Indian rupee














































































































Indian Rupee

Banknote of india.jpg
Banknotes currently in circulation in India

ISO 4217
Code INR
Number 356
Exponent 2
Denominations
Subunit

.mw-parser-output .nobold{font-weight:normal}
 ​1100
paisa


 paisa
p
Banknotes


 Freq. used

10, 20, 50, 100, 200, 500, 2000


 Rarely used

1, 2, 5
Coins


 Freq. used

1, 2, 5, 10
Demographics
Date of introduction 1 January 1948
Official user(s)
 India
Unofficial user(s)
 Bhutan[a]
   Nepal
 Zimbabwe[b][1]
Issuance
Central bank Reserve Bank of India
Printer Reserve Bank of India


 Website
www.rbi.org.in
Mint India Government Mint


 Website
www.spmcil.com
Valuation
Inflation 4.4% (2017–18)


 Source
RBI – Annual Inflation Report


 Method

CPI[2]
Pegged by
Bhutanese ngultrum (at par)
Nepalese rupee (₹1 = रू1.6 NPR)



  1. ^ Alongside the Bhutanese ngultrum


  2. ^ Alongside the US dollar, South African rand and Botswana pula



The Indian rupee (sign: ; code: INR) is the official currency of India. The rupee is subdivided into 100 paise (singular paisa), though as of 2018, coins of denomination of 50 paise or half rupee is the lowest value in use. The issuance of the currency is controlled by the Reserve Bank of India.[3] 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.


In 2012, a new rupee symbol '', was officially adopted. It was designed by D. Udaya Kumar. It was derived from the combination of the Devanagari consonant "र" (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,[4] and also depict an equality sign that symbolises the nation's desire to reduce economic disparity. The first series of coins with the new rupee symbol started in circulation on 8 July 2011. Before this India used to use Rs for plural and Re to depict one rupee.


On 8 November 2016 the Government of India announced the demonetisation of 500 and 1000 banknotes[5][6] with effect from midnight of the same day, making these notes invalid.[7] A newly redesigned series of 500 banknote, in addition to a new denomination of 2000 banknote is in circulation since 10 November 2016.[8][9]1000 has been suspended.[10]


On 25 August 2017, a new denomination of ₹200 banknote was added to Indian currency to fill the gap of notes due to high demand for this note after demonetisation.[11]


In July 2018, the Reserve Bank of India released the ₹100 banknote.[12]




Contents






  • 1 Etymology


  • 2 History


    • 2.1 1800s


    • 2.2 India Council Bill


    • 2.3 1900s


    • 2.4 Problems caused by the gold standard


    • 2.5 Worldwide rupee Usage




  • 3 Coins


    • 3.1 Pre-independence issues


      • 3.1.1 East India Company, 1835


      • 3.1.2 Regal issues, 1862–1947




    • 3.2 Post independence issues


      • 3.2.1 Independent predecimal issues, 1950–1957


      • 3.2.2 Independent decimal issues, 1957–present


      • 3.2.3 Minting


      • 3.2.4 Commemorative coins






  • 4 Banknotes


    • 4.1 Pre independence issues


    • 4.2 Post independence issues


      • 4.2.1 Current circulating banknotes






  • 5 Convertibility


    • 5.1 Chronology




  • 6 Exchange rates


    • 6.1 Historic exchange rates


    • 6.2 Current exchange rates




  • 7 See also


  • 8 References


  • 9 External links





Etymology


The word "rupee" was derived from the Sanskrit word rūpya and Hindustani rupaya (meaning "wrought silver, a coin of silver").[13][14][15]Panini characterised rūpya as a stamped rūpa (which means a form in general, but probably a silver form in this case).[16]Arthashastra, written by Chanakya, prime minister to the first Maurya emperor Chandragupta Maurya (c 340–290 BCE), mentions silver coins as rūpyarūpa. Other types of coins including gold coins (suvarṇarūpa), copper coins (tāmrarūpa) and lead coins (sīsarūpa) are also mentioned.



