The Info List - Indian Rupee

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   Nepal  Bhutan[a]  Zimbabwe[b][1]


Central bank Reserve Bank of India

Printer Reserve Bank of India

 Website www.rbi.org.in

Mint India
Government Mint

 Website www.spmcil.com


Inflation 4.4% (2017-18)

 Source RBI - Annual Inflation Report

 Method CPI[2]

Pegged by Bhutanese ngultrum
Bhutanese ngultrum
(at par) Nepalese rupee
Nepalese rupee
(1 INR = 1.6 NPR)

^ Alongside the Bhutanese ngultrum ^ Alongside the US dollar, South African rand
South African rand
and Botswana pula

The Indian rupee
Indian rupee
(sign: ₹ ; code: INR), is the official currency of the Republic of India. The rupee is subdivided into 100 paise (singular paisa), though as of 2011, coins of denomination 25 paise and less are no longer legal tender. The issuance of the currency is controlled by the Reserve Bank of India.[3] 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. The rupee is named after the silver coin, rupiya, first issued by Sultan Sher Shah Suri
Sher Shah Suri
in the 16th century and later continued by the Mughal Empire. In 2010, a new symbol '₹', was officially adopted. It was derived from the combination of the Devanagari
consonant "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,[4] and also depict an equality sign that symbolises the nation's desire to reduce economic disparity. The first series of coins with the new rupee symbol started in circulation on 8 July 2011. On 8 November 2016 the Government of India
announced the demonetisation of ₹500 and ₹1000 banknotes[5][6] with effect from midnight of the same day, making these notes invalid.[7] A newly redesigned series of ₹500 banknote, in addition to a new denomination of ₹2000 banknote is in circulation since 10 November 2016.[8][9] The new redesigned series is also expected to be enlarged with banknotes in the denominations of ₹1000, ₹100 and ₹50 in the coming months.[10] On 25 August 2017, a new denomination of ₹200 banknote was added to Indian currency to fill the gap of notes due to high demand for this note after demonetisation.[11]


1 Etymology 2 History

2.1 1800s 2.2 India
Council Bill 2.3 1900s 2.4 Problems caused by the gold standard 2.5 Worldwide rupee Usage

3 Coins

3.1 Pre-independence issues

3.1.1 East India
Company, 1835 3.1.2 Regal issues, 1862–1947

3.2 Post independence issues

3.2.1 Independent predecimal issues, 1950–1957 3.2.2 Independent decimal issues, 1957–present 3.2.3 Minting 3.2.4 Commemorative coins

4 Banknotes

4.1 Pre independence issues 4.2 Post independence issues

4.2.1 Current circulating banknotes

5 Convertibility

5.1 Chronology

6 Exchange rates

6.1 Historic exchange rates 6.2 Current exchange rates

7 See also 8 References 9 External links

Etymology[edit] The word "rupee" was derived from the Sanskrit word (rūpyakam) or rupaya (meaning "wrought silver, a coin of silver").[12][13][14] Arthashastra, written by Chanakya, prime minister to the first Maurya emperor Chandragupta Maurya
Chandragupta Maurya
(c 340–290 BCE), mentions silver coins as rūpyarupa, other types of coins including gold coins (Suvarṇarūpa), copper coins (Tāmrarūpa) and lead coins (Sīsarūpa) are also mentioned. Rūpa means to form or shape, example, Rūpyarūpa, rūpya — wrought silver, rūpa — form.[15] However, in the region of Bengal, the term taka has always been used to refer to currency.[16] In the 14th century, Ibn Battuta
Ibn Battuta
noticed that people in the Bengal
Sultanate referred to gold and silver coins as taka instead of the dinar. Today, the currency of Bangladesh
is officially known as taka. The word taka in Bengali is also commonly used generically to mean any money, currency, or notes. Thus, colloquially, a person speaking in Bengali may use "taka" to refer to money regardless of what currency it is denominated in. Thus, in the states of West Bengal
and Tripura
the Indian rupee
Indian rupee
is officially known টাকা (ṭaka). Whereas, in the states of Assam
and Odisha, the Indian rupee
Indian rupee
is similarly known by names derived from the Sanskrit word ṭaṅka (meaning "money"),[17] টকা (ṭôka) in Assamese and ଟଙ୍କା (taṅkā) in Odia. Large values of rupees are counted in terms of thousands, 1 lakh (100 thousand), 10 lakhs (1 million), 1 crore (10 million) and 100 crores (1 billion) or 1 Arab (1 billion). History[edit] Main article: History of the rupee

