National Currency of India
The Indian rupee (symbol: ; ISO code: INR) is the official currency of the Republic of India. The issuance of the currency is controlled by the Reserve Bank of India.
The modern rupee is subdivided into 100 paise (singular paisa), though as of 2011 only 50-paise coins are legal tender.Banknotes in circulation come in denominations of 5, 10, 20, 50, 100, 500 and 1000. Rupee coins are available in denominations of 1, 2, 5, 10, 20,25, 50, 60, 75, 100, 150, 500 and 1000; the coins for 20 and above are for commemorative purposes only; the only other rupee coin has a nominal value of 50 paise, since lower denominations have been officially withdrawn.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) and the Latin letter “R”. The first series of coins with the rupee symbol was launched on 8 July 2011.
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. Recently RBI launched a website Paisa-Bolta-Hai to raise awareness of counterfeit currency among users of the INR.
The 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 tricolour Indian flag and also depict an equality sign that symbolises the nation’s desire to reduce economic disparity. It was designed by Udaya Kumar Dharmalingam, at the Industrial Design Centre at the Indian Institute of Technology, Bombay.
Historically, the rupee (derived from the Sanskrit word raupya), 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.”
The history of the Indian rupee traces back to Ancient India in circa 6th century BC, ancient India was one of the earliest issuers of coins in the world, along with the Chinese wen and Lydian staters.