Indian rupee

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Indian Rupee
रुपया Template:Hi icon
ISO 4217
CodeINR (numeric: 356)
Subunit0.01
Unit
Symbol₹‎
NicknameTaaka(৳), Rupayya, Rūbāi
Denominations
Subunit
 1/100Paisa
Symbol
 Paisap
 Formerly used symbols₨, Rs, ৳, ૱, ௹, रु
Banknotes₹ 1, 2, 5, 10, 20, 50, 100, 500, 1000
Coins50 paise, ₹ 1, 2, 5, 10
Demographics
Official user(s) India
Unofficial user(s) Bhutan (alongside the Bhutanese ngultrum)
   Nepal (alongside the Nepalese rupee)
Issuance
Central bankReserve Bank of India
 Websitewww.rbi.org.in
PrinterReserve Bank of India
 Websitewww.rbi.org.in
MintIndia Government Mint
 Websitewww.spmcil.com
Valuation
Inflation7.23%, April 2012
 Sourceeaindustry.nic.in
 MethodWPI
Pegged byBhutanese ngultrum (at par)
Nepalese rupee (1 INR = 1.6 NPR)

The Indian rupee (sign:₹ ; code: INR) is the official currency of the Republic of India. The issuance of the currency is controlled by the Reserve Bank of India.[1]

The modern rupee is subdivided into 100 paise (singular paisa), although this division is now theoretical; as of 30 June 2011, coin denominations of less than 50 paise ceased to be legal tender.[2][3] Banknotes are available in nominal values of 5, 10, 20, 50, 100, 500 and 1000 rupees. Rupee coins are available in denominations of 1, 2, 5 and 10; the only other rupee coin has a nominal value of 50 paise, since lower denominations have been officially withdrawn.

The Indian rupee symbol ₹ (officially adopted in 2010) is derived from the Devanagari consonant "र" (Ra) with an added horizontal bar. The symbol can also be derived from the Latin consonant "R" by removing the vertical line, and adding two horizontal bars (like the symbols for the Japanese yen and the euro). The first series of coins with the rupee symbol was launched on 8 July 2011.

Etymology

However, in the Assam Valley, West Bengal, Tripura, Mizoram and Orissa the Indian rupee is officially known by names derived from the word टङ्क (Tanka), which means "money".[4] Thus, the rupee is called টকা (tôka) in Assamese, টাকা (Taka) in Bengali and ଟଙ୍କା (Tanka) in Oriya. The amount (and the word "rupee") is, accordingly, written on Indian banknotes in 15 Indian languages.[5]

Symbol

The new sign is a combination of the Devanagari letter "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 tricolor Indian flag[6] and depict an equality sign, which symbolizes the nation's desire to reduce economic disparity.

Rupee coins in denominations of 1, 2, 5 and 10 with the new rupee symbol have been put into circulation.[7] [8] As of January 2012, the new Indian rupee sign has been incorporated into currency notes in denominations of ₹s 10, 100, 500 and ₹1000.[9] [10] [11] [12]

The character has been encoded in Unicode 6.0, at code position U+20B9 ₹ INDIAN RUPEE SIGN (graphic:).[13]

Origin of the Symbol

On 5 March 2009, the Indian government announced a contest to create a sign for the Indian rupee.[14][15] During the 2010 Union Budget presentation, Finance Minister Pranab Mukherjee mentioned that the proposed sign would reflect and capture the Indian ethos and culture.[16] Five signs (created by Nondita Correa-Mehrotra, Hitesh Padmashali, Shibin KK, Shahrukh J Irani and D Udaya Kumar)[17][18] were short-listed[18] from 3,331 responses received, and one of them would be finalized at the Union Council of Ministers of India meeting on 24 June 2010.[19] The decision was deferred by request of the finance minister,[16] and it was decided when they met again on 15 July 2010[20] to select the symbol created by D. Udaya Kumar (son of N. Dharmalingam, a former DMK MLA).[21]

The selection process was challenged under the Right to Information Act in the Delhi High Court. The petitioner, Rakesh Kumar (a participant in the competition), described the process as "full of discrepancies" and "flawed", and named the Finance Ministry and the chairman of Indian Rupee Symbol Selection Committee as respondents.[22]

On 26 November 2010 the Delhi High Single-Bench Court dismissed the writ petition, stating there was no justifiable grounds for the allegations.[23] However, on 31 March 2011 the Chief Justice and Justice Sanjiv Khanna of the Delhi High Court allowed RTI activist Rakesh Kumar Singh to file a PIL against the Indian rupee symbol selection process.[24].