Silver punch mark coin of the Maurya empire, known as Rūpyarūpa, 3rd century BCE.

issued by Sher Shah Suri, 1540–1545 CE

The history of the Indian rupee
Indian rupee
traces back to Ancient India
in circa 6th century BCE, ancient India
was one of the earliest issuers of coins in the world,[18] along with the Chinese wen
Chinese wen
and Lydian staters. During his five-year rule from 1540 to 1545, Sultan
Sher Shah Suri issued a coin of silver, weighing 178 grains (or 11.53 grams), which was termed the Rupiya.[19][20] During Babar's time, the brass to silver exchange ratio was roughly 50:2.[21] The silver coin remained in use during the Mughal period, Maratha era as well as in British India.[22] Among the earliest issues of paper rupees include; 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). 1800s[edit]

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year exchange rate melt value

(pence per Rupee) (pence per Rupee)

1850 24.3 22.7

1851 24.1 22.7

1852 23.9 22.5

1853 24.1 22.8

1854 23.1 22.8

1855 24.2 22.8

1856 24.2 22.8

1857 24.6 22.9

1858 25.7 22.8

1859 26.0 23.0

1860 26.0 22.9

1861 23.9 22.6

1862 23.9 22.8

1863 23.9 22.8

1864 23.9 22.8

1865 23.8 22.7

1866 23.1 22.7

1867 23.2 22.5

1868 23.2 22.5

1869 23.3 22.5

1870 22.5 22.5

1871 23.1 22.5

1872 22.7 22.4

1873 22.3 22.0

1874 22.1 21.6

1875 21.6 21.1

1876 20.5 19.6

1877 20.8 20.4

1878 19.8 19.5

1879 20.0 19.0

1880 19.9 19.4

1881 19.9 19.2

1882 19.5 19.3

1883 19.5 18.7

1884 19.3 18.8

1885 18.2 18.0

1886 17.4 16.8

1887 16.9 16.6

1888 16.4 15.9

1889 16.5 15.8

1890 18.0 17.7

1891 16.7 16.7

1892 15.0 14.8

1893 14.5 13.2

1894 13.1 10.7

1895 13.6 11.1

1896 14.4 11.5

1897 15.3 10.2

1898 16.0 10.0

1899 16.0 10.2

1900 16.0 10.4

Historically, the rupee 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." 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
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
Lord Liverpool
in 1805 extolling the virtues of mono-metallism.

Chart showing exchange rate of Indian silver rupee coin (blue) and the actual value of its silver content (red), against British pence. (From 1850 to 1900)

Following the Indian Mutiny
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
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 realised 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] India
Council Bill[edit] Around 1875, Britain started paying India
for exported goods in India Council Bills (instead of silver).

"If, therefore, the India
Council in London should not step in to sell bills on India, the merchants and bankers would have to send silver to make good the (trade) balances. Thus a channel for the outflow of silver was stopped, in 1875, by the India
Council in London."[24]

"The great importance of these (Council) Bills, however, is the effect they have on the Market Price of Silver : and they have in fact been one of the most potent factors in recent years in causing the diminution in the Value of Silver'as compared to Gold."[25]

"The Indian and Chinese products for which silver is paid were and are, since 1873–74, very low in price, and it there fore takes less silver to purchase a larger quantity of Eastern commodities. Now, on taking the several agents into united consideration, it will certainly not seem very mysterious why silver should not only have fallen in price"[24]

"the great nations had recourse to two expedients for replenishing their exchequers, - first, loans, and, second, the more convenient forced loans of paper money۔"[24]


