5.96%, March 2013|\r\n starting season | Economic Adviser|\r\nMethod | WPI|\r\nPegged by| Bhutanese ngultrum (at par)\r\nNepalese rupee (1 INR = 1.6 NPR)|\r\nfractional m integritytary unit| |\r\n1/ ascorbic acid | Paisa|\r\nSymbol| ₹|\r\nPaisa| p|\r\nFormerly apply symbols and Coins | ₨, Rs, ರೂ, ৳, ૱, రూ, ௹, रु .| Nickname| Taka(৳), Ru redressya, Rupai, rupees, Rupay, Rupayee| Coins| 50 paise, ₹1, ₹2, ₹5, à ¢â€šÂ¹10|\r\n coast bloodlines| ₹5, ₹10, ₹20, ₹50, ₹ speed of light, ₹ cholecalciferol, ₹ unitary and lone(prenominal)(a) hundred0| Printer| guard confide of India|\r\nWebsite | www.rbi.org.in|\r\n fix| India G everywherenment Mint|\r\nWebsite | www.spmcil.com|\r\nThe Indian rupee ( theatre: ₹; code: INR) is the official specie of the Republic of India. The issuance of the smashing is controlled by the countenance pious platitude of India.[1] The advance(a) rupee is subdivided into speed of light paise (singular paisa), though as of 2011 entirely 50-paise coins atomic number 18 judicial pestle.[2][3] Bank billhooks in circulation come in titles of ₹5, ₹10, ₹20, ₹50, ₹ blow, ₹ tailfin hundred and ₹ snow0. Rupee coins be available in denominations of ₹1, ₹2, ₹5, ₹10, ₹100 and ₹1000; of these, the ₹100 and ₹1000 coin s be for commemorative purposes only; the only other rupee coin has a nominal hold dear of 50 paise, since lower denominations afford been offici altogether in solelyy withdrawn. The Indian rupee symbol ‘₹’ (officially adopted in 2010) is derived from the Devanagari consonant â€Å"र” (Ra) and the Latin letter â€Å"R”. The prime(prenominal) serial of coins with the rupee symbol was launched on 8 July 2011. The reserve Bank manages expectant in India and derives its role in up-to-dateness counsel on the basis of the backup man Bank of India Act, 1934. Recently RBI launched a website Paisa-Bolta-Hai to deck up aw argonness of counterfeit bullion among users of the INR. contents\r\n[hide]\r\n* 1 Etymology\r\n* 2 De trace\r\n* 3 Num successionl physical bodyation\r\n* 4 narrative\r\n* 4.1 Indias\r\n* 4.2 whirl Settlements\r\n* 4.3 internationalist use\r\n* 5 Coins\r\n* 5.1 eastbound India Company, 1835\r\n* 5.2 violet issues, 1862â€1947\r\n* 5.3 main(a) predecimal issues, 1950â€1957\r\n* 5.4 individual decimal issues, 1957â€\r\n* 5.5 single-valued functionicular(a) coins\r\n* 6 Bank line of businesss\r\n* 6.1 British India\r\n* 6.2 Independent issues since 1949\r\n* 6.3 Current bank take downs\r\n* 7 styles\r\n* 8 Minting\r\n* 9 Security features\r\n* 10 Convertibility\r\n* 10.1 Chronology\r\n* 11 Exchange evaluate\r\n* 11.1 Historic telephone transfigure rates\r\n* 11.2 Banknotes and coins in circulation\r\n* 11.3 Current flip rates\r\n* 12 See likewise\r\n* 13 References\r\n* 14 External l sign\r\nâ€â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€-\r\nEtymology[edit microbe | editbeta]\r\nThe ledger â€Å"rupee” was derived from the Sanskrit condition raupyak, convey â€Å" ash gray”. This is similar to the British beat in- superlative, in which the term ‘ superior’ room ‘ funds’. 1. રૂપࠪ¿àª¯à«‹ (rupiyo) in Gujarati\r\n2. টà¦à¦¾ (tôka) in Assamese\r\n3. টাà¦à¦¾ (taka) in Bengali\r\n4. रुपया (rupayā) in Hindoo\r\n5. روپÛ (pronounced ropyih) in Kashmiri\r\n6. ರೂಪಾಯಿ (rÅ«pāyi) in Kannada, Tulu and Konkani 7. रुपया (rupayā) in Konkani\r\n8. രൂപ (rÅ«pā) in Malayalam\r\n9. रुपया (rupayā) in Marathi\r\n10. रुपियाँ(rupiya) in Nepali\r\n11. ଟଙ୍à¬à¬¾(tanka) in Oriya\r\n12. ਰੁਪਈਆ (rupiā) in Punjabi\r\n13. रूप्यà¤à¤®à¥ (rÅ«pyakam) in Sanskrit (Devnagari) 14. रुपियो (rupiyo) in Sindhi\r\n15. ரூபாய் (rÅ«pāi) in Tamil\r\n16. రూపాయి (rÅ«pāyi) in Telugu\r\n17. روپÛ ( rupay) in Urdu\r\nHowever, in the Assam, West Bengal, Tripura and Odisha the Indian rupee is officially known by call derived from the contrive टङ्ठ(á¹­aṇkā), which sum â€Å"money”.