History





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



Silver coins with raised writing


Rupiya issued by Sher Shah Suri, 1540–1545 CE


The history of the Indian rupee traces back to Ancient India in circa 6th century BCE, ancient India was one of the earliest issuers of coins in the world,[17] along with the Chinese wen and Lydian staters.[18]


Arthashastra, written by Chanakya, prime minister to the first Maurya emperor Chandragupta Maurya (c. 340–290 BCE), mentions silver coins as rūpyarūpa, other types including gold coins (suvarṇarūpa), copper coins (tamrarūpa) and lead coins (sīsarūpa) are mentioned. Rūpa means form or shape, example, rūpyarūpa, rūpya – wrought silver, rūpa – form.[19]


During his five-year rule from 1540 to 1545, Sultan Sher Shah Suri issued a coin of silver, weighing 178 grains (or 11.53 grams), which was termed the Rupiya.[20][21] During Babar's time, the brass to silver exchange ratio was roughly 50:2.[22] The silver coin remained in use during the Mughal period, Maratha era as well as in British India.[23] 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).



1800s














































































































































































































































































Historically, the rupee 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."


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.




Chart showing exchange rate of Indian silver rupee coin (blue) and the actual value of its silver content (red), against British pence. (From 1850 to 1900)


Following the First war of Independence 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 realised 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]



India Council Bill


Around 1875, Britain started paying India for exported goods in India Council 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."[25]

"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."[26]

"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"[25]

"the great nations had recourse to two expedients for replenishing their exchequers, - first, loans, and, second, the more convenient forced loans of paper money۔"[25]


1900s




Government of India-1 Rupee (1917)



Problems caused by the gold standard


At the onset of the First World War, the cost of gold was very low and therefore the pound sterling had high value. But during the First World War, the value of the pound fell alarmingly due to rising war expenses. At the conclusion of the war, the value of the pound was only a fraction of what it used to be prior to the commencement of the war. It remained low until 1925, when the then Chancellor of the Exchequer (finance minister) of the United Kingdom, Winston Churchill, restored it to pre-War levels. As a result, the price of gold fell rapidly. While the rest of Europe purchased large quantities of gold from the United Kingdom, there was little increase in her gold reserves. This dealt a blow to an already deteriorating British economy. The United Kingdom began to look to its possessions as India to compensate for the gold that was sold.[27]


"However, the price of gold in India, on the basis of the exchange rate of the rupee around 1S.6d., was lower than the price prevailing abroad practically throughout; the disparity in prices made the export of the metal profitable, which phenomenon continued for almost a decade. Thus, in 1931–32, there were net exports of 7.7 million ounces, valued at Rs. 57.98 crores. In the following year, both the quantity and the price rose further, net exports totaling 8.4 million ounces, valued at Rs.65.52 crores. In the ten years ended March 1941, total net exports were of the order of 43 million ounces (1337.3 Tons) valued at about Rs. 375 crores, or an average price of Rs. 32-12-4 per tola."[28]

"In the autumn of 1917 (when the silver price rose to 55 pence).... there was danger of uprisings in India (against paper currency) which would handicap seriously British participation in the World War....In-convertibility (of paper currency into coin) would lead to a run on Post Office Savings Banks. It would prevent the further expansion of (paper currency) note issues and cause a rise of prices, in paper currency, that would greatly increase the cost of obtaining war supplies for export....To have reduced the silver content of this historic (Rupee) coin might well have caused such popular distrust of the Government as to have precipitated an internal crisis, which would have been fatal to British success in the war."[29]

In 1939, Dickson H. Leavens wrote in his book 'Silver Money': "In recent years the increased price of gold, measured in depreciated paper currencies, has attracted to the market (of London) large quantities (of gold) formerly hoarded or held in the form of ornaments in India and China".[29]


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).[30] 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.