According to guideline number five of the contest, submitted symbols were required to be "in the Indian National Language Script or a visual representation". It has been argued that this violates the Constitution of India, because it does not specify a particular language script as the Indian National Language Script.[25] On April 25, 2012 the Delhi High court issued a notice to the government of India on the rupee (and other symbols) selection process.[26]

Numeral system

Main article: Indian numbering system

The Indian numeral system is based on the decimal system, with two notable differences from Western systems using long and short scales. The system is ingrained in everyday monetary transactions in the Indian subcontinent.

Indian semantic International semantic Indian comma placement International comma placement
1 Lakh 1 Hundred Thousand 1,00,000 100,000
10 Lakhs 1 Million 10,00,000 1,000,000
1 Crore 10 Million 1,00,00,000 10,000,000
10 Crore 100 Million 10,00,00,000 100,000,000
1 Sael(Arab) 1 Billion 1,00,00,00,000 1,000,000,000
10 Sael(Kharab) 10 Billion 10,00,00,00,000 10,000,000,000
100 Sael(Marab) 100 Billion 1,00,00,00,00,000 100,000,000,000

For example, the amount ₹3,25,84,729.25 is read as "three crores, twenty-five lakhs, eighty-four thousand, seven hundred twenty-nine rupees and twenty-five paise". The use of millions (or billions) in the Indian subcontinent depends on the educational background of the speaker and is not universally understood.

History

Main article: History of the rupee

India

Silver coins with raised writing
Rupiya issued by Sher Shah Suri, 1540–1545 CE

The first "rupee" is believed to have been introduced by Sher Shah Suri (1486–1545), based on a ratio of 40 copper pieces (paisa) per rupee.[27] Among the earliest issues of paper rupees were those by 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). Until 1815 the Madras Presidency also issued a currency based on the panam, with 12 panams to the rupee.

Historically, the rupee (derived from the Sanskrit word raupya, meaning "silver") 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 U.S. 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.

Following the Indian Mutiny 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 realized 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]

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 demonetized until 1959). 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.

Old one-rupee note
One-rupee banknote
Newer one-rupee note
Obverse of one-rupee note

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 artharupee = 8 Anna, or 1/2 rupee (later 50 naye paise)
  • 1 pavala = 4 Anna, or 1/4 rupee (later 25 naye paise)
  • 1 beda = 2 Anna, or 1/8 rupee (later equivalent to 12.5 naye paise)
  • 1 anna = 1/16 rupee (later equivalent to 6.25 naye paise)
  • 1 paraka = 1/2 Anna (later equivalent to 3.125 naye paise)
  • 1 kani (pice) = 1/4 Anna (later equivalent 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 "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.

East African coast and South Arabia

In East Africa, Arabia and Mesopotamia the rupee (and its subsidiary coinage) was used at various times. Usage of the rupee in East Africa extended from Somalia in the north to Natal in the south. In Mozambique the British India rupees were over-stamped, and in Kenya the British East Africa Company minted the rupee and its fractions. The rise in the price of silver immediately after the First World War caused the rupee to increase in value to two shillings sterling. In 1920 in British East Africa a florin coin was introduced, bringing the currency into line with sterling. Shortly after, the florin was divided into two East African shillings. However, this assimilation to sterling did not occur in British India itself. In Somalia the Italian colonial authority minted rupia to the same standard, calling the paisa besa.

Straits Settlements

The Straits Settlements were originally an outlier of the British East India Company. The Spanish dollar had already taken 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 finally abandoned.

International use

See also: Pakistani rupee

With Partition 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, 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 and 1965, respectively.

