·

Indian rupee
रुपया (Hindi)
ISO 4217 code	INR
Central bank	Reserve Bank of India
Official user(s)	India  Bhutan[a]
Unofficial user(s)	Nepal[b]  Zimbabwe
Inflation	4.8%, August 2015
Source	Economic Adviser
Method	WPI
Pegged by	Bhutanese ngultrum (at par) Nepalese rupee (1 INR = 1.6 NPR)
Subunit
1/100	Paisa
Paisa	p
Formerly used symbols	Rs, ರೂ, രൂ, ৳, ૱, రూ, ௹, रु
Coins	₹1, ₹2, ₹5, ₹10
Banknotes	₹1, ₹2, ₹5, ₹10, ₹20, ₹50, ₹100, ₹500, ₹1000
Printer	Reserve Bank of India
Website	www.rbi.org.in
Mint	India Government Mint
Website	www.spmcil.com

The rupee, or more specifically the Indian rupee (symbol: ₹; ISO code: INR) (Unicode U+20B9) is the official currency of the Republic of India. The issuance of the currency is controlled by the Reserve Bank of India.^[1] It is named after the silver coin, rupiya, first issued by Sultan Sher Shah Suri in the 16th century and later continued by the Mughal Empire.

The modern rupee is subdivided into 100 paise (singular paisa), though as of 2011 only 50 paise coins are legal tender.^[2][3] Banknotes in circulation come in denominations of ₹1, ₹2, ₹5, ₹10, ₹20, ₹50, ₹100, ₹500 and ₹1000. Rupee coins are available in denominations of ₹1, ₹2, ₹5, ₹10.

The Indian rupee symbol '₹' (officially adopted in 2010) is derived from the Devanagari consonant "र" (ra). The first series of coins with the rupee symbol was launched on 8 July 2011.^{[citation needed]}

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[edit]

The word "rupee" was derived from the Sanskrit word रूप्यकम् (rūpyakam).^{[citation needed]} The modern Indian rupee has a direct lineage from the rupiya, the silver coin, issued by Sher Shah Suri (1540—1545), continued by the Mughal rulers.^[4] However, in Assam, West Bengal, Tripura and Odisha, the Indian rupee is officially known by names derived from the Sanskrit word टङ्क (ṭaṅka), which means "money".^[5] Thus, the rupee is called টকা (ṭôkā) in Assamese, টাকা (ṭākā) in Bengali and ଟଙ୍କା (ṭaṅkā) in Odia. The amount (and the word "rupee") is, accordingly, written on the front of Indian banknotes in English and Hindi, whilst on the back the name is listed, in English alphabetical order,^[6] in 15 other Indian languages.^[7]

1. Assamese: টকা (ṭôkā)
2. Bengali: টাকা (ṭākā)
3. Bhojpuri: रुपया (rupayā)
4. Gujarati: રૂપિયો (rupiyo)
5. Hindi: रुपया (rupaya)
6. Kannada: ರೂಪಾಯಿ (rūpāyi)
7. Kashmiri: روپے (ropyih)
8. Konkani: रुपय (rupaye)
9. Malayalam: രൂപ (rūpā)
10. Marathi: रुपया (rupayā)
11. Nepali: रुपैयाँ (rupaiyã)
12. Odia: ଟଙ୍କା (ṭaṅkā)
13. Punjabi: ਰੁਪਈਆ (rupiā)
14. Rajasthani: रिप्या (ripyā)
15. Sanskrit: रूप्यकम् (rūpyakam)
16. Santali: ᱴᱟᱠᱟ (ṭākā)
17. Sindhi: रुपियो‎ (rupiyo)
18. Tamil: ரூபாய் (rūpāy)
19. Telugu: రూపాయి (rūpāyi)
20. Urdu: روپیہ‎ (rupayā)

Design[edit]

The sign (₹) is a combination of the Devanagari letter "र" (ra) and the Latin capital letter "R" without its vertical bar (similar to the R rotunda). The parallel lines at the top (with white space between them) are said to make an allusion to the tricolour Indian flag.^[8] and also depict an equality sign that symbolises the nation's desire to reduce economic disparity. It was designed by Udaya Kumar Dharmalingam, at the Industrial Design Centre at the Indian Institute of Technology Bombay.