One-rupee banknote

Government of India-1 Rupee

Problems caused by the gold standard[edit] At the onset of the First World War, the cost of gold was very low and therefore the pound sterling had high value. But during the First World War, the value of the pound fell alarmingly due to rising war expenses. At the conclusion of the war, the value of the pound was only a fraction of what it used to be prior to the commencement of the war. It remained low until 1925, when the then Chancellor of the Exchequer (finance minister) of the United Kingdom, Winston Churchill, restored it to pre-War levels. As a result, the price of gold fell rapidly. While the rest of Europe purchased large quantities of gold from the United Kingdom, there was little increase in her gold reserves. This dealt a blow to an already deteriorating British economy. The United Kingdom began to look to its possessions as India to compensate for the gold that was sold.[26]

"However, the price of gold in India, on the basis of the exchange rate of the rupee around 1S.6d., was lower than the price prevailing abroad practically throughout; the disparity in prices made the export of the metal profitable, which phenomenon continued for almost a decade. Thus, in 1931-32, there were net exports of 7.7 million ounces, valued at Rs. 57.98 crores. In the following year, both the quantity and the price rose further, net exports totaling 8.4 million ounces, valued at Rs.65.52 crores. In the ten years ended March 1941, total net exports were of the order of 43 million ounces (1337.3 Tons) valued at about Rs. 375 crores, or an average price of Rs. 32-12-4 per tola."[27]

"In the autumn of 1917 (when the silver price rose to 55 pence).... there was danger of uprisings in India
(against paper currency) which would handicap seriously British participation in the World War....In-convertibility (of paper currency into coin) would lead to a run on Post Office Savings Banks. It would prevent the further expansion of (paper currency) note issues and cause a rise of prices, in paper currency, that would greatly increase the cost of obtaining war supplies for export....To have reduced the silver content of this historic (Rupee) coin might well have caused such popular distrust of the Government as to have precipitated an internal crisis, which would have been fatal to British success in the war."[28]

In 1939, Dickson H. Leavens wrote in his book 'Silver Money': "In recent years the increased price of gold, measured in depreciated paper currencies, has attracted to the market (of London) large quantities (of gold) formerly hoarded or held in the form of ornaments in India
and China".[28] The Indian rupee
Indian rupee
replaced the Danish Indian rupee in 1845, the French Indian rupee
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
Indian rupee
replaced all the currencies of the previously autonomous states (although the Hyderabadi rupee
Hyderabadi rupee
was not demonetised until 1959).[29] 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. 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 ardharupee = 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 damari (pie) = ​1⁄12 anna (later equivalent to 0.520833 naye paise) 1 Athanni (dheli) = ​1⁄2 rupee 1 Chawanni = ​1⁄4 rupee 1 Dawanni = ​1⁄8 rupee 1 Anna/Ekanni = ​1⁄16 rupee 1 Taka/Adhanni = ​1⁄32 rupee Paisa = ​1⁄64 rupee Dhela = ​1⁄128 rupee (​1⁄2 paisa) Pie = ​1⁄3 paisa = ​1⁄192 rupee Damari = ​1⁄4 paisa = ​1⁄256 rupee.