[4] Thus, the rupee is called টà¦à¦¾ (ṭôkā) in Assamese, টাà¦à¦¾ (ṭākā) in Bengali and ଟଙ୍à¬à¬¾ (á¹­aṇkā) in Oriya. The beat (and the saucys program â€Å"rupee”) is, accordingly, compose on the effort of Indian peckers in English and Hindi, whilst on the back the name is listed, in English alphabetical set out,[5] in 15 other Indian languages[6] â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€-\r\nDesign[edit credit | editbeta]\r\nThe raw(a) sign (₹) is a combination of the Devanagari letter â€Å"र” (ra) and the Latin capital letter â€Å"R” with come forth its erect bar (similar to the R rotunda). The parall el lines at the top (with white space amidst them) argon said to f ar an allusion to the tricolour Indian flag.[7] and in any case depict an equality sign that symbolises the nation’s thirst to reduce economic dis proportion. It was designed at theNational Institute of Design â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€-\r\nNumeral corpse[edit writer | editbeta]\r\n primary(prenominal) article: Indian be system\r\nThe Indian numeral system is based on the decimal system, with cardinal notable differences from Western systems using long and short scales. The system is ingrained in e genuinelyday monetary transactions in the Indian subcontinent. Indian semantic| International semantic| Indian comma perspective| International comma placement| 1 lakh| 100 thousand| 1,00,000| 100,000|\r\n10 lakhs| 1 million| 10,00,000| 1,000,000|\r\n1 crore| 10 million| 1,00,00,000| 10,000,000|\r\n10 crores| 100 million| 10,00,00,000| 100,000,000|\r\n 1 Arab| 1 billion| 1,00,00,00,000| 1,000,000,000|\r\n10 Arabs| 10 billion| 10,00,00,00,000| 10,000,000,000|\r\n1 kharab| 100 billion| 1,00,00,00,00,000| 100,000,000,000| 10 kharabs| 1 one million million million| 10,00,00,00,00,000| 1,000,000,000,000| 1 padam(shankh)| 10 trillion| 1,00,00,00,00,00,000| 10,000,000,000,000| 10 padams(shankhs)| 100 trillion| 10,00,00,00,00,00,000| 100,000,000,000,000| * product line that in practice, use of Arab, kharab, padam is rare. In modern usage, 1 Arab would be 100 crores. For ex adenosine monophosphatele, the amount ₹3,25,84,729.25 is withdraw as â€Å"three crore, t sebaceous cystty- tailfin lakh, 84 thousand, s yet hundred twenty-nine rupees and twenty-five paise”. The use of millions (or billions, trillions, etc.) in the Indian subcontinent is very rare. â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€-\r\n explanation[edit antecedent | editbeta]\r\nMain article: History of the rupee\r\nIndia s[edit microbe | editbeta]\r\nSilver sack mark coin of the Maurya empire, known as Rupyarupa, 3rd cytosine BCE. Historically, the rupee (derived from the Sanskrit word raupya), was a bills coin. This had severe consequences in the nineteenth century, when the strongest economies in the world were on the prosperousen tired. The discovery of large quantities of funds in the United States and several European colonies resulted in a decline in the value of fluid relative to grand, devaluing India’s regular silver. This event was known as â€Å"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 rÅ«piya is derived physique Sanskrit word rÅ«pya, which pith â€Å" work silver, a coin of silver”,[9] in origin an adjective meaning â€Å" upturned”, with a mor e specific meaning of â€Å"stamped, impressed”, whence â€Å"coin”. It is derived from the noun rÅ«pa â€Å"shape, likeness, image”. The word rÅ«pa is being further identify as having sprung from the Dravidian â€Å". Arthashastra, pen by Chanakya, immemorial minister to the lookmost Maurya emperor Chandragupta Maurya(c. 340-290 BCE), mentions silver coins asrupyarupa, other types of coins including amber coins (Suvarnarupa), copper coins ( Tamararupa) and pourboire coins (Sisarupa) are also mentioned. Rupa means form or shape, example, Rupyarupa, Rupya †wrought silver, rupa †form.