Numeral system[edit]

The Indian numeral system is based on the decimal system, with two notable differences from Western systems using long and short scales. The system is ingrained in everyday monetary transactions in the Indian subcontinent.

Hindi semantic	International semantic	Indian comma placement	International comma placement
1 हज़ार (1 hazar)	1 thousand	1,000	1,000
10 हज़ार (10 hazar)	10 thousand	10,000	10,000
1 लाख (1 lakh)	100 thousand	1,00,000	100,000
10 लाख (10 lakhs)	1 million	10,00,000	1,000,000
1 करोड़ (1 crore)	10 million	1,00,00,000	10,000,000
10 करोड़ (10 crores)	100 million	10,00,00,000	100,000,000
1 अरब (1 arab)	1 billion	1,00,00,00,000	1,000,000,000
10 अरब (10 arabs)	10 billion	10,00,00,00,000	10,000,000,000
1 खरब (1 kharab)	100 billion	1,00,00,00,00,000	100,000,000,000
10 खरब (10 kharabs)	1 trillion	10,00,00,00,00,000	1,000,000,000,000
1 नील (1 neel)	10 trillion	1,00,00,00,00,00,000	10,000,000,000,000
10 नील (10 neel)	100 trillion	10,00,00,00,00,00,000	100,000,000,000,000
1 पद्दम (1 padam)	1 quadrillion	1,00,00,00,00,00,00,000	1,000,000,000,000,000
10 पद्दम (10 padams)	10 quadrillion	10,00,00,00,00,00,00,000	10,000,000,000,000,000
1 शंख (1 shankh)	100 quadrillion	1,00,00,00,00,00,00,00,000	100,000,000,000,000,000
10 शंख (10 shankhs)	1 quintillion	10,00,00,00,00,00,00,00,000	1,000,000,000,000,000,000

• Note that in practice, use of arab, kharab, neel, padam and shankh is rare. In modern usage, 1 arab would be 100 crores.

History[edit]

Indian rupee[edit]

Historically, the rupee (derived from the Sanskrit word raupya), 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 discovery of large quantities of silver in the United States and several European colonies 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."

The history of the Indian rupee traces back to Ancient India in circa 6th century BCE, ancient India was one of the earliest issuers of coins in the world,^[9] along with the Chinese wen and Lydian staters.

The Hindi word rupaya is derived from Sanskrit word rūpya, which means "wrought silver, a coin of silver",^[10] in origin an adjective meaning "shapely", with a more specific meaning of "stamped, impressed", whence "coin". It is derived from the noun rūpa "shape, likeness, image". The word rūpa is being further identified as having sprung from the Dravidian".

Arthashastra, written by Chanakya, prime minister to the first Maurya emperor Chandragupta Maurya (c 340-290 BCE), mentions silver coins as rūpyarupa, other types of coins including gold coins (Suvarṇarūpa), copper coins (Tāmrarūpa) and lead coins (Sīsarūpa) are also mentioned. Rūpa means form or shape, example, Rūpyarūpa, rūpya — wrought silver, rūpa — form.^[11]

During his five-year rule from 1540 to 1545, Sultan Sher Shah Suri issued a coin of silver, weighing 178 grains, which was termed the Rupiya.^[10][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 (1773–75, established by Warren Hastings), and the Bengal Bank (1784–91).

India was unaffected by the imperial order-in-council of 1825, which attempted to introduce British sterling coinage to the British colonies. British India, at that time, was controlled by the British East India Company. The silver rupee 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; this decision was influenced by a letter written by Lord Liverpool in 1805 extolling the virtues of mono-metallism.