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



  • 1 rupee = 16 anna (later 100 naye paise)

  • 1 ardharupee = 8 anna, or ​12 rupee (later 50 naye paise)

  • 1 pavala = 4 anna, or ​14 rupee (later 25 naye paise)

  • 1 beda = 2 anna, or ​18 rupee (later equivalent to 12.5 naye paise)

  • 1 anna = ​116 rupee (later equivalent to 6.25 naye paise)

  • 1 paraka = ​12 anna (later equivalent to 3.125 naye paise)

  • 1 kani (pice) = ​14 anna (later equivalent to 1.5625 naye paise)

  • 1 damari (pie) = ​112 anna (later equivalent to 0.520833 naye paise)

  • 1 Athanni (dheli) = ​12 rupee

  • 1 Chawanni = ​14 rupee

  • 1 Dawanni = ​18 rupee

  • 1 Anna/Ekanni = ​116 rupee

  • 1 Taka/Adhanni = ​132 rupee

  • Paisa = ​164 rupee

  • Dhela = ​1128 rupee (​12 paisa)

  • Pie = ​13 paisa = ​1192 rupee

  • Damari = ​14 paisa = ​1256 rupee.


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.



Worldwide rupee Usage


As the Straits Settlements were originally an outpost of the British East India Company, In 1837, the Indian rupee was made the sole official currency in the Straits Settlements, as it was administered as part of British India. This attempt was resisted by the locals. However, Spanish dollars continued to circulate and 1845 saw the introduction of coinage for the Straits Settlements using a system of 100 cents = 1 dollar, with the dollar equal to the Spanish dollar or Mexican peso. In 1867, administration of the Straits Settlements was separated from India and the Straits dollar was made the standard currency, and attempts to reintroduce the rupee were finally abandoned.[31]


After the Partition of India, 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 with Kuwaiti dinar and in 1965 with Bahraini dinar, respectively.[32]


The Bhutanese ngultrum is pegged at par with the Indian rupee; both currencies are accepted in Bhutan. The Nepalese rupee is pegged at 0.625; the Indian rupee is accepted in Bhutan and Nepal, except 500 and 1000 banknotes of the Mahatma Gandhi Series and the 200, 500 and 2,000 banknotes of the Mahatma Gandhi New Series, which are not legal tender in Bhutan and Nepal and are banned by their respective governments, though accepted by many retailers.[33] On 29 January 2014, Zimbabwe added the Indian rupee as a legal tender to be used.[1][34]



Coins



Pre-independence issues




1835 East India Company 2 Mohurs










Indian rupee (1862).



Obverse: Crowned bust of Queen Victoria surrounded by name.

Reverse: Face value, country and date surrounded by wreath.
Coin made of 91.7% silver.



1862 India One Mohur




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




1 Indian rupee (1947) featuring George VI on obverse and Indian Lion on reverse.



Both sides of copper-coloured coin

Indian one pice, minted in 1950




1 Indian rupee (1905) featuring Edward VII.




1 Indian rupee (1918) featuring George V.



Row of six differently-shaped aluminium coins, arranged by size

In 1964, India introduced aluminium coins for denominations up to 20p.



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 ​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-, 1​12-, 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


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 Lion on the reverse.



Post independence issues




Independent predecimal issues, 1950–1957


India's first coins after independence were issued in 1950 in denominations of 1 pice, ​12, one and two annas, ​14, ​12 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


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 chawanni; 25 naye paise equals 4 annas), 50 naye paise (also called athanni; 50 naye paise equalled 8 old annas) and 1-rupee coins were nickel. In 1964, the word naya(e) was removed from all coins. Between 1957 and 1967, aluminium one-, two-, three-, five- 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- 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 demonetisation of the 25-(chawanni) 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.[35][36] Although it is still legal tender, the 50-paise (athanni) coin is rarely seen in circulation.[37]






































































































































































































Circulating Coins [35][38]
Value Technical parameters Description Year of
Diameter Mass Composition Shape Obverse Reverse First minting Last minting
50 paise 19 mm 3.79 g Ferritic stainless steel Circular Emblem of India Value, the word "PAISE" in English and Hindi, floral motif and year of minting 2011
50 paise 22 mm 3.79 g Ferritic stainless steel Circular Emblem of India Value, hand in a fist 2008

