INDIAN NATIONAL CURRENCY – INDIAN RUPEE
NATIONAL CURRENCY OF INDIA – RUPEE
The Indian rupee 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 this division is now theoretical; as of 30 June 2011, coin denominations of less than 50 paise ceased to be legal tender. Bank notes are available in nominal values of 5, 10, 20, 50, 100, 500 and 1000 rupees. Coins of the rupee are available in 1, 2, 5 and 10. Paise coins of the rupee have nominal values of 1, 2, 5, 10, 20, 25 and 50, but lower denominations are now rarely seen.
India was one of the earliest issuers of coins (circa 6th century BCE). The first “rupee” is believed to have been introduced by Sher Shah Suri (1486–1545), based on a ratio of 40 copper pieces (paisa) per rupee. Historically, the rupee, derived from the Sanskrit word raupya, which means silver, 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 design of banknotes is approved by the Central Government on the recommendations of the Central Board of the Reserve Bank of India. Currency notes are printed at the Currency Note Press, Nashik, Bank Note Press, Dewas, Bharatiya Note Mudra Nigam (P) Limited presses at Salboni and Mysore and at the Watermark Paper Manufacturing Mill, Hoshangabad. The current series of banknotes, which began in 1996, is called the Mahatma Gandhi series.
Each banknote has its amount written in 15 languages. On the obverse side, the denomination is written in English and Hindi. On the reverse of each note is a language panel that displays the denomination of the note in 15 of the 22 official languages of India. The languages are displayed in the alphabetical order. The languages included on the panel are Assamese, Bengali, Gujarati, Kannada, Kashmiri, Konkani, Malayalam, Marathi, Nepali, Oriya, Punjabi, Sanskrit, Tamil, Telugu and Urdu.