Following the Indian Mutiny in 1857, the British government took direct control of British India. Since 1851, gold sovereigns were produced en masse at the Royal Mint in Sydney, New South Wales. In an 1864 attempt to make the British gold sovereign the "imperial coin", the treasuries in Bombay and Calcutta were instructed to receive gold sovereigns; however, 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, a number of nations adopted the gold standard; however, India remained on the silver standard until it was replaced by a basket of commodities and currencies in the late 20th century.^{[citation needed]}

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 British 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).^[14] 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:

• 1 rupee = 16 anna (later 100 naye paise)
• 1 ardharupee = 8 anna, or ½ rupee (later 50 naye paise)
• 1 pavala = 4 anna, or ¼ rupee (later 25 naye paise)
• 1 beda = 2 anna, or ¹⁄₈ rupee (later equivalent to 12.5 naye paise)
• 1 anna = ¹⁄₁₆ rupee (later equivalent to 6.25 naye paise)
• 1 paraka = ½ anna (later equivalent to 3.125 naye paise)
• 1 kani (pice) = ¼ anna (later equivalent to 1.5625 naye paise)
• 1 damari (pie) = ¹⁄₁₂ anna (later equivalent to 0.520833 naye paise)
• 1 rupee = 16 anna
• 1 Athanni (dheli) = ½ rupee
• 1 Chawanni = ¼ rupee
• 1 Dawanni = ¹⁄₈ rupee
• 1 Anna/Ekanni = ¹⁄₁₆ rupee
• 1 Taka/Adhanni = ¹⁄₃₂ rupee
• Paisa = ¹⁄₆₄ rupee
• Dhela = ¹⁄₁₂₈ rupee (½ paisa)
• Pie = ¹⁄₃ paisa = ¹⁄₁₉₂ rupee
• Damari = ¼ paisa = ¹⁄₂₅₆ rupee.

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 as 4, 8 and 12 annas respectively, similar to the usage of "two bits" in American English for a quarter-dollar.

Straits Settlements[edit]

The Straits Settlements were originally an outlier of the British East India Company. The Spanish dollar had already taken hold in the Settlements by the time the British arrived during the 19th century; however, the East India Company tried to replace it with the rupee. This attempt was resisted by the locals; by 1867 (when the British government took over direct control of the Straits Settlements from the East India Company), attempts to introduce the rupee were finally abandoned.

International use[edit]

With the Partition 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 – also known as the Persian Gulf rupee (XPGR) – as a replacement for the Indian rupee for circulation outside the country with the Reserve Bank of India (Amendment) Act of 1 May 1959. 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 and 1965, respectively.^[15]

The Bhutanese ngultrum is pegged at par with the Indian rupee; both currencies are accepted in Bhutan. The Nepalese rupee is pegged at ₹0.625; the Indian rupee is accepted in Nepal, except ₹500 and ₹1000 banknotes, which are not legal tender in Nepal and is banned by the Government of Nepal, though accepted by many retailers.^[16] Sri Lanka's rupee is not currently related to that of India; it is pegged to the US dollar.^[17]

In 2014, Zimbabwe added the Indian Rupee as a legal tender to be used.^[18]

Coins[edit]

East India Company, 1835[edit]

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 ¹⁄₈- and ¹⁄₁₆-rupee in silver. Madras also issued two-rupee coins.

Copper denominations were more varied. Bengal issued one-pie, ¹⁄₂-, one- and two-paise coins. Bombay issued 1-pie, ¹⁄₄-, ¹⁄₂-, 1-, 1¹⁄₂-, 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 ¹⁄₂ and one dub (or ¹⁄₉₆ and ¹⁄₄₈) rupee. Madras also issued the Madras fanam until 1815.

All three Presidencies issued gold mohurs and fractions of mohurs including ¹⁄₁₆, ¹⁄₂, ¹⁄₄ in Bengal, ¹⁄₁₅ (a gold rupee) and ¹⁄₃ (pancia) in Bombay and ¹⁄₄, ¹⁄₃ and ¹⁄₂ in Madras.

