Английская Википедия:Indian rupee

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Шаблон:Short description Шаблон:Use Indian English Шаблон:Use dmy dates Шаблон:Infobox currency

The Indian rupee (symbol ₹; code: INR) is the official currency in India. The rupee is subdivided into 100 paise (Hindi pl; singular: paisa). The issuance of the currency is controlled by the Reserve Bank of India. 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.

Etymology

Pāṇini (6th to 4th century BCE) mentions Шаблон:Transliteration (Шаблон:Lang). While Shankar Goyal mentions it is unclear whether Panini was referring to coinage,[1] other scholars conclude that Panini uses the term rūpa to mean a piece of precious metal (typically silver) used as a coin, and a rūpya to mean a stamped piece of metal, a coin in the modern sense.Шаблон:Sfn The Arthashastra, written by Chanakya, prime minister to the first Maurya emperor Chandragupta Maurya (Шаблон:Circa), mentions silver coins as Шаблон:Transliteration. Other types of coins, including gold coins (Шаблон:Transliteration), copper coins (Шаблон:Transliteration), and lead coins (Шаблон:Transliteration), are also mentioned.[2] The immediate precursor of the rupee is the rūpiya—the silver coin weighing 178 grains minted in northern India, first by Sher Shah Suri during his brief rule between 1540 and 1545, and later adopted and standardized by the Mughal Empire. The weight remained unchanged well beyond the end of the Mughals until the 20th century.[3]

History

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Файл:MauryanCoin.JPG
Silver punch mark coin of the Maurya empire, known as Rūpyarūpa, 3rd century BCE.
Файл:Gupta Kings. Skandagupta. AD 455-467.jpg
Silver coin of Skandagupta of Gupta Empire known as Rūpaka(रूपक) in Sanskrit, in the style of the Western Satraps, with peacock on reverse, 455-467
Silver coins with raised writing
Rupiya issued by Sher Shah Suri, 1540–1545

The history of the Indian rupee traces back to ancient India around the 6th century BCE: ancient India was one of the earliest issuers of coins in the world,[4] along with the Chinese wen and Lydian staters.[5]

Arthashastra, written by Chanakya, prime minister to the first Maurya emperor Chandragupta Maurya (c. 340–290 BCE), mentions silver coins as rūpyarūpa, other types including gold coins (suvarṇarūpa), copper coins (tamrarūpa) and lead coins (sīsarūpa) are mentioned. Шаблон:Transliteration means 'form' or 'shape'; for example, in the word Шаблон:Transliteration: Шаблон:Transliteration 'wrought silver' and Шаблон:Transliteration 'form'.[6]

The Gupta Empire produced large numbers of silver coins clearly influenced by those of the earlier Western Satraps by Chandragupta II.[7] The silver Rūpaka (Шаблон:Lang-sa) coins were weighed approximately 20 rattis (2.2678g).[8]

In the intermediate times there was no fixed monetary system as reported by the Da Tang Xi Yu Ji.[9]

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 also termed the rupiya.[10][11] During Babur's time, the brass to silver exchange ratio was roughly 50:2.[12] The silver coin remained in use during the Mughal period, Maratha era as well as in British India.[13] Among the earliest issues of paper rupees include; the Bank of Hindustan (1770–1832), the General Bank of Bengal and Bihar (1773–1775, established by Warren Hastings), and the Bengal Bank (1784–91).Шаблон:Citation needed

1800s

Шаблон:More citations needed section

Файл:INDIAN SILVER RUPEE VALUE 1850-1900.png
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)

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 (that is, paper linked to gold). The discovery of large quantities of silver in the United States and several European colonies caused the panic of 1873 which 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". In Britain the Long Depression resulted in bankruptcies, escalating unemployment, a halt in public works, and a major trade slump that lasted until 1897.[15]

India was unaffected by the imperial order-in-council of 1825, which attempted to introduce British sterling coinage to the British colonies. India, at that time, was controlled by the British East India Company. The silver rupee coin continued as the currency of India through the British Raj and beyond. In 1835, British India adopted a mono-metallic silver standard based on the rupee coin; this decision was influenced by a letter written by Lord Liverpool in 1805 extolling the virtues of mono-metallism.

