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History of Indian Currency

History of Indian Currency
History of Indian Currency

Indian Rupee(INR) is the official currency of republic of India. History of Indian Currency goes back to the time of Sher Shah Suri when he issued silver coins also known as ‘rupiya’ around 16th century. The Etymology of the word ‘Rupee’ comes from the Sanskrit word word which is ‘rupyakam’. Indian Currency is issued by Reserve Bank Of India(RBI) in the form of coins and bank notes. Coins are issued in the denomination of ₹1,₹2,₹5,₹10 and bank notes are issued in the denominations of ₹5,₹10,₹20,₹50,₹100,₹500,₹1000. The Symbol ₹ was adopted in 2010 as the official symbol of Indian Currency. The Symbol was designed by Udaya Kumar Dharamlingam at Indian Institute of technology Bombay. Lets Take a look at the difference between Indian and the International number System.

Indian Number System International Number System
1 Hazar 1 Thousand
10 Hazar 10 Thousand
1 Lac or Lakh 100 Thousand
10 Lac or Lakh 1 Million
1 Crore 10 Million
10 Crore 100 Million
1 Arab 1 Billion
10 Arab 10 Billion
1 Karab 100 Billion
10 Karab 1 Trillion
1 Neel 10 Trillion
10 Neel 100 Trillion
1 Padm 1 Quadrillion
10 Padm 10 Quadrillion
1 Shankh 100 Quadrillion
10 Shankh or Gulshan 1 Quintilian

As if now Indian 1 rupee is divided in 100 paise. The Design of bank notes is approved by central Government and Authorised  by Reserve Bank Of India. Indian Notes are printed at currency note press in Nashik, Bank Note Press in Dewas, Watermark paper manufacturing mill at Hoshangabad and The Bhartiya reserve Bank Note Mudran ltd at Salboni and Mysore. After the 1996 the series of bank notes that were started are known as Mahatma Gandhi bank series. The ‘₹’ symbol has been incorporated in bank notes from January 2012. Each bank note is written in 17 languages and English and Hindi on the front and on the reverse panel it has 15 of India’s 22 official Languages. The languages mentioned on the back panel are Assamese, Bengali, Gujarati, Kannada, Kashmiri, Konkani, Malayalam, Marathi, Nepali, Odia, Punjabi, Sanskrit, Tamil, Telugu and Urdu and they are written in alphabetical order. If we talk about the currency conversion then 1$(USD) = ₹67.13. You will surprised to know how it was in the past . Lets Take a look at USD($) since independence .

  • In 1947 1$(USD) = ₹3.30.
  • In 1966 1$(USD) = ₹7.50.
  • In 1996 1$(USD) = ₹35.44.
  • In 2000 1$(USD) = ₹44.20.
  • In 2004 1$(USD) = ₹45.34.
  • In 2007 1$(USD) = ₹39.50.
  • In 2013 1$(USD) = ₹68.80.
  • In 2016 1$(USD) = ₹67.13.

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