1
25 mm 4.85 g Ferritic stainless steel Circular Emblem of India, value Value, two stalks of wheat
1992 2004

1
25 mm
4.95 g
Ferritic

stainless steel


Circular
Unity from diversity,

cross dividing 4 dots


Value, Emblem of India, Year

of minting


2004
2007

1
25 mm 4.85 g Ferritic stainless steel Circular Emblem of India Value, hand showing thumb (an expression in the Bharata Natyam Dance) 2007 2011

1
22 mm 3.79 g Ferritic stainless steel Circular Emblem of India Value, new rupee sign, floral motif and year of minting 2011

2
26 mm 6 g Cupro-Nickel Eleven Sided Emblem of India, Value National integration 1982 2004

2
26.75mm
5.8 g
Ferritic

stainless steel


circular
Unity from diversity,

cross dividing 4 dots


Value, Emblem of India, Year

of minting


2005
2007

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 2011

2
25 mm 4.85 g Ferritic stainless 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 2006

5
23 mm 6 g Ferritic stainless steel Circular Emblem of India Value, wavy lines 2007 2009

5
23 mm 6 g Brass Circular Emblem of India Value, wavy lines 2009 2011

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 7.62 g Bimetallic Circular Emblem of India and

year of minting


Value with outward radiating pattern of 15 spokes 2006 2010

10
27 mm 7.62 g Bimetallic Circular Emblem of India and year of minting Value with outward radiating pattern of 10 spokes, new rupee sign 2011 present

The coins are minted at the four locations of the India Government Mint. The 1, 2, and 5 coins have been minted since independence. Coins minted with the "hand picture" were minted from 2005 onwards.



Minting




A postcard depicting the Mint.


The Government of India has the only right to mint the coins and one rupee note. 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). The coins are issued for circulation only through the Reserve Bank in terms of the RBI Act.[39]



Commemorative coins


After independence, the Government of India mint, minted coins imprinted with Indian statesmen, historical and religious figures.
In the years 2010 and 2011 for the first time ever 75, 150 and 1000 coins were minted in India to commemorate the Platinum Jubilee of the Reserve Bank of India, the 150th birth anniversary of the birth of Rabindranath Tagore and 1000 years of the Brihadeeswarar Temple, respectively. In 2012 a 60 coin was also issued to commemorate 60 years of the Government of India Mint, Kolkata. 100 coin was also released commemorating the 100th anniversary of Mahatma Gandhi's return to India.[40]Commemorative coins of 125 were released on 4 September 2015 and 6 December 2015 to honour the 125th anniversary of the births of Sarvepalli Radhakrishnan and B. R. Ambedkar, respectively.[41][42]



Banknotes



Pre independence issues




Government of India-10 Rupees (1910)



Old 1 rupee note

British Indian one rupee note


In 1861, the government of India introduced its first paper money: Rs 10 note in 1864, Rs 5 note in 1872, Rs 10,000 note in 1899, Rs 100 note in 1900, Rs 50 note in 1905, Rs 500 note in 1907 and Rs 1,000 note in 1909. In 1917, Re 1 and Rs 2​12 notes were introduced. The Reserve Bank of India began banknote production in 1938, issuing Rs 2, Rs 5, Rs 10, Rs 50, Rs 100, Rs 1,000 ad Rs 10,000 notes while the government continued issuing Re 1 note but demonetized the Rs 500 and Rs 2​12 notes.



Post independence issues




First banknote of independent India, one rupee, 1949


After independence, new designs were introduced to replace the portrait of George VI. The government continued issuing the Re1 note, while the Reserve Bank issued other denominations (including the Rs 5,000 and Rs 10,000 notes introduced in 1949). All pre-independence banknotes were officially demonetised with effect from 28 April 1957.[43][44]


During the 1970s, Rs 20 and Rs 50 notes were introduced; denominations higher than Rs 100 were demonetised in 1978. In 1987, the Rs 500 note was introduced, followed by the Rs 1,000 note in 2000 while Re 1 and Rs 2 notes were discontinued in 1995.