Following the First war of Independence in 1857, the British government took direct control of India. From 1851, gold sovereigns were produced en masse at the Royal Mint in Sydney. In an 1864 attempt to make the British gold sovereign the "imperial coin", the treasuries in Bombay and Calcutta were instructed to receive (but not to issue) gold sovereigns; therefore, 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, several nations switched over to a gold exchange standard (wherein silver or banknotes circulate locally but with a fixed gold value for export purposes), including India in the 1890s.[16]

India Council Bill

In 1870, India was connected to Britain by a submarine telegraph cable. Around 1875, Britain started paying India for exported goods in India Council (paper) 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.[17]

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.[18]

The Indian and Chinese products for which silver is paid were and are, since 1873–74, very low in price, and it therefore 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[17]

The great nations had recourse to two expedients for replenishing their exchequers, Шаблон:Ndash first, loans, and, second, the more convenient forced loans of paper money۔[17]

Fowler Committee (1898)

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Файл:Government of India 5 Rupee Note 1858.jpg
Government of India - 5 Rupee note (1858)

The Indian Currency Committee or Fowler Committee was a government committee appointed by the British-run Government of India on 29 April 1898 to examine the currency situation in India.[19] They collected a wide range of testimony, examined as many as forty-nine witnesses, and only reported their conclusions in July 1899, after more than a year's deliberation.[14]

The prophecy made before the Committee of 1898 by Mr. A. M. Lindsay, in proposing a scheme closely similar in principle to that which was eventually adopted, has been largely fulfilled. "This change," he said, "will pass unnoticed, except by the intelligent few, and it is satisfactory to find that by this almost imperceptible process the Indian currency will be placed on a footing which Ricardo and other great authorities have advocated as the best of all currency systems, viz., one in which the currency media used in the internal circulation are confined to notes and cheap token coins, which are made to act precisely as if they were bits of gold by being made convertible into gold for foreign payment purposes.[20] The committee concurred in the opinion of the Indian government that the mints should remain closed to the unrestricted coinage of silver, and that a gold standard should be adopted without delay...they recommended (1) that the British sovereign be given full legal tender power in India, and (2) that the Indian mints be thrown open to its unrestricted coinage (for gold coins only).

These recommendations were acceptable to both governments, and were shortly afterwards translated into laws. The act making gold a legal tender was promulgated on 15 September 1899; and preparations were soon thereafter undertaken for the coinage of gold sovereigns in the mint at Bombay.[14]

Silver, therefore, has ceased to serve as standard; and the Indian currency system of to-day (that is 1901) may be described as that of a "limping" gold standard similar to the systems of France, Germany, Holland, and the United States.[14]

The Committee of 1898 explicitly declared themselves to be in favour of the eventual establishment of a gold currency.
This goal, if it was their goal, the Government of India have never attained.[20]

1900s

Файл:IND-1c-Government of India-1 Rupee (1917).jpg
Government of India Шаблон:Ndash 1 rupee (1917)

In 1913, John Maynard Keynes writes in his book Indian Currency and Finance that during financial year 1900Шаблон:Ndash1901, gold coins (sovereigns) worth £6,750,000 were given to the Indian people in the hope that they would circulate as currency. But against the expectation of Government, not even half of that was returned to Government, and this experiment failed spectacularly, so Government abandoned this practice (but did not abandon the narrative of the gold standard). Subsequently, much of the gold held by the Government of India was shipped to the Bank of England in 1901 and held there.[21]

During World War II, Colonial British control over parts of Nagaland was lost to Japanese forces, the British Indian rupee was banned and the Japanese rupee (1942-44) was introduced.

Problems caused by the gold standard

Шаблон:See also 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 war, the value of the pound fell alarmingly due to rising war expenses. At the end of the war, the value of the pound was only a fraction of what it had been before 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.[22]

However, the price of gold in India, on the basis of the official exchange rate of the rupee around 1s. 6d., was lower than the price prevailing abroad practically throughoutШаблон:Clarify; the disparity in prices made the export of the metal profitable; and this continued for almost a decade. Thus, in 1931–32, there were net exports of 7.7million ounces, valued at INR 57.98crore. In the following year, both the quantity and the price rose further: net exports totalled 8.4million ounces, valued at INR 65.52crore. In the ten years ended March 1941, total net exports were of the order of 43 million ounces (1337.3 tons) valued at about INR 375 crore, or an average price of INR 32-12-4 per tola.[23]

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 war. Inconvertibility (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.[24]

From 1931 to 1941, the United Kingdom purchased large amounts of gold from India and its many other colonies just by increasing price of gold, as Britain was able to pay in printable paper currency. Similarly, on 19 June 1934, Roosevelt madeШаблон:Clarify Silver Purchase Act (which increased the price of silver) and purchased about 44,000 tons of silver, paying with paper silver certificates.[25]

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".[24]

In their respective former colonies, the Indian rupee replaced the Danish Indian rupee in 1845, the French Indian rupee in 1954 and the Portuguese Indian escudo in 1961. Following the independence of India in 1947 and the accession of the princely states to the new Union, the Indian rupee replaced all the currencies of the previously autonomous states (although the Hyderabadi rupee was not demonetised until 1959).[26] 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:

