Indian Rupee

Name of currency: Indian Rupee

Country / countries used: Officially used in India, Unofficially used in parts of Bhutan and Nepal

Symbol: ₹

Brief history:

The Indian Rupee is coded as INR and is the currency used in the Republic of India. Other countries sporadically accept this currency, but it is mainly used in the large country of India. It is also centrally printed by the Reserve Bank of India. The bank began managing the currency after the Reserve Bank of India Act was signed in 1934. Before printing, the bank gets approval from the central government

The Rupee is also divided into 100 paise, a subdivision of the bank notes. Recently, on 30th  June 2011, a slight change was made where nothing lower than 50 paise was accepted or made. Currently, banknotes are available in values of 5, 10, 20, 50, 100, 500 and 1000 rupees.

The rupee symbol was officially adopted in 2010 and was actually formed from the Devanagari consonant, which is pronounced as “Ra.” It is also similar to the Latin consonant “R.” The first coins that used this symbol were used beginning 8th  July 2011. The word “rupee” is derived from the word “raupya,” meaning “silver” in Sanskrit.

The first currency is said to have been introduced in the 1400’s by Sher Shah Suri. Paper rupees were introduced but by the Bank of Hindustan in the 1700’s and 1800’s. Throughout the years, the coins have been made up of stainless steel, cupro-nickel, brass, bimetallic, and nickel-brass. The coins were imprinted with Indian statesmen, historical figures and religious figures after India gained independence. The first official paper rupees were introduced during the period of British India in 1864, and The Reserve Bank of India began to take over production officially in 1938.

Currently, the rupee is the 15th most exchanged type of currency. Recently, in 2006, Prime Minister Manmohan Singh asked the Reserve Bank and the Finance Minister to begin moving towards a capital account convertibility. This occurred after the East Asian financial crisis in 1997.

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