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. Worldwide rupee Usage[edit] As the Straits Settlements were originally an outpost of the British East India
Company, In 1837, the Indian rupee
Indian rupee
was made the sole official currency in the Straits Settlements, as it was administered as part of British India. This attempt was resisted by the locals. However, Spanish dollars continued to circulate and 1845 saw the introduction of coinage for the Straits Settlements using a system of 100 cents = 1 dollar, with the dollar equal to the Spanish dollar
Spanish dollar
or Mexican peso. In 1867, administration of the Straits Settlements was separated from India
and the Straits dollar
Straits dollar
was made the standard currency, and attempts to reintroduce the rupee were finally abandoned.[30] After the Partition of India, the Pakistani rupee
Pakistani rupee
came into existence, initially using Indian coins and Indian currency notes simply overstamped with "Pakistan". Previously the Indian rupee
Indian rupee
was an official currency of other countries, including Aden, Oman, Dubai, 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
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
Trucial States
(which became the United Arab Emirates
United Arab Emirates
in 1971) – replaced the Gulf rupee
Gulf rupee
with their own currencies. Kuwait
and Bahrain
had already done so in 1961 with Kuwaiti dinar
Kuwaiti dinar
and in 1965 with Bahraini dinar, respectively.[31] The Bhutanese ngultrum
Bhutanese ngultrum
is pegged at par with the Indian rupee; both currencies are accepted in Bhutan. The Nepalese rupee
Nepalese rupee
is pegged at ₹0.625; the Indian rupee
Indian rupee
is accepted in Bhutan
and Nepal, except ₹500 and ₹1000 banknotes, which are not legal tender in Bhutan
and Nepal
and are banned by their respective governments, though accepted by many retailers.[32] On 29 January 2014, Zimbabwe
added the Indian rupee as a legal tender to be used.[1][33] Coins[edit] Pre-independence issues[edit]

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1835 East India
Company 2 Mohurs

Indian rupee
Indian rupee

Obverse: Crowned bust of Queen Victoria
Queen Victoria
surrounded by name. Reverse: Face value, country and date surrounded by wreath.

Coin made of 91.7% silver.

1862 India
One Mohur

Regal issue minted during the reign of King/Emperor George V.

1 Indian rupee
Indian rupee
(1947) featuring George VI
George VI
on obverse and Indian Lion on reverse.

Indian one pice, minted in 1950

1 Indian rupee
Indian rupee
(1905) featuring Edward VII.

1 Indian rupee
Indian rupee
(1918) featuring George V.

In 1964, India
introduced aluminium coins for denominations up to 20p.

East India
Company, 1835[edit] 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-, 1​1⁄2-, 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[edit] In 1862, coins were introduced (known as "regal issues") which bore the portrait of Queen Victoria
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 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, bearing the image of George VI, King and Emperor on the obverse and an Indian Lion
Indian Lion
on the reverse. Post independence issues[edit] Main article: Modern Indian coins Independent predecimal issues, 1950–1957[edit] 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–present[edit] 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 chawanni; 25 naye paise equals 4 annas), 50 naye paise (also called athanni; 50 naye paise equalled 8 old annas) and 1-rupee coins were nickel. In 1964, the word naya(e) was removed from all coins. Between 1957 and 1967, aluminium one-, two-, three-, five- and ten-paise coins were introduced. In 1968 nickel-brass 20-paise coins were introduced, and replaced by aluminium 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 demonetisation of the 25-(chawanni) 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.[34][35] Although it is still legal tender, the 50-paise (athanni) coin is rarely seen in circulation.[36]

Circulating Coins [34][37]

Value Technical parameters Description Year of

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 2004

₹1 25 mm 4.95 g Ferritic stainless steel

Circular Unity from diversity, cross dividing 4 dots

Value, Emblem of India, Year of minting

2004 2007

₹1 25 mm 4.85 g Ferritic stainless steel Circular Emblem of India Value, hand showing thumb (an expression in the Bharata Natyam Dance) 2007 2011

₹1 22 mm 3.79 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 2004

₹2 26.75mm 5.8 g Ferritic stainless steel

circular Unity from diversity, cross dividing 4 dots

Value, Emblem of India, Year of minting

2005 2007

₹2 27 mm 5.62 g Ferritic stainless steel Circular Emblem of India, year of minting Value, hand showing two fingers (Hasta Mudra — hand gesture from the dance Bharata Natyam) 2007 2011

₹2 25 mm 4.85 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 2006

₹5 23 mm 6 g Ferritic stainless steel Circular Emblem of India Value, wavy lines 2007 2009

₹5 23 mm 6 g Brass Circular Emblem of India Value, wavy lines 2009 2011

₹5 23 mm 6 g Nickel- Brass Circular Emblem of India Value, new rupee sign, floral motif and year of minting 2011

₹10 27 mm 7.62 g Bimetallic Circular Emblem of India
and year of minting

Value with outward radiating pattern of 15 spokes 2006 2010

₹10 27 mm 7.62 g Bimetallic Circular Emblem of India
and year of minting Value with outward radiating pattern of 10 spokes, new rupee sign 2011 present

The coins are minted at the four locations of the India
Government Mint. The ₹1, ₹2, and ₹5 coins have been minted since independence. Coins minted with the "hand picture" were minted from 2005 onwards. Minting[edit]

A postcard depicting the Mint.