Subdivisions of the rupee during 20th century
Value (in anna) Popular name Value (in paise)
16 anna 1 rupee 100 paise
8 anna 1 ardharupee / 1 athanni (dheli) 50 paise
4 anna 1 pavala / 1 chawanni 25 paise
2 anna 1 beda / 1 duanni 12 paise
1 anna 1 ekanni 6 paise
Шаблон:Frac anna 1 paraka / 1 taka / 1 adhanni 3 paise
Шаблон:Frac anna 1 kani (pice) / 1 paisa (old paise) 1Шаблон:Frac paise
Шаблон:Frac anna 1 dhela Шаблон:Frac paisa
Шаблон:Frac anna 1 pie Шаблон:Frac paisa
  • 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 coins as 4, 8, and 12 annas, respectively; compare the expression "two bits" in colloquial American English for a quarter-dollar coin.

New currency sign for the Indian rupee

In 2010, a new rupee sign (Шаблон:INR) was officially adopted. As its designer explained, it was derived from the combination of the Devanagari consonant "र" (ra) and the Latin capital letter "R" without its vertical bar.[27] The parallel lines at the top (with white space between them) are said to make an allusion to the flag of India,[28] 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 sign started in circulation on 8 July 2011. Before this, India used "₨" and "Re" as the symbols for multiple rupees and one rupee, respectively.

Digitization of Indian rupee

Шаблон:Main Шаблон:Excerpt

Legal framework

Шаблон:Anchor

British East India Company (EIC) was given the right in 1717 to mint coins in the name of the Mughal emperor Farrukhsiyar on the island of Bombay. By 1792 the EIC demonetised all other coins till they were reduced to only 3 types of coins, i.e. EIC, Mughal & Maratha coins. After EIC expanded its control over India, it brought the "Coinage Act of 1835" and started to mint coins in the name of the British king. EIC rule was replaced by British Crown raj which brought the "Paper Currency Act of 1861" and the "Uniform Coinage Act of 1906".[29]

After 2021, the government of independent India amended "The Coinage Act, 2011",[30] the "Foreign Exchange Management Act (FEMA), 1999," the "Information Technology Act, 2000" and the "Crypto-currency and Regulation of Official Digital Currency Bill, 2021".[31][32]

Coins

Post-independence issues

Шаблон:Main

Independent pre-decimal issues, 1950–1957

India's first coins after independence were issued in 1950 in denominations of 1 pice, Шаблон:Frac, one and two annas, Шаблон:Frac, Шаблон:Frac and one-rupee. The sizes and composition were the same as the final regal issues, except for the one-piece (which was bronze, but not holed).

Independent decimal issues, 1957–present

Row of six differently-shaped aluminium coins, arranged by size
In 1964, India introduced aluminium coins for denominations up to 20p.

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, and 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 were nickel. In 1964, the words naya/naye were 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).

In 1997 the 20 paise coin was discontinued, followed by the 10 paise coin in 1998, and the 25 paise in 2002.

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-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 sign) were put into circulation in 2011. In 2016 the 50 paise coin was last minted. Coins commonly in circulation are one, two, five, ten, and twenty rupees.[33][34] Although it is still legal tender, the 50-paise (athanni) coin is rarely seen in circulation.[35]

Circulating coins[33][36]
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 2016
50 paise 22 mm 3.79 g Ferritic stainless steel Circular Emblem of India Value, hand in a fist 2008
[[Indian 1-rupee coin|Шаблон:INR1]] 25 mm 4.85 g Ferritic stainless steel Circular Emblem of India, value Value, two stalks of wheat 1992 2004
Шаблон:INR1 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
Шаблон:INR1 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
Шаблон:INR1 22 mm 3.79 g Ferritic stainless steel Circular Emblem of India Value, new rupee sign, floral motif and year of minting 2011 2018
[[Indian 2-rupee coin|Шаблон:INR2]] 26 mm 6 g Cupro-Nickel Eleven-sided Emblem of India, Value National integration 1982 2004
Шаблон:INR2 26.75 mm 5.8 g Ferritic stainless steel Circular Unity from diversity, cross dividing 4 dots Value, Emblem of India, Year of minting 2005 2007
Шаблон:INR2 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
Шаблон:INR2 25 mm 4.85 g Ferritic stainless steel Circular Emblem of India Value, new rupee sign, floral motif and year of minting 2011 2018
Шаблон:INR2 23 mm 4.07 g Ferritic stainless steel Circular Emblem of India Value, rupee sign, year of issue, grains depicting the agricultural dominance of the country 2019
[[Indian 5-rupee coin|Шаблон:INR5]] 23 mm 9 g Cupro-Nickel Circular Emblem of India Value 1992 2006
Шаблон:INR5 23 mm 6 g Ferritic stainless steel Circular Emblem of India Value, wavy lines 2007 2009
Шаблон:INR5 23 mm 6 g Brass Circular Emblem of India Value, wavy lines 2009 2011
Шаблон:INR5 23 mm 6 g Nickel-Brass Circular Emblem of India Value, new rupee sign, floral motif and year of minting 2011 2018
Шаблон:INR5 25 mm 6.74 g Nickel-Brass Circular Emblem of India Value, rupee sign, year of issue, grains depicting the agricultural dominance of the country 2019
[[Indian 10-rupee coin|Шаблон:INR10]] 27 mm 7.62 g Bimetallic Circular Emblem of India and year of minting Value with outward radiating pattern of 15 spokes 2006 2010
Шаблон:INR10 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 2018
Шаблон:INR10 27 mm 7.74 g Bimetallic Circular Emblem of India Value, rupee sign, year of issue, grains depicting the agricultural dominance of the country 2019
[[Indian 20-rupee coin|Шаблон:INR20]] 27 mm 8.54 g Bimetallic Dodecagonal Emblem of India Value, rupee sign, year of issue, grains depicting the agricultural dominance of the country 2020