In 1835, a single coinage for the EIC was introduced. It consisted of copper ¹⁄₁₂, ¹⁄₄ and ¹⁄₂ anna, silver ¹⁄₄, ¹⁄₃ and 1 rupee and gold 1 and 2 mohurs. In 1841, silver 2 annas were added, followed by copper ¹⁄₂ 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[edit]

In 1862, coins were introduced (known as "regal issues") which bore the portrait of Queen Victoria and the designation "India". Their denominations were ¹⁄₁₂ anna, ¹⁄₂ pice, ¹⁄₄ and ¹⁄₂ anna (all in copper), 2 annas, ¹⁄₄, ¹⁄₂ and one rupee (silver), and five and ten rupees and one mohur (gold). The gold denominations ceased production in 1891, and no ¹⁄₂-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 ¹⁄₁₂ anna and ¹⁄₂ pice ceased production, the ¹⁄₄ anna was changed to a bronze, holed coin, cupro-nickel and nickel-brass ¹⁄₂-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 ¹⁄₄-, ¹⁄₂- and one-rupee pieces minted in 1946 and 1947, bearing the image of George VI, King and Emperor on the obverse and an Indian tiger on the reverse.

Independent predecimal issues, 1950–1957[edit]

India's first coins after independence were issued in 1950 in 1 pice, ¹⁄₂, one and two annas, ¹⁄₄, ¹⁄₂ and one-rupee denominations. The sizes and composition were the same as the final regal issues, except for the one-pice (which was bronze, but not holed).

Independent decimal issues, 1957–[edit]

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 & 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 coins were nickel. In 1964, the word naya(e) was removed from all coins. Between 1964 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).

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-(chawanni) 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 symbol) were put into circulation in 2011. Coins commonly in circulation are one, two, five and ten rupees.^[19][20] Although it is still legal tender, the 50-paise (athanni) coin is rarely seen in circulation.^[21]

Circulating Coins ^[19][22]

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
50 paise	22 mm	3.79 g	Ferritic stainless steel	Circular	Emblem of India	Value, hand in a fist	2008
₹1	25 mm	4.85 g	Ferritic stainless steel	Circular	Emblem of India, value	Value, two stalks of wheat	1992
₹1	25 mm	4.95 g	Ferritic stainless stee	Circular	Unity from diversity, cross dividing 4 dots	Value, Emblem of india, Year of minting	2004	2007
₹1	25 mm	4.85 g	Ferritic stainless steel	Circular	Emblem of India	Value, hand showing thumb (an expression in the Bharata Natyam Dance)	2007
₹1	22 mm	3.79 g	Ferritic stainless steel	Circular	Emblem of India	Value, new rupee sign, floral motif and year of minting	2011
₹2	26 mm	6 g	Cupro-Nickel	Eleven Sided	Emblem of India, Value	National integration	1982
₹2	26.75mm	5.8 g	Ferritic stainless stee	circular	Unity from diversity, cross dividing 4 dots	Value, Emblem of india, Year of minting	2005	2007
₹2	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
₹2	25 mm	4.85 g	Ferritic stainless steel	Circular	Emblem of India	Value, new rupee sign, floral motif and year of minting	2011
₹5	23 mm	9 g	Cupro-Nickel	Circular	Emblem of India	Value	1992
₹5	23 mm	6 g	Ferritic stainless steel	Circular	Emblem of India	Value, wavy lines	2007
₹5	23 mm	6 g	Brass	Circular	Emblem of India	Value, wavy lines	2009
₹5	23 mm	6 g	Nickel- Brass	Circular	Emblem of India	Value, new rupee sign, floral motif and year of minting	2011
₹10	27 mm	5.62 g	Bimetallic	Circular	Emblem of India and year of minting	Value with outward radiating pattern	2006	2010
₹10	27 mm	5.62 g	Bimetallic	Circular	Emblem of India and year of minting	Value with outward radiating pattern, new rupee sign	2011	present

The coins are minted at the four locations of the India Government Mint. The ₹1, ₹2, and ₹5 coins have been minted since independence. Coins minted with the "hand picture" were minted from 2005 onwards.

Special coins[edit]

After independence, the Government of India mint, minted coins imprinted with Indian statesmen, historical and religious figures. In year 2010 and 2011 for the first time ever ₹75, ₹150 and ₹1000 coins were minted in India to commemorate the Platinum Jubilee of the Reserve Bank of India, the 150th birth anniversary of Rabindra Nath Tagore and 1000 years of the Brihadeeswarar Temple, respectively. In 2012 a ₹60 coin was also issued to commemorate 60 years of the Government of India Mint, Kolkata. ₹100 coin was also released commemorating the 100th anniversary of Mahatma Gandhi's return to India.^[23]

Banknotes[edit]

The design of banknotes is approved by the central government, on the recommendation of the central board of the Reserve Bank of India.^[1] 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 Hoshangabad.