The design of banknotes is approved by the central government, on the recommendation of the central board of the Reserve Bank of India.[3] Currency notes are printed at the Currency Note Press in Nashik, the Bank Note Press in Dewas, the Bharatiya Reserve Bank Note Mudran (P) Ltd at Salboni and Mysore and at the Watermark Paper Manufacturing Mill in Hoshangabad. 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 of the Lion capital series. The RBI introduced the series in 1996 with Rs10 and Rs 500 banknotes. At present, the RBI issues banknotes in denominations from 5 to 2,000. The printing of Rs 5 notes (which had stopped earlier) resumed in 2009.


As of January 2012, the new '' sign has been incorporated into banknotes of the Mahatma Gandhi Series in denominations of 10, 20, 50, 100, 500 and 1,000.[45][46][47][48]
In January 2014 RBI announced that it would be withdrawing from circulation all currency notes printed prior to 2005 by 31 March 2014. The deadline was later extended to 1 January 2015. The dead line was further extended to 30 June 2016.[49]


On 8 November 2016, the Reserve Bank of India (RBI) announced the issuance of new 500 and 2,000 banknotes in new series. The new 2,000 banknote has a magenta base colour, with a portrait of Mahatma Gandhi as well as the Ashoka Pillar Emblem on the front. The denomination also has a motif of the Mars Orbiter Mission (MOM) on the back, depicting the country's first venture into interplanetary space. The new 500 banknote has a stone grey base colour with an image of the Red Fort along with the Indian flag printed on the back. Both the banknotes also have the Swachh Bharat Abhiyan logo printed on the back. The banknote denominations of 200, 100 and 50 have also been introduced in the new Mahatma Gandhi New Series intended to replace all banknotes of the previous Mahatma Gandhi Series.[50] On 13 June 2017, RBI introduced new 50 notes, but the old ones continue being legal tender. The design is similar to the current notes in the Mahatma Gandhi (New) Series, except they will come with an inset 'A'.



Current circulating banknotes



As of 24 August 2017, current circulating banknotes are in denominations of 5, 10, 20, 50 and 100 from the Mahatma Gandhi Series, in denominations of ₹10, ₹50, 100[51], 200, 500 and 2,000 from the Mahatma Gandhi New Series, and the denomination of 1 of the Lion Capital Series.





















































































































Current circulating banknotes
Image Value Dimensions Main colour Description Date of Issue Circulation
Obverse Reverse Obverse Reverse Watermark

India 1 R 2015, obverse.jpg

India 1 R 2015, reverse.jpg

1
97 × 63 mm
Green and Pink
One-rupee coin Sagar Samrat oil rig Pillars of Ashoka 2015[52]
Limited

5 Rupees (Obverse).jpg

5 Rupees (Reverse).jpg

5
117 × 63 mm Green Mahatma Gandhi Tractor Mahatma Gandhi 2002 / 2009 Limited

India new 10 INR, MG series, 2018, obverse.jpg

India new 10 INR, MG series, 2018, reverse.jpg

10
123 x 63 mm Chocolate brown Konark Sun Temple 2018 Wide

India P-089A 20 Rupees Gandhi 2002, obverse.jpg

India P-089A 20 Rupees Gandhi 2002, reverse.jpg

20
147 × 63 mm
Red-Orange

Mount Harriet, Port Blair
2001 / 2006 Wide

India new 50 INR, MG series, 2018, obverse.jpg

India new 50 INR, MG series, 2018, reverse.jpg

50
135 × 66 mm Fluorescent blue
Hampi with Chariot
2017 Wide

100 rs note obverse.jpg

100 rs note reverse.jpg

100
142x66 mm

Lavender

Rani ki Vav
2018
Wide

India, 200 INR, 2018, obverse.jpg

India, 200 INR, 2018, reverse.jpg

200
146 × 66 mm Bright Yellow Sanchi Stupa 2017 Wide

India new 500 INR, MG series, 2016, obverse.jpg

India new 500 INR, MG series, 2016, reverse.jpg

500
150 × 66 mm Stone Grey
Red Fort
2016
Wide

India new 2000 INR, MG series, 2016, obverse.jpg

India new 2000 INR, MG series, 2016, reverse.jpg

2000
166 × 66 mm Magenta
Mangalyaan
2016
Wide

For table standards, see the banknote specification table.