The coins are minted at the four locations of the India Government Mint. The Шаблон:INR1, Шаблон:INR2, and Шаблон:INR5 coins have been minted since independence. The Government of India is set to introduce a new Шаблон:INR20 coin with a dodecagonal shape, and like the Шаблон:INR10 coin, also bi-metallic, along with new designs for the new versions of the Шаблон:INR1, Шаблон:INR2, Шаблон:INR5 and Шаблон:INR10 coins, which was announced on 6 March 2019.[37]

Minting

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Файл:BOMBAY MINT Post Card.jpg
A postcard depicting the Bombay 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 four India Government Mints at Mumbai, Kolkata, Hyderabad, and Noida.[38] The coins are issued for circulation only through the Reserve Bank in terms of the RBI Act.[39]

Commemorative coins

Шаблон:Main After independence, the Government of India Mint, minted numismatics coins imprinted with Indian statesmen, historical and religious figures. In the years 2010 and 2011, for the first time ever, Шаблон:INR75, Шаблон:INR150 and Шаблон:INR1000 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 and 1000 years of the Brihadeeswarar Temple, respectively. In 2012, a Шаблон:INR60 coin was also issued to commemorate 60 years of the Government of India Mint, Kolkata. Шаблон:INR100 coin was also released commemorating the 100th anniversary of Mahatma Gandhi's return to India.[40] Commemorative coins of Шаблон:INR125 were released on 4 September 2015 and 6 December 2015 to honour the 125th anniversary of the births of Sarvepalli Radhakrishnan and B. R. Ambedkar, respectively.[41][42]

Pre-independence issues

Шаблон:Main Шаблон:More citations needed section

Файл:India 1835 2 Mohurs.jpg
1835 East India Company 2 Mohurs
Файл:Rupee, 1840 - British India, Victoria.jpg
1840 East India Company rupee. It was minted in Bombay, Calcutta and Madras

Шаблон:Multiple image

Файл:India 1862 One Mohur.jpg
1862 Indian One Mohur
Файл:Silver rupee of Sayaji Rao III of Baroda.jpg
Silver Rupee of Sayajirao Gaekwad III of Baroda State (ruled 1875–1939), showing his profile. This coin is dated 1955 in the Vikrami calendar (1897 CE)
Файл:INDIAGeorge V King Emperor.jpg
Regal issue minted during the reign of King/Emperor George V
Файл:1 Indian rupee coin, 1947.jpg
1 Indian rupee (1947) featuring George VI on obverse and Indian Lion on reverse
Both sides of copper-coloured coin
Indian one pice, minted in 1950
Файл:1 Indian rupee (1905).jpg
1 Indian rupee (1905) featuring Edward VII
Файл:Hyderabad - One Rupee - Mahboob Ali Khan - 1329 AH Silver - Kolkata 2016-06-28 5271-5272.png
One Rupee coin issued by Mir Mahbub Ali Khan of Hyderabad State, 1329 AH (1911)
Файл:1 Indian rupee (1918).jpg
1 Indian rupee (1918) featuring George V

East India Company, 1835

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 Шаблон:Frac- and Шаблон:Frac-rupee in silver. Madras also issued two-rupee coins.

Copper denominations were more varied. Bengal issued one-pie, Шаблон:Frac-, one- and two-paise coins. Bombay issued 1-pie, Шаблон:Frac-, Шаблон:Frac-, 1-, 1Шаблон:Frac-, 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 Шаблон:Frac and one dub (or Шаблон:Frac and Шаблон:Frac) rupee. Madras also issued the Madras fanam until 1815.

