The Indian Rupee (ISO 4217 Symbol: INR) is known as ‘Rupaya’ in Hindi. This term was derived from the Sanskrit term ‘Raupya,’ meaning silver coin. India ranks among the first nations to issue metal coins as currency, dating back to the 6th Century B.C. However, unconfirmed accounts suggest a much earlier date! Through centuries, the Indian coinage system kept evolving with the change in the regimes, where different provinces issued their own coins. Foreign rules on various parts of India had their own distinguishing impacts. For instance, the Arab invasion of the 8th Century A.D., brought with it, its own Arabic style of minting. Islamic Calligraphy mints finally replaced it in around 12th Century A.D.
Sher Shah Suri’s introduction of the ‘unified’ system of silver rupee coins in the 16th Century A.D. and the development of commercial banks in the 18th Century A.D. set the stage for the introduction of the paper-based currency system of 1867. The transition from the ‘Indian Silver Standard’ to the ‘International Gold Standard’ began in 1898, during the British Rule. After the crash in the value of silver internationally, various countries, including India, migrated to the Gold Standard with the Government regulated pegs. The Danish Indian Rupee was the first provincial currency, which the Indian Rupee replaced in 1845. In 1947, INR (1 rupee = 100 paise) was formally adopted as the national currency everywhere in India, except in Portugal ruled states such as Goa. In 1954, it replaced the French Indian Rupee, followed by the Portuguese Indian Escudo as the last currency to be displaced, in 1961.
The Reserve Bank of India (RBI) presently controls the issue of the Indian currency. In September 2009, it declared its plan to roll out plastic notes. These polymer notes will be quite durable, with an approximate life of 5 years, as against the current paper notes that last for only 1.25 years on an average.
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howdy! i have been a studying at the University of Georgia for almost four years now and it has been a sweet time
Ive been studying Tourism… anywaysss informative stuff, Goa is an awesome place