There is a very interesting history of Indian Rupees issued and controlled by the Reserve Bank of India.
Let us go back to the history of currency of the Indian Republic and learn a bit more about the development of Indian rupee.
1. First Paper Money
Interestingly, the first paper currency for Indian citizens was started in the 18th century. Private banks like Bank of India, Bank of Bengal, Bank of Madras and Bank of Bombay were the first to print currency.
2. Multilingual Notes
A total of 17 languages are visible on the notes of Indian rupees. Apart from Hindi and English on the front of the note, 15 languages are displayed in the language panel on the back side of the bank note.
Notes of 5,000 and 10,000 rupees
Between 1954 and 1978, there were circulation notes of Indian rupees of 5,000 and 10,000 rupees in circulation in the country. Interestingly, Indian currency notes were demonetized in 1946 and again in 1978.
4. Notes and Coins of Rs.1
Although all the currency is produced by the Reserve Bank but under the center the Ministry of Finance has the right to print 1 rupee notes and coins. They are specially signed by the Finance Secretary.
5. Pakistan used Indian currency
Immediately after independence in 1947, newly formed Pakistan used the Indian currency as its currency because there was a lack of minting body there. 'Pakistan' was stamped on Indian currency notes until they could print their currency in 1948.
6. Indian currency was used in many countries
In the beginning of the 20th century, rupee was the currency of many other countries including Kuwait, Qatar, Kenya, Bahrain, Oman, Uganda and Mauritius. It was after the 20th century that these countries gradually started changing their currencies.
7. There are notes of zero rupees too
In order to curb corruption in the country, notes of zero rupees were presented in 2007 by a non-governmental organization named Fifth Stand. Payment of zero rupee notes is given to the government officials in bribe by angry citizens.
8. Symbol of Indian Rupees
The symbol of Indian Rupee was adopted in 2010 and it was taken from Devanagari script "Ra". The symbol is designed by Uday Kumar.
9. minting of coins
Due to lack of resources, the RBI had to make coins abroad in history. Interestingly, it is easy to find the place where any specific coin is made.
Friends, if you like this article then follow me