The Government of India
has the only right to mint the coins and one rupee note. The responsibility for coinage comes under the Coinage Act, 1906 which is amended from time to time. The designing and minting of coins in various denominations is also the responsibility of the Government of India. Coins are minted at the five India Government Mints at Mumbai, Alipore
(Kolkata), Saifabad
(Hyderabad), Cherlapally
(Hyderabad) and NOIDA
(UP). The coins are issued for circulation only through the Reserve Bank in terms of the RBI Act.[38] Commemorative coins[edit] After independence, the Government of India
mint, minted coins imprinted with Indian statesmen, historical and religious figures. In the years 2010 and 2011 for the first time ever ₹75, ₹150 and ₹1000 coins were minted in India
to commemorate the Platinum Jubilee of the Reserve Bank of India, the 150th birth anniversary of the birth of Rabindranath Tagore
Rabindranath Tagore
and 1000 years of the Brihadeeswarar Temple, respectively. In 2012 a ₹60 coin was also issued to commemorate 60 years of the Government of India
Mint, Kolkata. ₹100 coin was also released commemorating the 100th anniversary of Mahatma Gandhi's return to India.[39] Commemorative coins of ₹125 were released on 4 September 2015 and 6 December 2015 to honour the 125th anniversary of the births of Sarvepalli Radhakrishnan
Sarvepalli Radhakrishnan
and B. R. Ambedkar, respectively.[40][41] Banknotes[edit] Pre independence issues[edit]

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Government of India-10 Rupees (1910)