All three Presidencies issued gold mohurs and fractions of mohurs including Шаблон:Frac, Шаблон:Frac, Шаблон:Frac in Bengal, Шаблон:Frac (a gold rupee) and Шаблон:Frac (pancia) in Bombay and Шаблон:Frac, Шаблон:Frac and Шаблон:Frac in Madras.

In 1835, a single coinage for the EIC was introduced. It consisted of copper Шаблон:Frac, Шаблон:Frac and Шаблон:Frac anna, silver Шаблон:Frac, Шаблон:Frac and 1 rupee and gold 1 and 2 mohurs. In 1841, silver 2 annas were added, followed by copper Шаблон:Frac 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

In 1862, coins were introduced (known as "regal issues") which bore the profile of Queen Victoria and the designation "India". Their denominations were Шаблон:Frac anna, Шаблон:Frac pice, Шаблон:Frac and Шаблон:Frac anna (all in copper), 2 annas, Шаблон:Frac, Шаблон:Frac and one rupee (silver),[43] and five and ten rupees and one mohur (gold). The gold denominations ceased production in 1891, and no Шаблон:Frac-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 Шаблон:Frac anna and Шаблон:Frac pice ceased production, the Шаблон:Frac anna was changed to a bronze, holed coin, cupro-nickel and nickel-brass Шаблон:Frac-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 Шаблон:Frac-, Шаблон:Frac- 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 on the reverse.

Banknotes

Post-independence issues

Шаблон:Main Шаблон:See also

Файл:First banknote of independent India, one rupee, 1949.jpg
First banknote of independent India, one rupee (1949)

After independence, new designs were introduced to replace the portrait of George VI. The government continued issuing the ₹1 note, while the Reserve Bank of India (RBI) issued other denominations (including the Шаблон:INR5,000 and Шаблон:INR10,000 notes introduced in 1949). All pre-independence banknotes were officially demonetised with effect from 28 April 1957.[44][45]

During the 1970s, Шаблон:INR20 and Шаблон:INR50 notes were introduced; denominations higher than Шаблон:INR100 were demonetised in 1978. In 1987, the Шаблон:INR500 note was introduced, followed by the Шаблон:INR1,000 note in 2000 while Шаблон:INR1 and Шаблон:INR2 notes were discontinued in 1995.

Файл:10 Rupees banknotes of India.jpg
10 Rupees banknote from the 1990s

The design of banknotes is approved by the central government, on the recommendation of the central board of the Reserve Bank of India.[46] 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 Narmadapuram. The 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 Шаблон:INR10 and Шаблон:INR500 banknotes. The printing of Шаблон:INR5 notes (which had stopped earlier) resumed in 2009.

As of January 2012, the new [[Indian rupee sign|'Шаблон:INR' sign]] has been incorporated into banknotes of the Mahatma Gandhi Series in denominations of Шаблон:INR10, Шаблон:INR20, Шаблон:INR50, Шаблон:INR100, Шаблон:INR500 and Шаблон:INR1,000.[47][48][49][50] 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.[51]

On 8 November 2016, the RBI announced the issuance of new Шаблон:INR500 banknotes in a new series after [[2016 Indian banknote demonetisation|demonetisation of the older Шаблон:INR500 and Шаблон:INR1000 notes]].The new Шаблон:INR500 banknote has a stone grey base colour with an image of the Red Fort along with the Indian flag printed on the back. Both the banknotes also have the Swachh Bharat Abhiyan logo printed on the back. The banknote denominations of Шаблон:INR200, Шаблон:INR100 and Шаблон:INR50 have also been introduced in the new Mahatma Gandhi New Series intended to replace all banknotes of the previous Mahatma Gandhi Series.[52] On 13 June 2017, RBI introduced new Шаблон:INR50 notes, but the old ones continue being legal tender. The design is similar to the current notes in the Mahatma Gandhi (New) Series, except they will come with an inset 'A'.