[10] During his five- form rule from 1540 to 1545, he set up a radical civic and military administration, Afghan business leader Sher Shah Suri issued a coin of silver, weighing 178 grains, which was termed theRupiya.[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 ru pees complicate; the Bank of Hindustan (1770â€1832), the General Bank of Bengal and Bihar (1773â€75, realized by warren Hastings), and the Bengal Bank (1784â€91).\r\nRupiya issued by Sher Shah Suri, 1540â€1545 CE\r\nIndia was unaffected by the purplish order-in-council of 1825, which onseted to introduce British superior coinage to the British colonies. British India, at that time, was controlled by the British eastward 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 end was make up ones mindd by a letter written by Lord Liverpool in 1805 extolling the virtues of mono-metallism. following(a) the Indian Mutiny in 1857, the British governing took direct control of British India. Since 1851, g sure-enough(a) sovereigns were produced en masse at the Royal Mint in Sydney, spick-and-span southern Wales. In an 1864 render t o make the British metallic sovereign the â€Å" royal coin”, the treasuries in Bombay andCalcutta were instructed to receive gold sovereigns; however, these gold sovereigns never left(a) the vaults. As the British governance gave up rely of replacing the rupee in India with the seize 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 eastbound India Company had desired).\r\nSince 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 lately 20th century.[citation needed] The Indian rupee replaced the danish pastry Indian rupee in 1845, the french Indian rupee in 1954 and the Portuguese Indian escudo in 1961. following(a) the emancipation of British India in 1947 and theaccession of the de luxe states to the new Union, the Indian rupee r eplaced 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(a) currencies (including the Hyderabadi rupee and the cutch kori) had different values.\r\nOne-rupee bank note\r\nObverse 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 startle decade of independence) were: * 1 rupee = 16 anna (later 100 naye paise)\r\n* 1 artharupee = 8 anna, or 1/2 rupee (later 50 naye paise) * 1 pavala = 4 anna, or 1/4 rupee (later 25 naye paise)\r\n* 1 beda = 2 anna, or 1/8 rupee (later akin to 12.5 naye paise) *\r\n1 anna = 1/16 rupee (later kindred to 6.25 naye paise) * 1 paraka = 1/2 anna (later alike to 3.125 naye paise) * 1 kani (pice) = 1/4 anna (later similar to 1.5625 naye paise) * 1 damidi (pie) = 1/12 anna (later equivalent to 0.520833 naye paise) In 1957, the rupee was decimalised and divided into 100 naye paise (Hindi for â€Å"new paise”); in 1964, the initial â€Å"naye” was dropped. umteen still refer to 25, 50 and 75 paise as 4, 8 and 12 annas reckonively, similar to the usage of â€Å" ii bits” in American English for a quarter-dollar. Straits Settlements[edit blood | editbeta]\r\nThe Straits Settlements were originally an outlier of the British East India Company. The Spanish dollar had already interpreted 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 in the end abandoned. International use[edit come | editbeta]\r\nSee also: Pakistani rupee\r\nWith the Partition the Pakista ni rupee came into existence, initially using Indian coins and Indian currency notes simply overstamped with â€Å"Pakistan”. antecedently the Indian rupee was an official currency of other countries, including Aden, Oman, Dubai, capital of Kuwait, Bahrain, Qatar, the Trucial States, Kenya, Tanganyika, Uganda, the Seychelles and Mauritius. The Indian government introduced the disconnection rupee †also known as the Persian Gulf rupee (XPGR) †as a replacement for the Indian rupee for circulation outside the country with the make Bank of India (Amendment) Act of 1 May 1959. The beingness of a separate currency was an attempt to reduce the strain on India’s foreign reserves from gold smuggling.