It is based on the decimal system. The rupee coin is a coin finished of nickel. Its cost is higher than its metallic value.
The act which gave the Government the monopoly of note issue in India is Paper Currency Act of 1861.
Rupee was first minted in India by Sher Shah Suri.
The First Paper Currency circulated in India is in 1882.
Indian rupee turns out to be an independent currency with the founding of RBI in 1935. The Exchange value of the rupee came to be fixed by IMF standards in 1947.
Decimal System of Coinage in India is established in 1957.
The Mahatma Gandhi Series of Bank Notes was started circulation in 1990.
Denomination of Bank Notes: 1, 2, 5, 10, 20, 50, 100, 200, 500 and 2000.
The printing of 5 rupee notes which had stopped earlier was resumed in 2009.
ATM's usually issue: 100, 200, 500 and 2000 Notes.
The lowest rupee coin in circulation is 1 rupee coin.
Each bank note has its value written in the script of 17 languages.
On the face, the value is written in English and Hindi.
On the reverse, the denomination is written in 15 languages. They are in order from top to bottom as Assamese (Assam), Bengali (West Bengal), Gujarati (Gujarat), Kannada (Karnataka), Kashmiri (Kashmir), Konkani (Goa), Malayalam (Kerala), Marathi (Maharashtra), Nepali (Nepal), Oriya (Odisha), Punjabi (Punjab), Sanskrit, Tamil (Tamil Nadu), Telugu (Andhra and Telangana) and Urdu.
Withdrawal of Currency: RBI withdrew the currency note printed from 8 November 2016 to 30 December 2016 take the existing 500 and 1000 rupee notes out of circulation.
Note issue is based on Minimum Reserve System, since 1957. Under this scheme RBI has to preserve the lowest amount of gold and foreign exchange against note issue.
Under this system, minimum reserves required for RBI is Rs.200 crores.
Out of which Rs.115 crores should be in gold and Rs.85 crores as Foreign Exchange Reserves.
Foreign countries which accept Indian Rupee as legal tender is Nepal and Zimbabwe. The countries, Nepal and Bhutan were peg their currencies to the Rupee.
Only one foreign language that is printed in Indian Currency is Nepali.
First Paper Currency was issued by China.
One rupee coin is issued in the year 1962.
First Indian language which is recorded on the basis of the Indian rupee is Assamese. Last Indian language is Urdu. Malayalam is in 7th position.
Polymer Bank notes often ruppes implemented in Mysore, Jaipur, Shimla, Bhubaneshwar, Kochi.
The first Malayalee to be portrayed in a coin is Sree Narayana Guru. The first Malayalee woman is Alphonsamma.
RBI withdrew Coins of 25 Paise and below on 2011 June 30.
Rs. 1000 Series Currency Note was issued lastly by RBI in 2000. It was first introduced in 1954. It was reintroduced in 2000.
1000 rupee coin was introduced in 2012 to commemorate 1,000 years of the Brihadeeswara temple in Thanjavur. The Brihadeeswara temple had observed 1,000 years of its subsistence in 2010. It was printed by Mumbai Mint.
150 rupee coin was issued in 2011 to celebrate the Rabindranath Tagore's 150th birth anniversary.
The Commemorative coin introduced in 2010 to mark the centenary birth celebrations of Mother Teresa is 5 rupee coin.
Indian Currency was demonetized for Three times - Rs 1,000 and Rs 10,000 bank notes, which were in circulation, were demonetized in January 1946. Rs 1,000, Rs 5,000 and Rs 10,000 were demonetized by RBI in January 1978. The third demonetization in India was in 2016. RBI demonetized 500 and 1000 rupee notes out of circulation in 2016.
Demonetization is the procedure of stripping a currency of its type as legal tender.
Demonetization is crucial at any time there is an alteration of national currency. The older unit of currency must be withdraw and reinstate with a new currency unit.
Plastic Money is known as Credit Card.
The Decimal Coin system introduced in India was in April 1957.
The First devaluation of Indian Currency is in 1949 June. Since independence, India has faced two major financial crises and two consequent devaluations of the rupee. These crises were in 1966 and 1991.
Currency Printing
Paper for creating currencies and further security papers are made by Security Paper Mill (Hoshangabad, Madhya Pradesh).
Indian Security Press: Nasik (Maharashtra) prints Postal-non-Postal, Judicial-non Judicial stamps, Cheques and Bonds
Security Printing Press, Hyderabad is established in 1982 for printing postal material for southern states.
Currency Note Press (Nasik) : Rs. 5, Rs. 10, Rs 20, Rs. 50 & Rs. 100 are printed here. The notes in the denominations of Re. 1 and Rs. 2 have been terminated as it is coinised.
Bank Notes Press (Dewas) : Rs. 20, Rs. 50, Rs 100 and Rs. 500 are printed here.
Coins are minted at four places in India. They are Mumbai, Kolkata, Hyderabad and Noida.
Modernised Currency Note Press is located at Mysore (Karnataka) and Salboni (West Bengal).
Pictures on the reverse side of Indian Currency
Rs. 1 - Image of an oil exploration site
Rs. 2 - India’s first satellite “Aryabhatta"
Rs. 5 - Tractor, Farmer
Rs. 10 - Konark Sun Temple (new), Wild Animals (old)
Rs. 20 - Ellora Caves (new). Mount Harriet Light House in Port Blair (old)
Rs. 50 - Hampi with Chariot
Rs. 100 - Rani ki Vav (new), Mount Kanchenjunga (old)
Rs. 200 - Structure of Sanchi Stupa
Rs. 500 - Historical Red Fort building
Rs. 2000 - Mangalyaan space mission
Indian Rupee
India government officially selected the symbol created by D Udaya Kumar Dharmalingam on July 15, 2010. It is derived from the Devanagari consonant and the Latin letter "R".
The first series of coins with the rupee symbol was launched on 8th July 2011.
Fifth Currency with Symbol and other four currencies is Dollar, Euro, British Pound, Yen.