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 Rs; the Indian rupee is accepted in Nepal, although 500- and 1000-rupee banknotes are banned.[28] Sri Lanka's rupee is not related to India's currency; it is pegged to the US dollar.[29]

Coins

Main article: Modern Indian coins

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 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- and 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 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 single 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, 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 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 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 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 to the First World 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 composition 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.

Independent predecimal issues, 1950–1957

Both sides of copper-colored coin
Indian one pice, minted in 1950

India'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, but not holed).

Independent decimal issues, 1957–

Row of six differently-shaped aluminium coins, arranged by size
In 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 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 demonetization of the 25-(chavanni)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.[7] [8] Although it is still legal tender, the 50-paise (athanni) coin is rarely seen in circulation.[30]

Circulating Coins [31][7]
Image Value Technical parameters Description Year of
Obverse Reverse 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
₹1 25 mm 4.85 g Ferritic stainless steel Circular Emblem of India Value, hand showing thumb 2007
₹1 22 mm 4.85 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
₹2 27 mm 5.62 g Ferritic stainless steel Circular Emblem of India, year of minting Value, hand showing two fingers 2007
₹2 25 mm 5.62 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
₹5 23 mm 6 g Ferritic stainless steel Circular Emblem of India Value, wavy lines 2007
₹5 23 mm 6 g Brass 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 28 mm 8 g Bimetallic Circular Emblem of India with value Value, wavy lines 2006
₹10 27 mm 5.62 g Cupro-Nickel Circular Emblem of India and year of minting Value with outward radiating pattern, new rupee sign 2011

The coins are minted at the four locations of the India Government Mint. The one-, two- and five-rupee coins have been minted since independence. Coins minted with the "hand picture" were minted from 2005 onwards.

Special coins

After independence, the RBI minted coins imprinted with Indian statesmen, historical and religious figures.

Banknotes

The design of banknotes is approved by the central government, on the recommendation of the central board of the Reserve Bank of India.[1] Currency notes are printed at the Currency Note 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 Mill in Hoshangabad.

The current series of banknotes (which began in 1996) 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 stopped earlier) resumed in 2009. ATMs usually distribute ₹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 NGO in India.

British India

Old 10-rupee note
British Indian ten-rupee note

In 1861, the government of India introduced its first paper money: 10-rupee notes in 1864, 5-rupee notes in 1872, 10,000-rupee notes in 1899, 100-rupee 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, issuing 2-, 5-, 10-, 50-, 100-, 1,000- and 10,000-rupee notes while the government continued issuing 1-rupee notes.

Independent issues since 1949

1000 Rupee Note demonetized in 1978

After independence, new designs were introduced to replace the portrait of the king. The government continued issuing the 1-rupee note, while the Reserve Bank issued other denominations (including the 5,000- and 10,000-rupee notes introduced in 1949). During the 1970s, 20- and 50-rupee notes were introduced; denominations higher than 100 rupees were demonetized in 1978. In 1987 the 500-rupee note was introduced, followed by the 1,000-rupee note in 2000. One- and two-rupee notes were discontinued 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.[32] According to Reserve Bank officials, the polymer notes will have an average lifespan of five years (four times that of paper banknotes) and will be difficult to counterfeit; they will also be cleaner than paper notes.

Current banknotes

Main article: Mahatma Gandhi Series (banknotes)
Mahatma Gandhi Series 1,000-rupee note
Mahatma 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 stopped earlier) resumed in 2009.

As of January 2012, the new Indian rupee sign has been incorporated into banknotes in denominations of ₹10, ₹100, ₹500 and ₹1,000.[9] [10] [11] [12]

Languages

Each banknote has its amount written in 15 languages. On the obverse, the denomination is written in English and Hindi. On the reverse is a language panel 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 panel are Assamese, Bengali, Gujarati, Kannada, Kashmiri, Konkani, Malayalam, Marathi, Nepali, Oriya, Punjabi, Sanskrit, Tamil, Telugu and Urdu.