\r\n after(prenominal) 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 alread y done so in 1961 and 1965, respectively. The Bhutanese ngultrum is pegged at par with the Indian rupee; both currencies are trus iirthy in Bhutan. The Nepalese rupee is pegged at ₹0.625; the Indian rupee is accepted in Nepal, except ₹500 and ₹1000 government notes, 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] â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€-\r\nCoins[edit source | editbeta]\r\nMain article: Modern Indian coins\r\nEast India Company, 1835[edit source | editbeta]\r\nThe three Presidencies established by the British East India Company (Bengal, Bombay and Madras) from each one issued their own coinages until 1835. All three issued rupees and fractions thus 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- an d 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-spot 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 adept 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. Regal issues, 1862â€1947[edit source | editbeta]\r\ nRegal issue minted during the reign ofKing/Emperor George V. In 1862, coins were introduced (known as â€Å" royal issues”) which bore the depictionure of Queen Victoria and the designation â€Å"India”. Their denominations were1⁄12 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 note one-anna coin was introduced. In 1918â€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 to the First cr eation 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 stem 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, baby carriage the image of George VI, King and Emperor on the obverse and an Indian tiger on the reverse.. Independent predecimal issues, 1950â€1957[edit source | editbeta]\r\nIndian one pice, minted in 1950\r\nIndia’s first coins after independence were issued in 1950 in 1 pice, 1⁄2, one and two annas, 1⁄4, 1⁄2 and one-rupee denominations. The sizes and composition were the same as the final regal issues, except for the one-pice (which was bronze, simply not holed). Independe nt decimal issues, 1957â€[edit source | editbeta]\r\nIn 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 harmless steel 10-, 25- and 50-paise coins were introduced, followed by 1- and 5-rupee coins in 1992. Five-rupee coins, do frombrass, are being minted by the substitute Bank of India (RBI). Between 2005 and 2008 new, lighter fifty-paise, one-, two- and five-rupee coins were introduced, make from ferritic spotless steel. The move was prompted by the melting-down of aged coins, whose face value was less than their argufy value. The demonetization of the 25-(chavanni)paise coin and all paise coins infra it took place, and a new serial of coins (50 paise †nicknamed athanni †one, two, five and ten rupees, with the new rupee symbol) were range into circulation in 2011. Coins commonly in circulation are one, two, five and ten rupees.[15][16] Although it is still legal tender, the 50-paise (athanni) coin is rarely seen in circulation.