Facts about Indian Currency


Facts about Indian Currency – Indian Rupee is the currency of “Republic of India”. The word rupee is derived from the Sanskrit word “Rupayakam”or “Rupya” which means silver coin. Indian Currency notes are printed on the basis of growth of economy, replacement of mutilated notes and reserve requirements. Denominations of Rupee are printed in Hindi and English on the obverse while on the reverse side the denomination are printed in 15 official languages of states. These languages appear in alphbetical order on the currency nots. These language are – Asamese, Bengali, Gujarati, Kannada, Kashmiri, Konkani, Malyalam, Marathi, Nepali, Oriya, Punjabi, Sanskrit, Tamil, Telugu and Urdu.

Historic Facts about Indian Currency

Afghan ruler Sher Shah Suri was the first person in India who started the term Rupya for his silver coins.

Denominations of Indian currency Rupee

Rupee comes in denomination of 5, 10, 20, 50, 100, 500, 1000 and 2000. The printing of Rs. 1 and Rs. 2 denominations has been discontinued, however these notes are still in circulation. Coins come in denomination of 1, 2,  5 and 10. One Rupee is divided into 100 units of “Naya Paisa”. Coins of 10paisa, 20 paisa and 25 Paisa have been discontinued and are not longer in use. On 9th Nov 2016 Government of India discontinued the use and transaction of older Rupees 500 and 1000 currency notes. New notes of Rupees 500 and 2000 were started in a drive to extract the black money.

Indian Rupee Symbol Indian Currency Rupee

It is blend of Devnagri and Latin words which represent R. This symbol was designed by “Udaya Kumar” and was later adopted by Indian Government as Rupee Symbol.

Printing of Indian Currency

SPMCIL (Security Printing and Minting Corporation of India Ltd) It is a government company which comprises of four Mints, four Printing Presses and one Paper mill. This company is responsible for manufacturing and production of Security paper, minting of coins, printing of Currency and Bank notes, Non Judicial Stamp papers, postal stamps, Passports and Visas and Medals and Decorations of various government awards.

Mints of Indian Government

There are four mints used by government of India to produce the coins. These four mints are located at
  1. Kolkata (West Bengal)
  2. Mumbai (Maharashtra)
  3. Hyderabad (Telengana)
  4. Noida (UP)

Facts about Mints of India

  • The NOIDA mint was the first in the country to mint coins of stainless steel.
  • Mint of Mumbai was established in 1829 in Bombay state.It is engaged in producion of commemorative coins.
  • The mint of Kolkata not only produces coins but is used for minting numerous medals of Civilian awards like Bharat Ratna, Padma Awards, Galantry awards like Paramveer Chakra, Police awards etc.
  • The present working Kolkata mint of Alipore was started by the then Finance Minister, Shri. D. Deshmukh on 19 March 1952.

Printing Presses of India

There are four Currency Note priting presses, two of which are run by SPMCIL and owned by Indian Government. They are i) Currency Note Press of Nashik(CNP – Nashik)in Maharashtra; ii) Bank Note Press of Dewas(BNP-Devas) in Madhya Pradesh. BNP-Devas is also engaged in ink production which is used for printing currency notes. The other remaining two printing presses are of Bhartiya Note Mudra Nigam, subsidiary of Reserve Bank and owned by Government of India. These are located at Salboni, West Bengal and Mysore, Karnataka.

Paper Mill of SPMCIL, Government of India

Security paper mill of Indian Government is situated in Hoshangabad, Madhya Pradesh. It was established in 1967. It is responsible for production of papers of Currency notes and Non Judicial Stamp.

Countries which has Rupee as their currency

Maldieves – Rufiyah (similar root as Rupya) Pakistan – Pakistani Rupee Sri Lanka- Sri Lankan Rupee Nepal – Nepalese Rupee Mauritus – Mauritian Rupee Seychelles – Seychellois rupee Indonesia – Rupiah
  
Indian Currency Rupee Vs Currencies of  South Asia at Present
  • One Indian Rupee equals to 1.6 Pakistani Rupee.
  • One Indian Rupee equals to 1.25 Bangladeshi Taka.
  • One Indian Rupee equals to 2.1 Sri Lankan Rupee.
  • One Indian Rupee equals to 1.58 Nepalese Rupee.
  • One Indian Rupee equals to 0.99 Bhutanese Ngultrum.
  • One Chinese Yuan equals to 10.27 Indian Rupee.

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