The current series of banknotes (which began in 1996) is known as the Mahatma Gandhi series. Banknotes are issued in the denominations of ₹5, ₹10, ₹20, ₹50, ₹100, ₹500 and ₹1000. The printing of ₹5 notes (which had stopped earlier) resumed in 2009. ATMs usually distribute ₹100, ₹500 and ₹1,000 notes. The zero rupee note is not an official government issue, but a symbol of protest; it is printed (and distributed) by an NGO in India.

British India[edit]

In 1861, the government of India introduced its first paper money: ₹10 notes in 1864, ₹5 notes in 1872, ₹10,000 notes in 1899, ₹100 notes in 1900, 50-rupee notes in 1905, 500-rupee notes in 1907 and 1000-rupee notes in 1909. In 1917, 1- and 2¹⁄₂-rupee notes were introduced. The Reserve Bank of India began banknote production in 1938, issuing ₹2, ₹5, ₹10, ₹50, ₹100, ₹1,000 and ₹10,000 notes while the government continued issuing ₹1 notes.

Independent issues since 1949[edit]

After independence, new designs were introduced to replace the portrait of the king. The government continued issuing the ₹1note, while the Reserve Bank issued other denominations (including the ₹5,000 and ₹10,000 notes introduced in 1949). During the 1970s, ₹20 and ₹50 notes were introduced; denominations higher than ₹100 were demonetised in 1978. In 1987 the 500-rupee note was introduced, followed by the ₹1,000 note in 2000. ₹1 and ₹2 notes were discontinued in 1995.

In September 2009, the Reserve Bank of India decided to introduce polymer banknotes on a trial basis. Initially, 100 crore (1 billion) pieces of polymer ₹10 notes will be introduced.^[24] According to Reserve Bank officials, the polymer notes will have an average lifespan of five years (four times that of paper banknotes) and will be difficult to counterfeit; they will also be cleaner than paper notes.

Current banknotes[edit]

List of Banknotes[edit]

Mahatma Gandhi Series [25]
Image		Value	Dimensions	Main Color	Description			Year of issue
Obverse	Reverse				Obverse	Reverse	Watermark
		₹1	97 × 63 mm	Blue	One-rupee coin	Sagar Samrat oil rig	Pillars of Ashoka	1994 / 2015[26][27]
		₹5	117 × 63 mm	Green	Mahatma Gandhi	Tractor	Mahatma Gandhi	2002 / 2009
		₹10	137 × 63 mm	Orange-violet		Rhinoceros, elephant, tiger		1996 / 2006
		₹20	147 × 63 mm	Red-orange		Mount Harriet, Port Blair		2001 / 2006
		₹50	147 × 73 mm	Violet		Parliament of India		1997 / 2005
		₹100	157 × 73 mm	Blue-green at centre, brown-purple at 2 sides		Himalaya Mountains		1996 / 2005
		₹500	167 × 73 mm	Orange and Yellow		Dandi March		2000 / 2005
		₹1000	177 × 73 mm	Amber-Red		Economy of India		2000 / 2005
These images are to scale at 0.7 pixels per millimetre.

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. The RBI introduced the series in 1996 with ₹10 and ₹500 banknotes. At present, the RBI issues banknotes in denominations from ₹5 to ₹1,000. The printing of ₹5 notes (which had stopped earlier) resumed in 2009.

As of January 2012, the new '₹' sign has been incorporated into banknotes in denominations of ₹10, ₹20, ₹50, ₹100, ₹500 and ₹1,000.^{[28][29][30][31]} 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.^[32]

Languages[edit]

Each banknote has its amount written in 17 languages. On the obverse, the denomination is written in English and Hindi. On the reverse is a language panel which displays the denomination of the note in 15 of the 22 official languages of India. The languages are displayed in alphabetical order. Languages included on the panel are Assamese, Bengali, Gujarati, Kannada, Kashmiri, Konkani, Malayalam, Marathi, Nepali, Odia, Punjabi, Sanskrit, Tamil, Telugu and Urdu.