On 8 November 2016, the Government of India announced [[2016 Indian banknote demonetisation|the demonetisation of Шаблон:INR500 and Шаблон:INR1,000 banknotes]][53][54] with effect from midnight of the same day, making these notes invalid.[55] A newly redesigned series of Шаблон:INR500 banknote, in addition to a new denomination of Шаблон:INR2,000 banknote is in circulation since 10 November 2016.[56][57]

From 2017 to 2019, the remaining banknotes of the Mahatma Gandhi New Series were released in denominations of [[Indian 10-rupee note|Шаблон:INR10]], [[Indian 20-rupee note|Шаблон:INR20]], [[Indian 50-rupee note|Шаблон:INR50]], [[Indian 100-rupee note|Шаблон:INR100]] and [[Indian 200-rupee note|Шаблон:INR200]].[58][59] The Шаблон:INR1,000 note has been suspended.[52]

Current circulating banknotes

Шаблон:Main As of 20 May 2023, current circulating banknotes are in denominations of Шаблон:INR5, Шаблон:INR10, Шаблон:INR20, Шаблон:INR50 and Шаблон:INR100 from the Mahatma Gandhi Series and in denominations of ₹10, ₹20,[60] ₹50, Шаблон:INR100, Шаблон:INR200, Шаблон:INR500 from the Mahatma Gandhi New Series.

Image Value Dimensions Main colour Description Date of issue Circulation
Obverse Reverse Obverse Reverse Watermark
Файл:Indian 1 Rupee 2020 Front.jpg Файл:Indian 1 Rupee 2020 Reverse.jpg ₹1 97 mm × 63 mm Pink New ₹1 coin Sagar Samrat oil rig National Emblem of India 2020 Limited
Файл:5 Rupees (Obverse).jpg Файл:5 Rupees (Reverse).jpg [[Indian 5-rupee note|Шаблон:INR5]] 117 mm × 63 mm Green Mahatma Gandhi Tractor Mahatma Gandhi and
electrotype denomination		 2002 / 2009 Limited
New series banknotes
Image Value Dimensions Main colour Description Date of issue Circulation
Obverse Reverse Obverse Reverse Watermark
Файл:India new 10 INR, MG series, 2018, obverse.jpg Файл:India new 10 INR, MG series, 2018, reverse.jpg [[Indian 10-rupee note|Шаблон:INR10]] 123 mm × 63 mm Brown Mahatma Gandhi Konark Sun Temple Mahatma Gandhi and
electrotype denomination		 2017 Wide
Файл:India new 20 INR, MG series, 2019, obverse.jpg Файл:India new 20 INR, MG series, 2019, reverse.jpg [[Indian 20-rupee note|Шаблон:INR20]] 129 mm × 63 mm Greenish Yellow Ellora Caves 2019 Wide
Файл:India new 50 INR, MG series, 2018, obverse.jpg Файл:India new 50 INR, MG series, 2018, reverse.jpg [[Indian 50-rupee note|Шаблон:INR50]] 135 mm × 66 mm Cyan Hampi with Chariot 2017 Wide
Файл:100 rs note obverse.jpg Файл:100 rs note reverse.jpg [[Indian 100-rupee note|Шаблон:INR100]] 142 mm × 66 mm Lavender Rani ki vav 2018 Wide
Файл:India, 200 INR, 2018, obverse.jpg Файл:India, 200 INR, 2018, reverse.jpg [[Indian 200-rupee note|Шаблон:INR200]] 146 mm × 66 mm Bright Yellow Sanchi Stupa 2017 Wide
Файл:India new 500 INR, MG series, 2016, obverse.jpg Файл:India new 500 INR, MG series, 2016, reverse.jpg [[Indian 500-rupee note|Шаблон:INR500]] 150 mm × 66 mm Stone grey Red Fort 2016 Wide
Файл:India new 2000 INR, MG series, 2016, obverse.jpg Файл:India new 2000 INR, MG series, 2016, reverse.jpg ₹2000 66 mm × 166 mm Magenta Mangalyaan 2016 Wide
Шаблон:Standard banknote table notice
Micro printing

Шаблон:See also The new Indian banknote series feature a few micro printed texts on various locations. The first one lies on the inner surface of the left temple of Gandhi's spectacles that reads "भारत" (Bhārata), the Hindi word for India. The next one (which are printed only on 10 and 50 denominations) is placed on the outer surface of the right temple of Gandhi's spectacles near his ear and reads "RBI" (Reserve Bank of India) and the face value in numerals "10" or "50". The last one is written on both sides of Gandhi's collar and reads "भारत" and "INDIA" respectively. Currency notes have 17 languages on the panel which appear on the reverse of the notes.

Файл:Gandhi's Spectacles.jpg
Micro printed texts on Gandhi's spectacles
Файл:Gandhi's Collar.jpg
Micro printed texts on Gandhi's collar

Pre-independence issues

Шаблон:Unreferenced section

Файл:IND-A10a-Government of India-10 Rupees (1910).jpg
Government of India Шаблон:En dash 10 rupees (1910)
Old 1 rupee note
British Indian one rupee note

In 1861, the Government of India introduced its first paper money: Шаблон:INR10 note in 1864, Шаблон:INR5 note in 1872, Шаблон:INR10,000 note in 1899, Шаблон:INR100 note in 1900, Шаблон:INR50 note in 1905, Шаблон:INR500 note in 1907 and Шаблон:INR1,000 note in 1909. In 1917, Шаблон:INR1 and Шаблон:INR2Шаблон:Frac notes were introduced. The Reserve Bank of India began banknote production in 1938, issuing Шаблон:INR2, Шаблон:INR5, Шаблон:INR10, Шаблон:INR50, Шаблон:INR100, Шаблон:INR1,000 and Шаблон:INR10,000 notes while the government continued issuing Шаблон:INR1 note but demonetized the Шаблон:INR500 and Шаблон:INR2 Шаблон:Frac notes.