Denominations in various languages
Language ₹1 ₹2 ₹5 ₹10 ₹20 ₹50 ₹100 ₹500 ₹1000
English One Rupee Two Rupees Five Rupees Ten Rupees Twenty Rupees Fifty Rupees Hundred Rupees Five Hundred Rupees One Thousand Rupees
Gujarati એક રૂપિયો બે રૂપિયા પાંચ રૂપિયા દસ રૂપિયા વીસ રૂપિયા પચાસ રૂપિયા સો રૂપિયા પાંચ સો રૂપિયા એક હજાર રૂપિયા
Hindi एक रुपया दो रुपये पाँच रुपये दस रुपये बीस रुपये पचास रुपये एक सौ रुपये पांच सौ रुपये एक हज़ार रुपये
Nepali एक रुपियाँ दुई रुपियाँ पाँच रुपियाँ दश रुपियाँ बीस रुपियाँ पचास रुपियाँ एक सय रुपियाँ पाँच सय रुपियाँ एक हज़ार रुपियाँ
Kannada ಒಂದು ರುಪಾಯಿ ಎರಡು ರೂಪಾಯಿಗಳು ಐದು ರೂಪಾಯಿಗಳು ಹತ್ತು ರೂಪಾಯಿಗಳು ಇಪ್ಪತ್ತು ರೂಪಾಯಿಗಳು ಐವತ್ತು ರೂಪಾಯಿಗಳು ನೂರು ರೂಪಾಯಿಗಳು ಐನೂರು ರೂಪಾಯಿಗಳು ಒಂದು ಸಾವಿರ ರೂಪಾಯಿಗಳು
Konkani एक रुपया दोन रुपया पांच रुपया धा रुपया वीस रुपया पन्नास रुपया शंभर रुपया पाचशें रुपया एक हज़ार रुपया
Malayalam ഒരു രൂപ രണ്ടു രൂപ അഞ്ചു രൂപ പത്തു രുപ ഇരുപതു രൂപ അൻപതു രൂപ നൂറു രൂപ അഞ്ഞൂറു രൂപ ആയിരം രൂപ
Marathi एक रुपया दोन रुपये पाच रुपये दहा रुपये वीस रुपये पन्नास रुपये शंभर रुपये पाचशे रुपये एक हजार रुपये
Assamese এক টকা দুই টকা পাঁচ টকা দহ টকা বিছ টকা পঞ্চাশ টকা এশ টকা পাঁচশ টকা এক হাজাৰ টকা
Sanskrit एकरूप्यकम् द्वे रूप्यके पञ्चरूप्यकाणि दशरूप्यकाणि विंशती रूप्यकाणि पञ्चाशत रूप्यकाणि शतं रूप्यकाणि पञ्चशतं रूप्यकाणि सहस्र रूप्यकाणि
Bengali এক টাকা দুই টাকা পাঁচ টাকা দশ টাকা কুড়ি টাকা পঞ্চাশ টাকা শত টাকা পাঁচশত টাকা এক হাজার টাকা
Tamil ஒரு ரூபாய் இரண்டு ரூபாய் ஐந்து ரூபாய் பத்து ரூபாய் இருபது ரூபாய் ஐம்பது ரூபாய் நூறு ரூபாய் ஐந்நூறு ரூபாய் ஆயிரம் ரூபாய்
Telugu ఒక రూపాయి రెండు రూపాయిలు ఐదు రూపాయిలు పది రూపాయిలు ఇరవై రూపాయిలు యాభై రూపాయిలు వంద రూపాయిలు ఐదువందల రూపాయిలు వెయ్యి రూపాయిలు
Punjabi ਏਕ ਰੁਪਏ ਦੋ ਰੁਪਏ ਪਾਨ੍ਜ ਰੁਪਏ ਦਸ ਰੁਪਏ ਵੀਹ ਰੁਪਏ ਪਨ੍ਜਾ ਰੁਪਏ ਇਕ ਸੋ ਰੁਪਏ ਪਾਨ੍ਜ ਸੋ ਰੁਪਏ ਇਕ ਹਜਾਰ ਰੁਪਏ
Urdu ایک روپیہ دو روپے پانچ روپے دس روپے بیس روپے پچاس روپے ایک سو روپے پانچ سو روپے ایک ہزار روپے
Oriya ଏକ ଟଙ୍କ ୨ ଟଙ୍କ ୫ ଟଙ୍କ ୧୦ ଟଙ୍କ ୨୦ ଟଙ୍କ ୫୦ ଟଙ୍କ ୧୦୦ ଟଙ୍କ ୫୦୦ ଟଙ୍କ ୧୦୦୦ ଟଙ୍କ