[17] travel Coins [15][18]|\r\n entertain| Technical parameters| Description| twelvemonth of|\r\n| Diameter| Mass| Composition| lick| Obverse| Reverse| First minting| Last minting| 50 paise| 19 mm| 3.79 g| Ferritic untainted steel| orotund| type of India| Value, the word â€Å"PAISE” in English and Hindi, flowered theme and stratum of minting| 2011| | 50 paise| 22 mm| 3.79 g| Ferritic stainless steel| peak| fable of India| Value, hand in a fist| 2008| | ₹1| 25 mm| 4.85 g| Ferritic stainless steel| bank note| symbol of India, value| Value, two stalks of pale yellow| 1992| | ₹1| 25 mm| 4.85 g| Ferritic stainless steel| banknote| Emblem of India| Value, hand showing thumb (an sort in the Bharata Natyam Dance)| 2007| | ₹1| 22 mm| 3.79 g| Ferritic stainless steel| Circular| Emblem of India| Value, new rupee sign, floral motif and stratum of minting| 2011| | ₹2| 26 mm| 6 g| Cupro-Nickel| eleven Sided| Emblem of India, Value| National consolidation| 1982| | ₹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| | ₹2| 25 mm| 4.85 g| Ferritic sta inless steel| Circular| Emblem of India| Value, new rupee sign, floral motif and year of minting| 2011| | ₹5| 23 mm| 9 g| Cupro-Nickel| Circular| Emblem of India| Value| 1992| | ₹5| 23 mm| 6 g| Ferritic stainless steel| Circular| Emblem of India| Value, wavy lines| 2007| | ₹5| 23 mm| 6 g| effrontery| Circular| Emblem of India| Value, wavy lines| 2009| | ₹5| 23 mm| 6 g| Nickel- Brass| Circular| Emblem of India| Value, new rupee sign, floral motif and year of minting| 2011| | ₹10| 27 mm| 5.62 g| Bimetallic| Circular| Emblem of India with value| Value, wavy lines| 2006| | ₹10| 27 mm| 5.62 g| Bimetallic| Circular| Emblem of India and year of minting| Value with outward give out pattern, new rupee sign| 2011| | The coins are minted at the four locations of the India Government Mint. The ₹1, ₹2, and ₹5 coins confuse been minted since independence. Coins minted with the â€Å"hand picture” were minted from 2005 onwards. Specia l coins[edit source | editbeta]\r\n later independence, the Government of India mint, minted coins imprinted with Indian statesmen, historical and religious figures. In year 2010 for the first time ever ₹75, ₹cl and ₹1000 coins were minted in India to commemorate Reserve Bank of India’s Platinum jubilee, hundred-and-fiftieth birth anniversary of Rabindra Nath Tagore and 1000 old age of Brihadeeswarar Temple, respectively. â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€-\r\nBanknotes[edit source | editbeta]\r\nThe design of banknotes is approved by the important government, on the recommendation of the aboriginal board of the Reserve Bank of India.[1] specie notes are printed at the funds feeling 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 factory in Hoshangabad. The current serial of banknotes (which began in 1 996) is known as the Mahatma Gandhi series. Banknotes are issued in the denominations of ₹5, ₹10, ₹20, ₹50, ₹100, ₹500 and ₹1000. The printing of ₹5 notes (which had halt earlier) resumed in 2009. ATMs usually distri ande ₹100, ₹500 and ₹1,000 notes. The zero rupee note is not an official government issue, but a symbol of protest; it is printed (and distributed) by an nongovernmental organization in India. British India[edit source | editbeta]\r\nBritish Indian ten rupee note\r\nBritish Indian one rupee note\r\nIn 1861, the government of India introduced its first paper money: ₹10 notes in 1864, ₹5 notes in 1872, ₹10,000 notes in 1899, ₹100 notes in 1900, 50-rupee notes in 1905, 500-rupee notes in 1907 and 1000-rupee notes in 1909. In 1917, 1- and 21⁄2-rupee notes were introduced. The Reserve Bank of India began banknote production in 1938, outlet ₹2, ₹5, ₹10, ₹5 0, ₹100, ₹1,000 and ₹10,000 notes while the government continued outlet ₹1 notes. Independent issues since 1949[edit source | editbeta]\r\nAfter independence, new designs were introduced to replace the portrait of the king. The government continued issuing the ₹1note, while the Reserve Bank issued other denominations (including the ₹5,000 and ₹10,000 notes introduced in 1949). During the 1970s, ₹20 and ₹50 notes were introduced; denominations higher than ₹100 were demonetised in 1978. In 1987 the 500-rupee note was introduced, followed by the ₹1,000 note in 2000. ₹1 and ₹2 notes were give up 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 ₹10 notes will be introduced.