The currency has existed in India from as early as the 6th century BC. Coins were circulated in the ancient period, and this tradition was followed exclusively during the medieval as well as the Mughal period, until the introduction of paper currency in the late 18th century.
The Indian currency is called “Rupee”, which has roots in Sanskrit ( rupyakam) and Kannada(rupai). Sher Shah Suri introduced silver coins in the 16th century which were called “rupiya”. His currency is considered the precursor of modern rupee.
We at PencilText have listed below few facts and notes about the rupee. Have a look!
1. Paper money was first issued by the Bank of Hindostan, General Bank of Bengal and the Bengal Bank in the late 1700s.
2. The first set of notes that was printed by the Government of India were printed with a portrait of queen Victoria. They were sent in halves by post for security reasons. When the receipt of the first half was acknowledged, only then was the second half mailed.
3. The Reserve Bank of India was formally inaugurated in 1935 and given the power to print currency based on the guidelines presented by the central legislative assembly (later the RBI Act, 1934).
4. The first note printed by RBI was a 5-rupee with a portrait of King George VI. The first note printed by independent India was a 1-rupee note.
5. Until 1948 after partition, Pakistan used the Indian currency with PAKISTAN stamped on it. The rupee was also the currency of few other countries for some time, including Aden, Oman, Dubai, Kuwait, Bahrain, Qatar, the Trucial States, Kenya, Tanganyika, Uganda, the Seychelles and Mauritius.
6. The RBI issues notes of rupees 2 and above value. The one rupee note and all the coins are issued by the Finance Ministry, Government of India.
7. India was following the silver standard for valuation of currency and the rest of the world, including the US and Britain was using the gold standard. With the discovery of huge stocks of silver in the US and other European countries, the value of silver declined relative to gold and that when the rupee fell in value in parity with the dollar and sterling.
8. Bank notes from rupees 20 and above have special geometrical figures raised for the visually impaired. Rs500 has a small circle, Rs100 has a triangle, Rs50 has a square, and Rs 20 has a rectangle. RBI has also released 100, 500, and 1000-rupee notes with angular bleed lines on the left side. The 100- rupee note has four lines, 500-rupee has 5 lines, and the 1000-rupee note has 6 bleed lines.
Featured Image Source- worldcurrencycoins.blogspot.com