Security features

The main security features of current banknotes are:

  • Watermark - White side panel of notes has Mahatma Gandhi watermark.
  • Security thread - All notes have a silver security band with inscriptions (visible when held against light) of Bharat in Hindi and "RBI" in English.
  • Latent image - On notes of denominations of ₹20 and upwards, a vertical band on the right side of the Mahatma Gandhi’s portrait contains a latent 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 between security thread and latent image.
  • Intaglio - On notes with denominations of ₹10 and upwards the portrait of Mahatma Gandhi, the Reserve Bank seal, guarantee and promise clause, Ashoka Pillar Emblem on the left and the RBI Governor's signature are printed in intaglio (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-impaired 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 perfectly overlap each other when viewed against light.
  • EURion constellation - A pattern of symbols found on the banknote helps software detect the presence of a banknote in a digital image, preventing its reproduction with devices such as color photocopiers.

Convertibility

Most traded currencies by value
Currency distribution of global foreign exchange market turnover[33]
Rank Currency ISO 4217
code 		Symbol or
abbreviation 		Proportion of daily volume Change
(2019–2022)
April 2019 April 2022
1 U.S. dollar USD US$ 88.3% 88.5% Increase 0.2pp
2 Euro EUR € 32.3% 30.5% Decrease 1.8pp
3 Japanese yen JPY ¥ / 円 16.8% 16.7% Decrease 0.1pp
4 Sterling GBP £ 12.8% 12.9% Increase 0.1pp
5 Renminbi CNY ¥ / 元 4.3% 7.0% Increase 2.7pp
6 Australian dollar AUD A$ 6.8% 6.4% Decrease 0.4pp
7 Canadian dollar CAD C$ 5.0% 6.2% Increase 1.2pp
8 Swiss franc CHF CHF 4.9% 5.2% Increase 0.3pp
9 Hong Kong dollar HKD HK$ 3.5% 2.6% Decrease 0.9pp
10 Singapore dollar SGD S$ 1.8% 2.4% Increase 0.6pp
11 Swedish krona SEK kr 2.0% 2.2% Increase 0.2pp
12 South Korean won KRW ₩ / 원 2.0% 1.9% Decrease 0.1pp
13 Norwegian krone NOK kr 1.8% 1.7% Decrease 0.1pp
14 New Zealand dollar NZD NZ$ 2.1% 1.7% Decrease 0.4pp
15 Indian rupee INR ₹ 1.7% 1.6% Decrease 0.1pp
16 Mexican peso MXN MX$ 1.7% 1.5% Decrease 0.2pp
17 New Taiwan dollar TWD NT$ 0.9% 1.1% Increase 0.2pp
18 South African rand ZAR R 1.1% 1.0% Decrease 0.1pp
19 Brazilian real BRL R$ 1.1% 0.9% Decrease 0.2pp
20 Danish krone DKK kr 0.6% 0.7% Increase 0.1pp
21 Polish złoty PLN zł 0.6% 0.7% Increase 0.1pp
22 Thai baht THB ฿ 0.5% 0.4% Decrease 0.1pp
23 Israeli new shekel ILS ₪ 0.3% 0.4% Increase 0.1pp
24 Indonesian rupiah IDR Rp 0.4% 0.4% Steady
25 Czech koruna CZK Kč 0.4% 0.4% Steady
26 UAE dirham AED د.إ 0.2% 0.4% Increase 0.2pp
27 Turkish lira TRY ₺ 1.1% 0.4% Decrease 0.7pp
28 Hungarian forint HUF Ft 0.4% 0.3% Decrease 0.1pp
29 Chilean peso CLP CLP$ 0.3% 0.3% Steady
30 Saudi riyal SAR ﷼ 0.2% 0.2% Steady
31 Philippine peso PHP ₱ 0.3% 0.2% Decrease 0.1pp
32 Malaysian ringgit MYR RM 0.2% 0.2% Steady
33 Colombian peso COP COL$ 0.2% 0.2% Steady
34 Russian ruble RUB ₽ 1.1% 0.2% Decrease 0.9pp
35 Romanian leu RON L 0.1% 0.1% Steady
36 Peruvian sol PEN S/ 0.1% 0.1% Steady
37 Bahraini dinar BHD .د.ب 0.0% 0.0% Steady
38 Bulgarian lev BGN BGN 0.0% 0.0% Steady
39 Argentine peso ARS ARG$ 0.1% 0.0% Decrease 0.1pp
… Other 1.8% 2.3% Increase 0.5pp
Total[a] 200.0% 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.[34] 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.[35]