[19] According to Reserve Bank officials, the polymer notes will have an middling lifespan of five years (four multiplic ation that of paper banknotes) and will be ambitious to counterfeit; they will also be cleaner than paper notes. Current banknotes[edit source | editbeta]\r\nMain article: Mahatma Gandhi Series (banknotes)\r\nMahatma Gandhi series ₹1000 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 ₹10 and ₹500 banknotes. At present, the RBI issues banknotes in denominations from ₹5 to ₹1,000. The printing of ₹5 notes (which had stop earlier) resumed in 2009. As of January 2012, the new ‘₹’ sign has been incorporated into banknotes in denominations of ₹10, ₹20, ₹50, ₹100, ₹500 and ₹1,000.[20][21][22][23 ] â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€-\r\nLanguages[edit source | editbeta]\r\nEach 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 control dining table 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 dialog box are Assamese, Bengali, Gujarati, Kannada, Kashmiri, Konkani, Malayalam, Marathi, Nepali, Oriya, Punjabi, Sanskrit,Tamil, Telugu and Urdu. Denominations in various(a) languages|\r\nLanguage| ₹1| ₹2| ₹5| ₹10| ₹20| ₹50| ₹100| ₹500| ₹1000| English| One rupee| Two rupees| Five rupees| Ten rupees| twenty dollar bill rupees| Fifty rupees| Hundred rupees| Five hundred rupees| One thousand rupees| Assamese| এঠটà¦à¦¾| দুই টà¦à¦¾| পাঁচ টà¦à¦¾| দহ টà¦à¦¾| বিছ টà¦à¦¾| পঞ্চাশ টà¦à¦¾| এশ টà¦à¦¾| পাঁচশ টà¦à¦¾| এঠহাà¦Å"াৰ টà¦à¦¾| Bengali| এঠটাà¦à¦¾| দুই টাà¦à¦¾| পাঁচ টাà¦à¦¾| দশ টাà¦à¦¾| à¦à§à¦¡à¦¼à¦¿ টাà¦à¦¾| পঞ্চাশ টাà¦à¦¾| শত টাà¦à¦¾| পাঁচশত টাà¦à¦¾| এঠহাà¦Å"ার টাà¦à¦¾| Gujarati| એઠરૂપિયો| બે રૂપિયા| પાંચ રૂપિયા| દસ રૂપિયા| વà  Â«â‚¬Ã ÂªÂ¸ રૂપિયા| પચાસ રૂપિયા| સો રૂપિયા| પાંચ સો રૂપિયા| એઠહàªÅ"ાર રૂપિયા| Hindi| एठरुपया| दो रुपये| पाँच रुपये| दस रुपये| बीस रुपये| पचास रुपये| एठसà¥Å' रुपये| पांच सà¥Å' रुपये| एठहà¤Å"़ार रुपये| Nepali| एठरुपियाँ| दुई रुपियाँ| पाँच रà  Â¥ÂÃ Â¤ÂªÃ Â¤Â¿Ã Â¤Â¯Ã Â¤Â¾Ã Â¤Â| दश रुपियाँ| बीस रुपियाँ| पचास रुपियाँ| एठसय रुपियाँ| पाँच सय रुपियाँ| एठहà¤Å"़ार रुपियाँ| Kannada| à²à²‚ದು ರುಪಾಯಿ| ಎರಡು ರೂಪಾಯಿà²à²³à³| ಐದು ರೂಪಾಯಿà²à²³à³| ಹತ್ತು ರೂಪಾಯಿà²à²³à³| ಇಪ್ಪತ್ತು ರೂಪಾಯಿà²à²³à³| ಐವತ್ತು ರೂಪಾಯಿà²à²³à³| ನೂರು ರೂಪಾಯಿà²à²³à³| ಐನೂರು ರೂಪಾಯಿà²à²³à³| à²à²‚ದು ಸಾವಿರ ರೂಪಾಯಿà²à²³à³| Konkani| एठरुपया| दोन रुपया| पांच रुपया| धा रुपया| वीस रुपया| पन्नास रुपया| शंभर रुपया| पाचशें रुपया| एठहà¤Å"़ार रुपया| Malayalam| à´à´°àµ രൂപ| രണ്ടു രൂപ| à´à´žàµà´šàµ രൂപ| പത്തു രൂപ| ഇഠ°àµà´ªà´¤àµ രൂപ| à´àµ»à´ªà´¤àµ രൂപ| നൂറു രൂപ| à´à´žàµà´žàµ‚റു രൂപ| ആയിരം രൂപ| Marathi| एठरुपया| दोन रुपये| पाच रुपये| दहा रुपये| वीस रुपये| पन्नास रुपये| शंभर रुपये| पाचशे रुपये| एठहà¤Å"ार रुपये| Sanskrit| एà¤à¤°à¥‚प्यà¤à¤®à¥| द्वे रूप्यà¤à¥‡| पञ्चरूप्यà¤à¤¾à¤£ ि| दशरूप्यà¤à¤¾à¤£à¤¿| विंशती रूप्यà¤à¤¾à¤£à¤¿| पञ्चाशत् रूप्यà¤à¤¾à¤£à¤¿| शतं रूप्यà¤à¤¾à¤£à¤¿| पञ्चशतं रूप्यà¤à¤¾à¤£à¤¿| सहस्रं रूप्यà¤à¤¾à¤£à¤¿| Kashmiri| | | | | | | | | -|\r\nTamil| à®à®°à¯ ரூபாய்| இரண்டு ரூபாய்| ஐந்து ரூபாய்| பத்து ரூபாய்| இருபது ரூபாய்| ஐம்பது ரூபாய ்| நூறு ரூபாய்| ஐந்நூறு ரூபாய்| ஆயிரம் ரூபாய்| Telugu| à°à° రూపాయి| రెండు రూపాయలు| ఐదు రూపాయలు| పది రూపాయలు| ఇరవై రూపాయలు| యాభై రూపాయలు| నూరు రూపాయలు| ఐదువందల రూపాయలు| వెయ్యి రూపాయలు|\r\nPunjabi| ਇਠਰੁਪਏ| ਦੋ ਰੁਪਏ| ਪੰà¨Å" ਰࠩà¨ªà¨| ਦਸ ਰੁਪਏ| ਵੀਹ ਰੁਪਏ| ਪੰà¨Å"ਾਹ ਰੁਪਏ| ਇਠਸੋ ਰੁਪਏ| ਪੰà¨Å" ਸੋ ਰੁਪਏ| ਇਠਹà¨Å"ਾਰ ਰੁਪਏ| Urdu| اÛÅ'Ú© روپÛÅ'ہ| دو روپÛ| پانچ روپÛ| دس روپÛ| بÛÅ'س روپÛ| پچاس روپÛ| اÛÅ'Ú© سو روپÛ| پانچ سو روپÛ| اÛÅ'Ú© ہزار روپÛ| Oriya| à­§ ଟଙ୍à¬à¬¾| à­¨ ଟଙ୍à¬à¬¾| à­« ଟଙ୍à¬à¬¾| à­§0 ଟଙ୍à¬à¬¾| ୨୦ ଟଙ୍à¬à¬¾| à­«à­¦ ଟଙ୍à¬à¬¾| ୧୦୦ ଟଙ୍à¬à¬¾| ୫୦୦ ଟଙ୍à¬à¬¾| ୧୦୦୦ ଟଙ୍à¬à¬¾| â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€-\r\nMinting[edit source | editbeta]\r\nA post card depicting the Mint.