British Indian one rupee note

In 1861, the government of India
introduced its first paper money: ₹10 note in 1864, ₹5 note in 1872, ₹10,000 note in 1899, ₹100 note in 1900, ₹50 note in 1905, ₹500 note in 1907 and ₹1,000 note in 1909. In 1917, ₹1 and ₹2​1⁄2 notes were introduced. The Reserve Bank of India
began banknote production in 1938, issuing ₹2, ₹5, ₹10, ₹50, ₹100, ₹1,000 and ₹10,000 notes while the government continued issuing ₹1 note but demonetized the ₹500 and ₹2​1⁄2 notes. Post independence issues[edit] After independence, new designs were introduced to replace the portrait of George VI. The government continued issuing the ₹1 note, while the Reserve Bank issued other denominations (including the ₹5,000 and ₹10,000 notes introduced in 1949). All pre-independence banknotes were officially demonetised with effect from 28 April 1957.[42][43] During the 1970s, ₹20 and ₹50 notes were introduced; denominations higher than ₹100 were demonetised in 1978. In 1987, the ₹500 note was introduced, followed by the ₹1,000 note in 2000 while ₹1 and ₹2 notes were discontinued in 1995. The design of banknotes is approved by the central government, on the recommendation of the central board of the Reserve Bank of India.[3] Currency
notes are printed at the Currency
Note Press in Nashik, the Bank Note Press in Dewas, the Bharatiya Reserve Bank Note Mudran (P) Ltd at Salboni
and Mysore
and at the Watermark Paper Manufacturing Mill in Hoshangabad. The Mahatma Gandhi
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 of the Lion capital series. The RBI introduced the series in 1996 with ₹10 and ₹500 banknotes. At present, the RBI issues banknotes in denominations from ₹5 to ₹2,000. The printing of ₹5 notes (which had stopped earlier) resumed in 2009. As of January 2012, the new '₹' sign has been incorporated into banknotes of the Mahatma Gandhi
Mahatma Gandhi
Series in denominations of ₹10, ₹20, ₹50, ₹100, ₹500 and ₹1,000.[44][45][46][47] In January 2014 RBI announced that it would be withdrawing from circulation all currency notes printed prior to 2005 by 31 March 2014. The deadline was later extended to 1 January 2015. The dead line was further extended to 30 June 2016.[48] There had been discussions on the necessity to withdraw notes of higher denominations such as the ₹1000 and ₹500 banknotes, considering their role in perpetuating unaccounted money. This move was taken to further curb the problem of fake currency circulation.[49][50][51] While noting that the withdrawal of high denomination notes can lead to an increase in printing costs for RBI, there was an opinion that these costs should be weighed against the misuse of high-value notes.[52] On 8 November 2016 Prime Minister Narendra Modi
Narendra Modi
announced the demonetization of ₹500 and ₹1,000 banknotes of the Mahatma Gandhi
Mahatma Gandhi
Series, with a detailed step-down program. This program would stop all usage of ₹500 and ₹1,000 rupee notes by 11 November 2016.[53] Citizens with valid identification will have until 30 December 2016 to exchange the notes for lower tender at any bank or post office, and until 31 March 2017 to exchange them at designated RBI offices by filling in a declaration form.[54] On 8 November 2016, the Reserve Bank of India
(RBI) announced the issuance of new ₹500 and ₹2,000 banknotes in the Mahatma Gandhi New Series of banknotes.[55][56][57] The new ₹2,000 banknote has a magenta base colour, with a portrait of Mahatma Gandhi
Mahatma Gandhi
as well as the Ashoka Pillar
Ashoka Pillar
Emblem on the front. The denomination also has a motif of the Mars Orbiter Mission
Mars Orbiter Mission
(MOM) on the back, depicting the country's first venture into interplanetary space. The new ₹500 banknote has a stone grey base colour with an image of the Red Fort
Red Fort
along with the Indian flag
Indian flag
printed on the back. Both the banknotes also have the Swachh Bharat Abhiyan
Swachh Bharat Abhiyan
logo printed on the back. The banknote denominations of ₹200, ₹100 and ₹50 are also expected to be introduced in the new Mahatma Gandhi
Mahatma Gandhi
New Series, in the coming months, intended to replace all banknotes of the previous Mahatma Gandhi Series.[58] On 13 June 2017, RBI introduced new ₹50 notes, but the old ones continue being legal tender. The design is similar to the current notes in the Mahatma Gandhi
Mahatma Gandhi
(New) Series, except they will come with an inset 'A'. Current circulating banknotes[edit] Main articles: Mahatma Gandhi
Mahatma Gandhi
Series and Mahatma Gandhi
Mahatma Gandhi
New Series As of 24 August 2017, the current circulating banknotes are in denominations of ₹5, ₹10, ₹20, ₹50 and ₹100 are of the Mahatma Gandhi
Mahatma Gandhi
Series, while the denominations of ₹50, ₹200, ₹500 and ₹2,000 are of the new Mahatma Gandhi
Mahatma Gandhi
New Series, and the denomination of ₹1 is of the Lion Capital Series.

Current circulating banknotes

Image Value Dimensions Main colour Description Date of Issue Circulation

Obverse Reverse Obverse Reverse Watermark

₹1 97 × 63 mm Blue One-rupee coin Sagar Samrat oil rig Pillars of Ashoka 1994 / 2015[59] Limited

₹5 117 × 63 mm Green Mahatma Gandhi Tractor Mahatma Gandhi 2002 / 2009 Limited

₹10 123 x 63 mm Chocolate brown Konark Sun Temple 2005 / 2018 Wide

₹20 147 × 63 mm Red-orange Mount Harriet, Port Blair 2001 / 2006 Wide

₹50 135 × 66 mm Aqua Hampi
with Chariot 1997 / 2005/ 2017 Wide

₹100 157 × 73 mm Purple, green and blue Himalaya
Mountains 1996 / 2005 Wide

₹200 146 × 66 mm Bright yellow Sanchi Stupa 2017 Wide

₹500 150 × 66 mm Stone grey Red Fort 2016 Wide

₹2000 166 × 66 mm Magenta Mangalyaan 2016 Wide

For table standards, see the banknote specification table.