Also affecting convertibility is a series of customs regulations restricting the import and export of rupees. Legally, foreign nationals are forbidden from importing or exporting rupees; Indian nationals can import and export only up to 7,500 rupees at a time, and the possession of 500- and 1,000-rupee notes in Nepal is prohibited.

RBI also exercises a system of capital controls in addition to intervention (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 U.S.

Chronology

  • 1991 - India began to lift restrictions on its currency. A number of reforms remove restrictions on current account transactions (including trade, interest payments and remittances and some capital asset-based transactions). Liberalized Exchange Rate Management System (LERMS) (a dual-exchange-rate system) introduced partial convertibility of the rupee in March 1992.[36]
  • 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.[37]

Exchange rates

Historic exchange rates

Indian rupees per currency unit averaged over the year[38]
Currency code 1996 2000 2004 2006 2009 2010 2011
U.S. dollar USD 35.444 44.952 45.340 43.954 48.76112 45.3354 55
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 83.084 80.633 76.38023 71.3313 83.6329
Swiss franc CHF 28.714 26.654 05846 45.9957 57.3525
Australian dollar AUD 27.761 26.157 33.409 36.972 38.58082 43.9854 53.9759
Japanese yen JPY 0.5555 0.41711 0.41945 0.42627 0.52239 0.545447 0.6907
Singapore dollar SGD 25.160 26.079 26.830 30.932 33.60388 34.5127 41.2737
*before Jan 1, 1999, European Currency Unit, code XEU

Current exchange rates

Current INR exchange rates
From Google Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD RUB CNY KRW
From Yahoo! Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD RUB CNY KRW
From XE.com: AUD CAD CHF CNY EUR GBP HKD JPY USD RUB CNY KRW
From OANDA: AUD CAD CHF CNY EUR GBP HKD JPY USD RUB CNY KRW