\r\nThe Government of India has the only obligation to mint the coins. The responsibility for coinage comes under the Coinage Act, 1906 which is amended from time to time. The pattern 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).[24] The coins are issued for circulation only through the Reserve Bank in terms of the RBI Act. â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€-\r\nSecurity features[edit source | editbeta]\r\nThe main security features of current banknotes are:\r\n* Watermark †White side embellish of notes has Mahatma Gandhi watermar k. * Security thread †All notes have a silver or fountain security band with inscriptions (visible when held against light) of Bharat in Hindi and â€Å"RBI” in English. * Latent image †On notes of denominations of ₹20 and upward, a vertical band on the right side of the Mahatma Gandhi’s portrait contains a possible image showing the respective denominational value numerally (visible only when the note is held horizontally at eye level). * Microlettering †Numeral denominational value is visible under magnifying glass over between security thread and potential image. * Intaglio †On notes with denominations of ₹5 and upwards the portrait of Mahatma Gandhi, the Reserve Bank seal, warrantee and promise clause, Ashoka Pillar Emblem on the left and the RBI Governor’s signature are printed in intaglio printing (raised print). * Identification mark †On the left of the watermark window, different shapes are printed for various denominations ₹20: vertical rectangle, ₹50: square, ₹100: triangle, ₹500: circle, ₹1,000: diamond). This also helps the visually damage to identify the denomination. * Fluorescence †Number panels glow under ultraviolet light. * Optically variable ink †Notes of ₹500 and ₹1,000 denominations have their numerals printed in optically variable ink. The number appears green when the note is held flat, but changes to blue when viewed at an angle. * see through register †Floral designs printed on the front and the back of the note coincide and abruptly overlap each other when viewed against light. * EURion shape †A pattern of symbols found on the banknote helps software detect the armorial bearing of a banknote in a digital image, preventing its reproduction with devices such as colour photocopiers. â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€-\r\nConvertibility[edit source | editbeta]\r\ nMost cunningd currencies by value\r\nCurrency distribution of globose foreign exchange market turnover[25][26]| post| Currency| ISO 4217 code\r\n(Symbol)| % daily overlap\r\n(April 2010)|\r\n1|  United States dollar| USD ($)| 84.9%|\r\n2|  Euro| EUR (€)| 39.1%|\r\n3|  Japanese yen| JPY (Â¥)| 19.0%|\r\n4|  Pound sterling| GBP (£)| 12.9%|\r\n5|  Australian dollar| AUD ($)| 7.6%|\r\n6|  Swiss franc| CHF (Fr)| 6.4%|\r\n7|  Canadian dollar| CAD ($)| 5.3%|\r\n8|  Hong Kong dollar| HKD ($)| 2.4%|\r\n9|  Swedish krona| SEK (kr)| 2.2%|\r\n10|  New Zealand dollar| NZD ($)| 1.6%|\r\n11|  capital of Singapore dollar| SGD ($)| 1.5%|\r\n12|  South Korean won| KRW (â‚©)| 1.5%|\r\n13|  Norwegian krone| NOK (kr)| 1.3%|\r\n14|  Mexican peso| MXN ($)| 1.3%|\r\n15|  Indian rupee| INR ()| 0.9%|\r\nOther| 12.2%|\r\nTotal[27]| 200%|\r\nOfficially, the Indian rupee has a market-deter mined exchange rate. However, the RBI trades actively in the USD/INR currency market to impact in force(p) exchange rates. Thus, the currency regime in place for the Indian rupee with respect to the US dollaris a de facto controlled exchange rate. This is sometimes called a â€Å"managed float”. Other rates (such as the EUR/INR and INR/JPY) have the volatility common of floating exchange rates, and often fix persistant arbitrage opportunities against the RBI.[28] Unlike China, successive administrations (through RBI, the central bank) have not followed a constitution of pegging the INR to a specific foreign currency at a particular exchange rate.