Convertibility






































































































































































































































Most traded currencies by value
Currency distribution of global foreign exchange market turnover[53]
Rank Currency
ISO 4217 code
(symbol)
% of daily trades
(bought or sold)
(April 2016)
1

 United States dollar
USD (US$)
87.6%
2

 Euro
EUR (€)
31.4%
3

 Japanese yen
JPY (¥)
21.6%
4

 Pound sterling
GBP (£)
12.8%
5

 Australian dollar
AUD (A$)
6.9%
6

 Canadian dollar
CAD (C$)
5.1%
7

 Swiss franc
CHF (Fr)
4.8%
8

 Renminbi
CNY (元)
4.0%
9

 Swedish krona
SEK (kr)
2.2%
10

 New Zealand dollar
NZD (NZ$)
2.1%
11

 Mexican peso
MXN ($)
1.9%
12

 Singapore dollar
SGD (S$)
1.8%
13

 Hong Kong dollar
HKD (HK$)
1.7%
14

Norwegian krone
NOK (kr)
1.7%
15

South Korean won
KRW (₩)
1.7%
16

 Turkish lira
TRY (₺)
1.4%
17

 Russian ruble
RUB (₽)
1.1%
18

Indian rupee
INR (₹)
1.1%
19

Brazilian real
BRL (R$)
1.0%
20

South African rand
ZAR (R)
1.0%
21

Danish krone
DKK (kr)
0.8%
22

Polish złoty
PLN (zł)
0.7%
23

New Taiwan dollar
TWD (NT$)
0.6%
24

Thai baht
THB (฿)
0.4%
25

Malaysian ringgit
MYR (RM)
0.4%
26

Hungarian forint
HUF (Ft)
0.3%
27

Saudi riyal
SAR (﷼)
0.3%
28

Czech koruna
CZK (Kč)
0.3%
29

Israeli shekel
ILS (₪)
0.3%
30

Chilean peso
CLP (CLP$)
0.2%
31

Indonesian rupiah
IDR (Rp)
0.2%
32

Colombian peso
COP (COL$)
0.2%
33

Philippine peso
PHP (₱)
0.1%
34

Romanian leu
RON (L)
0.1%
35

Peruvian sol
PEN (S/)
0.1%
Other 2.1%
Total[54]
200.0%

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.[55] 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.[56]


Also affecting convertibility is a series of customs regulations restricting the import and export of rupees. Legally, only up to 25000 can be imported or exported in cash at a time, and the possession of 200 and higher notes in Nepal is prohibited.[57][58] The conversion of currencies for and from rupees is also regulated.


RBI also exercises a system of capital controls in addition to (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 US.


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." [59]



Chronology



  • 1991 – India began to lift restrictions on its currency. A number of reforms removed restrictions on current account transactions (including trade, interest payments and remittances and some capital asset-based transactions). Liberalised Exchange Rate Management System (LERMS) (a dual-exchange-rate system) introduced partial convertibility of the rupee in March 1992.[60]

  • 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 1997–1998 East Asian financial crisis.

  • 2006 – Prime Minister Manmohan Singh asked the Finance Minister and the Reserve Bank of India to prepare a road map for moving towards capital account convertibility.[61]

  • On 8 November 2016, the Government of India announced the demonetisation of all 500 (US$7.00) and 1,000 (US$14) banknotes of the Mahatma Gandhi Series.[62] The government claimed that the action would curtail the shadow economy and crack down on the use of illicit "black money" and counterfeit cash to fund illegal activity and terrorism.[63][64]



