About India Currency
Conceptually, the contemporary Indian rupee can be split up into 100 paisa or paise. In spite of the fact this split is purely emblematic; the coin of 50 paise will be the lowest denomination to be acknowledged in the market since June 30, 2011. Denominations under 50 paise will end to be legitimate currency.
The opening set of coins with the rupee sign was issued on July 8, 2011.
It is noteworthy that dissimilar to China, consecutive directions (via RBI, the apex bank) have not abided a strategy of pegging the Indian rupee to a particular international currency at a specific swap rate. The involvement of the Reserve Bank of India in money markets is exclusively to render reduced instability in the exchange rates, and not to adopt a standpoint on the rate or trend of the Indian currency with respect to other currencies.
The exchangeability is also influenced by a set of customs laws limiting the export and import of Indian rupees. Lawfully, foreigners are prohibited from exporting or importing rupees, and at the same time, Indian citizens can export and import to the extent of 5,000 rupees at one occasion, and in Nepal, the ownership of 500 and 1000 rupee notes is forbidden.
Numerical system of India Currency
The numerical arrangement in India, utilized at the present time in the Indian subcontinent (consisting of Pakistan, India, Nepal, and Bangladesh), is founded on sets of two decimal points, instead of three decimal points which is quite usual in majority of other countries in the world.
This method of computation brings in dividers into figures in positions suitable to the two-number combination. For instance, 20 million (2 crore) rupees will be printed as Rs.2,00,00,000 and commas will be placed after the thousand, lakh, and crore marks, as opposed to Rs.20,000,000.
In the Indian English language, the expressions lakh and crore are extensively used at the present time.
In Indian English, amounts higher than or equivalent to hundred thousand Indian rupees are calculated as lakhs (one lakh is equal to hundred thousand) and crores (one crore is equal to ten million).
For instance, the value INR 2,35,48,279.75 is read as two crores, thirty-five lakhs, forty eight thousand, two hundred and seventy-nine rupees and seventy-five paise. The application of billion or million, which is quite common in British or American English, is not so typical.
Indian Rupee Sign
The Indian currency symbol for rupee (INR) is the legal tender symbol implemented for the Indian rupee, which is the prescribed currency of the country.
The Indian rupee symbol was chosen via a public contest among the inhabitants of the country. The Government of India supplied the blueprint to the common people on July 15, 2010. The blueprint of the Indian rupee symbol is a blend of (Ra), the Devanagari alphabet and "R", the Latin upper case letter. The Indian rupee symbol is put at U+20B9 in the Unicode listing.
Source
The Government of India on March 5, 2009, threw open a competition to make a symbol for the Indian rupee. At the time of presenting the Union Budget in 2010, Mr. Pranab Mukherjee, the Union Finance Minister, stated that the suggested symbol would reproduce and incorporate the spirit and tradition of the country.
Five symbols were made by Hitesh Padmashali, Nondita Correa-Mehrotra, Shahrukh J Irani, Shibin KK, and D Udaya Kumar. All these symbols were picked out from approximately 3,331 replies obtained. One of the symbols was to be confirmed at the summit of the Union Council of Ministers of the Indian government organized on June 24, 2010. The result was postponed by an appeal of Pranab Mukherjee, the Finance Minister, and it was settled when they gathered once more on July 15, 2010, and chosen the sign made by Mr. Udaya Kumar.
The choice procedure was disputed by the Right to Information (RTI) Act in the Delhi High Court. Rakesh Kumar, the supplicant, who took part in the contest, explained the method as "resplendent with inconsistencies" and "imperfect", and made the Chairman of Indian Rupee Sign Selection Committee and the Ministry of Finance as respondents.
The single bench of the Delhi High Court on November 26, 2010 rejected the writ petition mentioning there was no reasonable basis for the reported accusations.
However, on March 31, 2011, Honorable Mr. Justice Sanjiv Khanna and Honorable Chief Justice of Delhi High Court in their ruling have allowed Right to Information campaigner Mr. Rakesh Kumar Singh to register a Public Interest Litigation versus the Indian Rupee sign choosing method.
India Currency - Coins
In India, the coins are minted at the four sites of the Government of India Mint. The 1, 2 and 5 rupee coins were introduced in the market after freedom. Coins which were struck in with the "Hand Picture" are available since 2005.
Issue of India currency coins
The initial decimal issues of the country comprised of 1, 2, 5, 10, 25 and 50 naye paise, in addition to 1 rupee. The 1 naya paisa was made of bronze, the 25 and 50 naye paise and 1 rupee were made of nickel and the 2, 5, and 10 naye paise were made of the alloy of nickel and copper. In 1964, the expression naya(e) was taken out from every coin. Between 1964 and 1967, 1, 2, 3, 5 & 10 paise made of aluminum were launched. In 1968, 20 paise were brought in which was made of the alloy of nickel and brass, and in 1982, this was substituted by aluminum coins. Between 1972 and 1975, 25 and 50 paise coins and 1 rupee made of the alloy of nickel and copper were also substituted by nickel coins. Two rupees coins were launched in 1982 and this was made of the alloy of copper and nickel. In 1988, 10, 25 and 50 paise coins were brought in and they were made of stainless steel. Subsequently, in 1992, 1 and 5 rupee coins were launched. Of late, the Reserve Bank of India manufactures 5 rupee coins from brass through its mints.
Between the period of 2005 and 2008, new 1, 2 and 5 rupee and 50 paise coins were brought in. The weight was less than before and minted in ferrite stainless steel. This initiative was actuated by melting the previous coins whose par value was below their scrap value.
Typically, the coins with the denominations of 1, 2, 5 and 10 rupees are issued and available in the market. Despite the fact they are legitimate, paise coins have got more and more uncommon in standard transactions.
The Government of India has made a resolution to gradually end all paise coins.
Blueprint
The new symbol is a blend of the Ra, the Devanagari alphabet and "R", the Latin upper case letter in absence of the parallel line (like the R edifice). The vertical bars at the apex (with white area in the middle) are assumed to create an insinuation to the trichromatic flag of India. In addition, it also portrays an egalitarianism symbol which represents the aspiration of the country to lower financial inequality.
Ultimately, the sign which was chosen was created by D. Udaya Kumar, a fifth year B.Tech student at the Industrial Design Centre in Indian Institute of Technology Mumbai.
Special coins
Since India became sovereign, the Reserve Bank of India minted coins with embossment of prominent politicians, spiritual leaders, and historical personalities.
Present India Currency Banknotes
The Union Government of India sanctions the blueprint of banknotes on the advices of the Central Board of the Reserve Bank of India. India currency banknotes are produced at the following venues:
- Bank Note Press, Dewas
- Currency Note Press, Nashik
- Watermark Paper Manufacturing Mill, Hoshangabad
- Bharatiya Note Mudra Nigam (P) Limited presses at Mysore and Salboni