Most traded currencies by value Currency
distribution of global foreign exchange market turnover[60]

Rank Currency ISO 4217
ISO 4217
code (symbol) % daily share (April 2016)


 United States dollar

USD ($)




EUR (€)



 Japanese yen

JPY (¥)



 Pound sterling

GBP (£)



 Australian dollar

AUD (A$)



 Canadian dollar

CAD (C$)



 Swiss franc

CHF (Fr)




CNY (元)



 Swedish krona

SEK (kr)



 New Zealand dollar




 Mexican peso

MXN ($)



 Singapore dollar

SGD (S$)



 Hong Kong dollar




Norwegian krone

NOK (kr)



South Korean won

KRW (₩)



 Turkish lira

TRY (₺)



 Russian ruble

RUB (₽)



Indian rupee

INR (₹)



Brazilian real

BRL (R$)



South African rand



Other 7.1%

Total[61] 200.0%

Officially, the Indian rupee
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
Indian rupee
with respect to the US dollar
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, and often create persistent arbitrage opportunities against the RBI.[62] 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
Indian rupee
in relation to other currencies.[63] Also affecting convertibility is a series of customs regulations restricting the import and export of rupees. Legally, only up to ₹25000 can be imported or exported in cash at a time, and the possession of ₹500 and higher notes in Nepal
is prohibited.[64][65] The conversion of currencies for and from rupees is also regulated. RBI also exercises a system of capital controls in addition to (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 US. Reserve Bank of India
clarifies its position regarding the promissory clause printed on each banknote: "As per Section 26 of Reserve Bank of India
Act, 1934, the Bank is liable to pay the value of banknote. This is payable on demand by RBI, being the issuer. The Bank's obligation to pay the value of banknote does not arise out of a contract but out of statutory provisions.The promissory clause printed on the banknotes i.e., "I promise to pay the bearer an amount of X" is a statement which means that the banknote is a legal tender for X amount. The obligation on the part of the Bank is to exchange a banknote for coins of an equivalent amount." [66] Chronology[edit]

1991 – India
began to lift restrictions on its currency. A number of reforms removed restrictions on current account transactions (including trade, interest payments and remittances and some capital asset-based transactions). Liberalised Exchange Rate Management System (LERMS) (a dual-exchange-rate system) introduced partial convertibility of the rupee in March 1992.[67] 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
Prime Minister
Manmohan Singh
Manmohan Singh
asked the Finance Minister and the Reserve Bank of India
to prepare a road map for moving towards capital account convertibility.[68] On 8 November 2016, the Government of India
announced the demonetisation of all ₹500 (US$7.70) and ₹1,000 (US$15) banknotes of the Mahatma Gandhi
Mahatma Gandhi
Series.[69] The government claimed that the action would curtail the shadow economy and crack down on the use of illicit and counterfeit cash to fund illegal activity and terrorism.[70][71]

Exchange rates[edit] Historic exchange rates[edit]

Graph of exchange rates of Indian rupee
Indian rupee
(INR) per 1 USD, 1 GBP, 1 EUR, 100 JPY averaged over the month, from September 1998 to May 2013. Data source: Reserve Bank of India
reference rate

For almost a century since the Great Recoinage of 1816
Great Recoinage of 1816
until the outbreak of World War I, the Indian rupee
Indian rupee
sustained parity with the US dollar while pegged to the pound sterling that was exchanged at ₹4 12a 10ps (or 50 old pence per rupee). Effectively, the rupee bought 1s 4d (or ₹15 per sterling) during 1899–1914. The gold silver ratio expanded during 1870–1910. Unlike India, her colonial master Britain was on gold standard. To meet the Home Charges (i.e., expenditure in England) the colonial government had to remit a larger number of rupees and this necessitated increased taxation, unrest and nationalism. Thereafter, both the rupee and the sterling gradually declined in worth against the US dollar
US dollar
due to deficits in trade, capital and budget. In 1966, the rupee was devalued and pegged to the dollar. The peg to the pound was at ₹13.33 to a pound (approx. 40 rupees to £3), and the pound itself averaged US$2.79.[72] That means officially speaking the USD to INR rate would be closer to ₹4.78. In 1966, India
changed the peg to dollar at ₹7.50.[73]