Convertibility

Шаблон:See alsoШаблон:Most traded currencies Officially, the Indian rupee has a market-determined exchange rate. However, the Reserve Bank of India trades actively in the USD/INR currency market to impact effective exchange rates. Thus, the currency regime in place for the Indian rupee with respect to the US dollar is a de facto controlled exchange rate. This is sometimes called a "managed float". On 9 May 2022, Indian Rupee traded at ₹77.41 against the US dollar, hitting an all-time low.[61] 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 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 Шаблон:INR25000 can be imported or exported in cash at a time, and the possession of Шаблон:INR200 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 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;Шаблон: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

  • 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 Manmohan Singh asked the Finance Minister and the Reserve Bank of India to prepare a road map for moving towards capital account convertibility.[68]
  • 2016 – the Government of India announced the demonetisation of all ₹500/- and ₹1,000/- banknotes of the Mahatma Gandhi Series.[69] The government claimed that the action would curtail the shadow economy and crack down on the use of illicit "black money" and counterfeit cash to fund illegal activity and terrorism.[70][71]
  • 2023 – Reserve Bank of India issued a circular on 19 May stating currency notes of ₹ 2000 denomination will be withdrawn from circulation[72] The reason given for this withdrawal is the decline in the number of currency notes in circulation. According to the circular there were only 10.8% of Notes in Circulation on March 31, 2023.[73]

Exchange rates

Шаблон:See also

Historic exchange rates

Шаблон:Main

Pre-Independence

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

For almost a century following the Great Recoinage of 1816, and adoption of the Gold Standard, until the outbreak of World War I, the silver-backed Indian rupee lost its value against a basket of gold pegged currencies, and was periodically devalued to reflect the then current gold to silver reserve ratios. In 1850, the official conversion rate between the pound sterling and the rupee was £0 / 2s / 0d (or £1:₹10), while between 1899 and 1914, the official conversion rate was set at £0 to 1s to 4d (or £1:₹15). However, this was just half of market exchange rates between 1893 and 1917.

The gold-to-silver ratio expanded between 1870 and 1910. Unlike India, Britain was on the gold standard. To meet the Home Charges (i.e., expenditure in the United Kingdom), the colonial government had to remit a larger number of rupees and this necessitated increased taxation, unrest and nationalism.

Between both world wars, the rate improved to 1s to 6d (or £1:₹13.33), and remained pegged at this rate for the duration of the Breton Woods agreement, to its devaluation and pegging to the US dollar, at $1:Шаблон:INR7.50, in 1966.[74][75]

Post-Independence

Following the country's independence, India implemented a Par value exchange rate regime until 1971. The country switched to a fixed exchange rate regime in 1971 and graduated to a basket peg against five major currencies from 1975. Since 1991, the rupee is under a floating exchange rate regime.[76]

The first major impact on the rupee's exchange rate after independence was the devaluation of the pound sterling against the US dollar in 1949, which impacted currencies that maintained a peg to the sterling, which included the Indian rupee.[77] In 1966, the Indian rupee was devaluated by 57% against United States dollar, which also led to the depreciation of the sterling.[78] Five years later, when the Bretton Woods system was suspended, India initially announced that it will maintain a fixed rate of $1 to INR 7.50 and leave the sterling under a floating regime.[79] However, by the end of 1971, following the Smithsonian Agreement and the subsequent devaluation of the US dollar, India pegged the rupee with the pound sterling once again at a rate of £1 to INR 18.9677.[80] During this period, India had a non-commercial exchange rate with the Soviet Union. The ruble to rupee exchange rates were announced by the Soviet Union, as the ruble was not a freely traded currency and the commercial trade between both nations use to take place in rupees following a treaty between India and the Soviet Union in 1953.

In September 1975, the exchange rate of Indian rupee started to be determined on the basis of the basket peg. The details of currencies which forms the basket and its weightage were kept confidentially by Reserve Bank of India and the exchange rate of the rupee on the basis of market fluctuation of these currencies were periodically announced by the RBI.[81][82]

The next major change that occurred was the devaluation of the rupee by about 18% in July 1991 following the balance of payments crisis.[83] Thereafter, in March 1992, the Liberalized Exchange Rate Management System was introduced, enabling the transition to a floating exchange rate regime.