Exchange rates



Historic exchange rates




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 following the Great Recoinage of 1816, and adoption of the Gold Standard, until the outbreak of World War I, the silver backed Indian rupee lost value against a basket of Gold pegged currencies, and was periodically devalued to reflect the then current gold to silver reserve ratios, see above. In 1850 the official conversion rate between a pound sterling and the rupee was £0 / 2s / 0d (or £1:₹10), while between 1899–1914 the conversion rate was set at £0 / 1s / 4d (or £1:₹15), for comparison during this period the US dollar was pegged at £1:$4.79. Between the wars the rate improved to 1s 6d (or £1:₹13.33), and remained pegged at this rate for the duration of the Breton Woods agreement, to its devaluation and pegging to the US dollar, at $1:7.50, in 1966.[65][66]


The £ was devalued against the $ in 1949, impacting currencies that maintained a peg to sterling, such as the .


The gold silver ratio expanded during 1870–1910. Unlike India, Britain was on gold standard. To meet the Home Charges (i.e., expenditure in England) the colonial government had to remit a larger number of rupees and this necessitated increased taxation, unrest and nationalism.





















































































































































































































































































































































































































































































Indian rupees per currency unit averaged over the year[67][68][69][70]
Currency ISO code 1947 1949 1966 1995 1996 2000 2004 2006 2007 2008 2009 2010 2013 2014 2015 2016 2017 2018
Australian dollar AUD 5.33 27.69 26.07 33.28 34.02 34.60 36.81 38.22 42.00 56.36 54.91 48.21 49.96 49.91 50.64
Bahraini Dinar BHD 13.35 91.75 91.24 117.78 120.39 120.40 109.59 115.65 128.60 121.60 155.95 164.55 170.6 178.3 169.77
Bangladeshi taka BDT 0.84 0.84 0.77 0.66 0.63 0.57 0.71 0.66 0.68 0.80 0.88 0.84 0.85 0.76
Canadian dollar CAD 5.90 23.63 26.00 30.28 34.91 41.09 42.92 44.59 52.17 44.39 56.88 49.53 47.94 52.32 50.21 51.38
Chinese Yuan CNY 5.80 9.93 10.19 10.15 9.81
Emirate dirham AED 17.47 18.26 17.73 17.80

Euroa
EUR 42.41 44.40 41.52 56.38 64.12 68.03 60.59 65.69 70.21 72.60 75.84 73.53 79.52

Israeli shekelb
ILS 13.33 13.33 21.97 11.45 10.76 10.83 17.08 16.57 17.47 18.36

Japanese Yenc
JPY 6.6 0.01 2.08 32.66 32.96 41.79 41.87 38.93 35.00 42.27 51.73 52.23 60.07 57.79 53.01 62.36 56
Kuwaiti Dinar KWD 17.80 115.5 114.5 144.9 153.3 155.5 144.6 161.7 167.7 159.2 206.5 214.3 213.1 222.4 211.43
Malaysian Ringgit MYR 1.55 1.55 2.07 12.97 14.11 11.84 11.91 12.36 11.98 13.02 13.72 14.22 18.59 18.65 16.47 16.37 15.72
Maldivian rufiyaa MVR 1.00 1.33 2.93 2.91 4.58 4.76 5.01 5.23 4.13
Pakistani rupee PKR 1.00 1.33 1.08 0.95 0.80 0.77 0.75 0.67 0.61 0.59 0.53 0.57 0.60 0.62 0.64 0.57
Pound sterling GBP 13.33 13.33 17.76 51.14 55.38 68.11 83.06 80.63 76.38 71.33 83.63 70.63 91.08 100.51 98.11 92.00 83.87 90.37

Russian rubled
RUB 6.60 15.00 7.56 6.69 1.57 1.05 0.99 1.10
Saudi riyal SAR 1.41 17.11 17.88 17.02