See also

References

  1. ^ a b "Reserve Bank of India FAQ - Your Guide to Money Matters". Rbi.org.in. Retrieved 2011-11-05.
  2. ^ "25 paise and below coins not acceptable from June 30 - The Times of India". Times of India. Retrieved 2011-01-26.
  3. ^ "Govt to scrap 25 paise coins". NDTV. Retrieved 2011-01-26.
  4. ^ Klaus Glashoff. "Meaning of टङ्क (Tanka)". Spokensanskrit.de. Retrieved 2011-11-05.
  5. ^ "Reserve Bank of India - Languages Panel on Indian banknotes". Rbi.org.in. Retrieved 2011-11-05.
  6. ^ "Indian Rupee Joins Elite Currency Club". Theworldreporter.com. 2010-07-17.
  7. ^ a b c "Issue of new series of Coins". RBI. Retrieved 4 November 2011.
  8. ^ a b "This numismatist lays hands on coins with Rupee symbol". Times of India. 29 August 2011. Retrieved 4 November 2011.
  9. ^ a b "Issue of ` 10/- Banknotes with incorporation of Rupee symbol (`)". RBI. Retrieved 23 January 2012.
  10. ^ a b "Issue of ` 500 Banknotes with incorporation of Rupee symbol". RBI. Retrieved 23 January 2012.
  11. ^ a b "Issue of ` 1000 Banknotes with incorporation of Rupee symbol". RBI. Retrieved 23 January 2012.
  12. ^ a b "Issue of `100 Banknotes with incorporation of Rupee symbol". RBI. Retrieved 23 January 2012.
  13. ^ Unicode Currency Chart
  14. ^ http://finmin.nic.in/the_ministry/dept_eco_affairs/currency_coinage/Comp_Design.pdf COMPETITION FOR DESIGN
  15. ^ "India seeks global symbol for rupee". Hindustan Times. 2009-03-06. Retrieved 2009-03-07.
  16. ^ a b "Cabinet defers decision on rupee symbol". Sify Finance. 2010-06-24. Retrieved 2010-07-10. Cite error: The named reference "PTI symbol" was defined multiple times with different content (see the help page).
  17. ^ "Rupee: Which of the 5 final designs do you like?". Rediff Business. 2010-06-16. Retrieved 2010-07-26.
  18. ^ a b "List of Five Entries which have been selected for Final". Ministry of Finance, Govt of India. Retrieved 2010-07-15.
  19. ^ "Rupee to get a symbol today!". Money Control.com. 2010-02-26. Retrieved 2010-07-10.
  20. ^ "Cabinet approves new rupee symbol". Times of India. 2010-07-15. Retrieved 2010-07-15.
  21. ^ "Rupee symbol maker has DMK background". thestatesman.net. Retrieved 8 June 2011.
  22. ^ Nair, Harish V (23 November 2010). "'Rs' selection process challenged in High Court". Hindustan Times. Retrieved 25 November 2010.
  23. ^ "W.P.(C) No. 7915 of 2010 & CMs 20440-41/2010". Scribd. Retrieved 2011-02-28.
  24. ^ Indian Rupee symbol selection process
  25. ^ "There's no national language in India: Gujarat High Court". Times of India. Jan 25, 2010.
  26. ^ Delhi High court issues notice to government of India
  27. ^ ADVFN: Indian Rupee
  28. ^ http://forum.srilankaequity.com/t15410-sri-lanka-bank-liquid-assets-shrink-amid-peg-defence
  29. ^ http://forum.srilankaequity.com/t15410-sri-lanka-bank-liquid-assets-shrink-amid-peg-defence
  30. ^ "Coins of 25 paise and below will not be Legal Tender from June 30, 2011 : RBI appeals to Public to Exchange them upto June 29, 2011". RBI. 18. Retrieved 23 January 2012. {{cite web}}: Check date values in: |date= and |year= / |date= mismatch (help); Unknown parameter |month= ignored (help)
  31. ^ "Reserve Bank of India - Coins". Rbi.org.in. Retrieved 2011-11-05.
  32. ^ "RBI to introduce Rs.10 plastic notes". Hindustan Times. 2009-09-08. Retrieved 2009-09-08.
  33. ^ "Triennial Central Bank Survey Foreign exchange turnover in April 2022" (PDF). Bank for International Settlements. 27 October 2022. p. 12. Archived (PDF) from the original on 2022-10-27. Retrieved 2022-10-29.
  34. ^ "Convertibility: Patnaik, 2003" (PDF)
  35. ^ Chandra, Shobhana (2007-09-26). "'Neither the government nor the central bank takes a view on the rupee (exchange rate movements), as long as the movement is orderly', says Indian Minister of Finance". Bloomberg.com. Retrieved 2011-11-05.
  36. ^ Rituparna Kar and Nityananda Sarkar: Mean and volatility dynamics of Indian rupee/US dollar exchange rate series: an empirical investigation in Asia-Pacific Finan Markets (2006) 13:41–69, p. 48. DOI 10.1007/s10690-007-9034-0 .
  37. ^ "The "Fuller Capital Account Convertibility Report"" (PDF). 2006-07-31. Retrieved 2009-01-23.
  38. ^ "FXHistory: historical currency exchange rates". OANDA Corporation. Archived from the original (database) on 2006-04-03. Retrieved 2009-09-01. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)

External links

Wikimedia Commons has media related to Rupee (India).


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