\r\nRBI 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.[29] Also affect convertibility is a series of customs regulations curtail the import and export of rupees. Legally, foreign nationals a re forbidden from importing or exportation rupees; Indian nationals can import and export only up to ₹7,500 at a time, and the possession of ₹500 and ₹1,000 rupee notes in Nepal is prohibited [30][31] RBI also exercises a system of capital controls in add-on to intervention (through active trading) in currency markets. On the current government note, 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 anaesthetic firms are able to take capital out of the country in order to expand globally. However, local households are curb in their ability to diversify globally. Because of the elaborateness of the current and capital accounts, India is increasingly base towards full de facto convertibility.\r\nThere is some disorderliness 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 callable to gold’s lack of liquidness;[citation needed] therefore, money cannot be changed into gold by the RBI. India follows the same principle as ample Britain and the U.S. Reserve Bank of India clarifies its position regarding the promissory clause printed on each banknote: â€Å"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 need 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., â€Å"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 f or coins of an equivalent amount.” [32] Chronology[edit source | editbeta]\r\n* 1991 †India began to lift restrictions on its currency. A number of reforms remove restrictions on current account transactions (including trade, cheer payments and remittances and some capital asset-based transactions). Liberalised Exchange send Management System (LERMS) (a dual-exchange-rate system) introduced partial convertibility of the rupee in March 1992.[33] * 1997 †A panel (set up to explore capital account convertibility) recommended that India move towards full convertibility by 2000, but the timetable was abandoned in the wake of the 1997â€1998East Asiatic financial crisis. * 2006 †Prime Minister Manmohan Singh asked the pay Minister and the Reserve Bank of India to get a road map for moving towards capital account convertibility.[34] â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€-\r\nExchange rates[edit source | editbeta]\r\nHis toric exchange rates[edit source | editbeta]\r\n chart 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. selective information source: Reserve Bank of India honorable mention 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 4.80 (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 speech the USD to INR rate would be closer to Rs 4. In 1966, India changed the peg to dollar at INR 7.50.[35] Indian rupees per currency unit averaged over the year[36]| Currency| code| 1996| 2000| 2004| 2006| 2007| 2008| 2009| 2010| 2013| U.S. dollar| USD| 35.444| 44.2| 45.340| 43.954| 39.5| 48.76112| 45.3354| 58| 68.80| Canadian dollar| CAD| 26.002| 30.283| 34.914| 41.098| 42.92026| 44.5915| 52.1706| | | Euro*| EUR| 44.401| 41.525| 56.385| 64.127| 68.03312| 60.5973| 65.6987| | | Pound sterling| GBP| 55.389| 68.119| 83.064| 80.633| 76.38023| 71.3313| 83.6329| | | Swiss franc| CHF| 28| | | | | | | | 50|\r\nSingapore dollar| SGD| 25.160| 26.07| 26.830| 30.932| 33.60388| 34.5127| 41.2737| | | *before 1 Jan 1999, European Currency Unit,|\r\nBanknotes and coins in circulation[edit source | editbeta] As of 2012 banknotes of the denominations of ₹5, ₹10, ₹20, ₹50, ₹100, ₹500 and ₹1000 are in circulation; coins with face-value of 50 paisa, ₹1, ₹2, ₹5 and ₹10 rupees. This is excluding the commemorative coins minted for special occasions.\r\n'