Singapore dollar / Brunei dollare
SGD / BND 1.55 1.55 2.07 23.13 25.16 26.07 26.83 30.93 33.60 34.51 41.27 33.58 46.84 45.86 46.67 48.86 47.70
Sri Lankan rupee LKR 1.33 0.63 0.64 0.58 0.47 0.46 0.45 0.46 0.41
Swiss franc CHF 1.46 27.48 43.95 66.95 66.71 66.70 68.40 65.48
U.S. dollar USD 3.30 4.76 7.50 32.45 35.44 44.20 45.34 43.95 39.50 48.76 45.33 45.00 68.80 66.07 66.73 67.19 65.11 72.10

aBefore 1 January 1999, the European Currency Unit (ECU)
bBefore 1980, the Israeli pound (ILP)
c100 Japanese Yen
dBefore 1993, the Soviet ruble (SUR), in 1995 and 1996 – per 1000 rubles
e Before 1967, the Malaya and British Borneo dollar



Current exchange rates


























Current INR exchange rates
From Google Finance:

AUD CAD CHF EUR GBP HKD JPY USD RUB CNY AED
From Yahoo! Finance:

AUD CAD CHF EUR GBP HKD JPY USD RUB CNY AED
From XE:

AUD CAD CHF EUR GBP HKD JPY USD RUB CNY AED
From OANDA:

AUD CAD CHF EUR GBP HKD JPY USD RUB CNY AED
From fxtop.com:

AUD CAD CHF EUR GBP HKD JPY USD RUB CNY AED




See also




  • Coins of British India

  • Modern Indian coins

  • Great Depression in India

  • Zero rupee note



References





  1. ^ ab "Indian Rupee to be legal tender in Zimbabwe". Deccan Herald..mw-parser-output cite.citation{font-style:inherit}.mw-parser-output .citation q{quotes:"""""""'""'"}.mw-parser-output .citation .cs1-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/thumb/6/65/Lock-green.svg/9px-Lock-green.svg.png")no-repeat;background-position:right .1em center}.mw-parser-output .citation .cs1-lock-limited a,.mw-parser-output .citation .cs1-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/thumb/d/d6/Lock-gray-alt-2.svg/9px-Lock-gray-alt-2.svg.png")no-repeat;background-position:right .1em center}.mw-parser-output .citation .cs1-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/thumb/a/aa/Lock-red-alt-2.svg/9px-Lock-red-alt-2.svg.png")no-repeat;background-position:right .1em center}.mw-parser-output .cs1-subscription,.mw-parser-output .cs1-registration{color:#555}.mw-parser-output .cs1-subscription span,.mw-parser-output .cs1-registration span{border-bottom:1px dotted;cursor:help}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/thumb/4/4c/Wikisource-logo.svg/12px-Wikisource-logo.svg.png")no-repeat;background-position:right .1em center}.mw-parser-output code.cs1-code{color:inherit;background:inherit;border:inherit;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;font-size:100%}.mw-parser-output .cs1-visible-error{font-size:100%}.mw-parser-output .cs1-maint{display:none;color:#33aa33;margin-left:0.3em}.mw-parser-output .cs1-subscription,.mw-parser-output .cs1-registration,.mw-parser-output .cs1-format{font-size:95%}.mw-parser-output .cs1-kern-left,.mw-parser-output .cs1-kern-wl-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right,.mw-parser-output .cs1-kern-wl-right{padding-right:0.2em}
    [full citation needed]



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.mw-parser-output .refbegin{font-size:90%;margin-bottom:0.5em}.mw-parser-output .refbegin-hanging-indents>ul{list-style-type:none;margin-left:0}.mw-parser-output .refbegin-hanging-indents>ul>li,.mw-parser-output .refbegin-hanging-indents>dl>dd{margin-left:0;padding-left:3.2em;text-indent:-3.2em;list-style:none}.mw-parser-output .refbegin-100{font-size:100%}



  • Krause, Chester L.; Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed.). Krause Publications. ISBN 0873411501.


  • Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues. Colin R. Bruce II and Neil Shafer (editors) (7th ed.). Krause Publications. ISBN 0-87341-207-9.






External links







  • A gallery of all Indian currency issues


  • "Gallery of Indian Rupee Notes introduced till date". Reserve Bank of India. Retrieved 9 January 2015.


  • The banknotes of India (in English) (in German)














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