Indian rupees per currency unit averaged over the year[74][75][76]

Currency ISO code 1947 1966 1995 1996 2000 2004 2006 2007 2008 2009 2010 2013 2014 2015 2016

Australian dollar AUD

27.69 26.07 33.28 34.02 34.60 36.81 38.22 42.00 56.36 54.91 48.21 49.96

Bahraini Dinar BHD – 13.35 91.75 91.24 117.78 120.39 120.40 109.59 115.65 128.60 121.60 155.95 164.55 170.6 178.3

Bangladeshi taka BDT – – 0.84 0.84 0.77 0.66 0.63 0.57 0.71 0.66 0.68 0.80 0.88 0.84 0.85

Canadian dollar CAD

5.90 23.63 26.00 30.28 34.91 41.09 42.92 44.59 52.17 44.39 56.88 49.53 47.94 52.32

Chinese Yuan CNY –


9.93 10.19 10.15

Emirate dirham AED – –

17.47 18.26

Euroa EUR – – 42.41 44.40 41.52 56.38 64.12 68.03 60.59 65.69

70.21 72.60 75.84

Israeli shekelb ILS 13.33 21.97 11.45 10.76 10.83

17.08 16.57 17.47

Japanese Yenc JPY 6.6 2.08 32.66 32.96 41.79 41.87 38.93 35.00 42.27 51.73 52.23 60.07 57.79 53.01 62.36

Kuwaiti Dinar KWD – 17.80 115.5 114.5 144.9 153.3 155.5 144.6 161.7 167.7 159.2 206.5 214.3 213.1 222.4

Malaysian Ringgit MYR – 2.07 12.97 14.11 11.84 11.91 12.36 11.98 13.02 13.72 14.22 18.59 18.65 16.47 16.37

Maldivian rufiyaa MVR 1.00 1.33 2.93 2.91

4.58 4.76 5.01 5.23

Pakistani rupee PKR 1.00 1.33 1.08 0.95 0.80 0.77 0.75 0.67 0.61 0.59 0.53 0.57 0.60 0.62 0.64

Pound sterling GBP 13.33 17.76 51.14 55.38 68.11 83.06 80.63 76.38 71.33 83.63 70.63 91.08 100.51 98.11 92.00

Russian rubled RUB 6.60 15.00 7.56 6.69 1.57

1.05 0.99

Saudi riyal SAR


17.11 17.88

Singapore dollar SGD – – 23.13 25.16 26.07 26.83 30.93 33.60 34.51 41.27 33.58 46.84 45.86 46.67 48.86

Sri Lankan rupee LKR

1.33 0.63 0.64 0.58

0.47 0.46 0.45 0.46

Swiss franc CHF

1.46 27.48

43.95 66.95 66.71 66.70 68.40

U.S. dollar USD 3.30 7.50 32.45 35.44 44.20 45.34 43.95 39.50 48.76 45.33 45.00 68.80 66.07 66.73 67.19

a Before 1 January 1999, the European Currency
Unit (ECU) b Before 1980, the Israeli pound
Israeli pound
(ILP) c 100 Japanese Yen d Before 1993, the Soviet ruble
Soviet ruble
(SUR), in 1995 and 1996 - per 1000 rubles

Current exchange rates[edit]

Current INR exchange rates






See also[edit]

Numismatics portal India

Coins of British India Modern Indian coins Great Depression in India Zero rupee note


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to be legal tender in Zimbabwe". Deccan Herald. [full citation needed] ^ "APPENDIX TABLE 4: INFLATION, MONEY AND CREDIT" (PDF). Reserve Bank of India. 29 August 2016.  ^ a b "Reserve Bank of India
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An Historical Relation of the Island Ceylon Schools Coats of arms of Governors-General of Ceylon Maldivian Annual Tribute