Indian rupees per currency unit averaged over the year[84][85]
Currency ISO code 1947 1966 1995 1996 2000 2004 2006 2007 2008 2009 2010 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Australian dollar AUD – 5.33 – 27.69 26.07 33.28 34.02 34.60 36.81 38.22 42.00 56.36 54.91 48.21 49.96 49.91 50.64 50.01 56.30
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 – 169.77
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 – 0.76
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 50.21 51.38
Renminbi CNY – – – – – – – – 5.80 – – – 9.93 10.19 10.15 – 9.81
Emirate dirham AED – – – – – – – – – – – – – 17.47 18.26 17.73 17.80
Euroa EUR – – 42.41 44.40 41.52 56.38 64.12 68.03 60.59 65.69 – – 70.21 72.60 75.84 73.53 79.52
Israeli shekelb ILS 13.33 21.97 11.45 10.76 10.83 – – – – – – – 17.08 16.57 17.47 – 18.36
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 – 56
Kuwaiti dinar KWD – 17.80 115.5 114.5 144.9 153.3 155.5 144.6 161.7 167.7 159.2 206.5 214.3 213.1 222.4 211.43
Malaysian ringgit MYR 1.55 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 – 15.72
Maldivian rufiyaa MVR 1.00 1.33 2.93 2.91 – – – – – – – 4.58 4.76 5.01 5.23 – 4.13
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 – 0.57 0.46 0.45
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 83.87 90.37
Russian rubled RUB 6.60 15.00 7.56 6.69 1.57 – – – – – – – – 1.05 0.99 – 1.10
Saudi riyal SAR – 1.41 – – – – – – – – – – – 17.11 17.88 – 17.02
Singapore dollar / Brunei dollare SGD / BND 1.55 2.07 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 – 47.70
Sri Lankan rupee LKR – 1.33 0.63 0.64 0.58 – – – – – – 0.47 0.46 0.45 0.46 – 0.41 0.39 0.39
Swiss franc CHF – 1.46 27.48 – – – – – – – 43.95 66.95 66.71 66.70 68.40 – 65.48
US 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 65.11 72.10
a Before 1 January 1999, the European Currency Unit (ECU)
b Before 1980, the Israeli pound (ILP)
c 100 Japanese yen
d Before 1993, the Soviet ruble (SUR), in 1995 and 1996 – per 1000 rubles
e Before 1967, the Malaya and British Borneo dollar

Current exchange rates

Шаблон:Exchange rate

Worldwide rupee usage

Шаблон:See also As the Straits Settlements were originally an outpost of the British East India Company, the Indian rupee was made the sole official currency of the Straits Settlements in 1837, 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 or Mexican peso. In 1867, administration of the Straits Settlements was separated from India and the Straits dollar was made the standard currency, and attempts to reintroduce the rupee were finally abandoned.[86]

After the Partition of India, the Pakistani rupee came into existence, initially using Indian coins and Indian currency notes simply overstamped with "Pakistan". Previously the 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 as a replacement for the Indian rupee for circulation outside the country with the Reserve Bank of India (Amendment) Act of 1 May 1959.[87] 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 (which became the United Arab Emirates in 1971) – replaced the Gulf rupee with their own currencies. Kuwait and Bahrain had already done so in 1961 with Kuwaiti dinar and in 1965 with Bahraini dinar, respectively.[88]

The Bhutanese ngultrum is pegged at par with the Indian rupee; both currencies are accepted in Bhutan. The Nepalese rupee is pegged at Шаблон:INR0.625; the Indian rupee is accepted in Bhutan and Nepal, except Шаблон:INR500 and Шаблон:INR1000 banknotes of the Mahatma Gandhi Series and the Шаблон:INR200, Шаблон:INR500 banknotes of the Mahatma Gandhi New Series, which are not legal tender in Bhutan and Nepal and are banned by their respective governments, though accepted by many retailers.[89] On 29 January 2014, Zimbabwe added the Indian rupee as a legal tender to be used.[90][91]

See also

Шаблон:Div col

Шаблон:Div col end

Notes

Шаблон:Notelist

References

Citations

Шаблон:Reflist

Sources

Шаблон:Refbegin

Шаблон:Refend

External links

Шаблон:Commons category

Шаблон:Indian currency Шаблон:Historic Indian currency and coinage Шаблон:Rupee Шаблон:Currencies of Asia Шаблон:Symbols of India Шаблон:Economy of India Шаблон:British Ceylon period topics Шаблон:Mohandas K. Gandhi Шаблон:Portal bar

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