Denominations in central level official languages (At below either ends)

Language	₹1	₹2	₹5	₹10	₹20	₹50	₹100	₹500	₹1000
English	One rupee	Two rupees	Five rupees	Ten rupees	Twenty rupees	Fifty rupees	Hundred rupees	Five hundred rupees	One thousand rupees
Hindi	एक रुपया	दो रुपये	पाँच रुपये	दस रुपये	बीस रुपये	पचास रुपये	एक सौ रुपये	पाँच सौ रुपये	एक हज़ार रुपये

Denominations in other Indian languages as seen on panel

Language	₹1	₹2	₹5	₹10	₹20	₹50	₹100	₹500	₹1000
Assamese	এক টকা	দুই টকা	পাঁচ টকা	দহ টকা	বিছ টকা	পঞ্চাশ টকা	এশ টকা	পাঁচশ টকা	এক হাজাৰ টকা
Bengali	এক টাকা	দুই টাকা	পাঁচ টাকা	দশ টাকা	কুড়ি টাকা	পঞ্চাশ টাকা	একশত টাকা	পাঁচশত টাকা	এক হাজার টাকা
Gujarati	એક રૂપિયો	બે રૂપિયા	પાંચ રૂપિયા	દસ રૂપિયા	વીસ રૂપિયા	પચાસ રૂપિયા	સો રૂપિયા	પાંચ સો રૂપિયા	એક હજાર રૂપિયા
Kannada	ಒಂದು ರುಪಾಯಿ	ಎರಡು ರೂಪಾಯಿಗಳು	ಐದು ರೂಪಾಯಿಗಳು	ಹತ್ತು ರೂಪಾಯಿಗಳು	ಇಪ್ಪತ್ತು ರೂಪಾಯಿಗಳು	ಐವತ್ತು ರೂಪಾಯಿಗಳು	ನೂರು ರೂಪಾಯಿಗಳು	ಐನೂರು ರೂಪಾಯಿಗಳು	ಒಂದು ಸಾವಿರ ರೂಪಾಯಿಗಳು
Kashmiri
Konkani	एक रुपया	दोन रुपया	पांच रुपया	धा रुपया	वीस रुपया	पन्नास रुपया	शंबर रुपया	पाचशें रुपया	एक हजार रुपया
Malayalam	ഒരു രൂപ	രണ്ടു രൂപ	അഞ്ചു രൂപ	പത്തു രൂപ	ഇരുപതു രൂപ	അൻപതു രൂപ	നൂറു രൂപ	അഞ്ഞൂറു രൂപ	ആയിരം രൂപ
Marathi	एक रुपया	दोन रुपये	पाच रुपये	दहा रुपये	वीस रुपये	पन्नास रुपये	शंभर रुपये	पाचशे रुपये	एक हजार रुपये
Nepali	एक रुपैयाँ	दुई रुपियाँ	पाँच रुपियाँ	दस रुपियाँ	बीस रुपियाँ	पचास रुपियाँ	एक सय रुपियाँ	पाँच सय रुपियाँ	एक हजार रुपियाँ
Odia	ଏକ ଟଙ୍କା	ଦୁଇ ଟଙ୍କା	ପାଞ୍ଚ ଟଙ୍କା	ଦଶ ଟଙ୍କା	କୋଡିଏ ଟଙ୍କା	ପଚାଶ ଟଙ୍କା	ଏକ ଶତ ଟଙ୍କା	ପାଞ୍ଚ ଶତ ଟଙ୍କା	ଏକ ହଜାର ଟଙ୍କା
Punjabi	ਇਕ ਰੁਪਈਆ	ਦੋ ਰੁਪਏ	ਪੰਜ ਰੁਪਏ	ਦਸ ਰੁਪਏ	ਵੀਹ ਰੁਪਏ	ਪੰਜਾਹ ਰੁਪਏ	ਇਕ ਸੌ ਰੁਪਏ	ਪੰਜ ਸੌ ਰੁਪਏ	ਇਕ ਹਜ਼ਾਰ ਰੁਪਏ
Sanskrit	एकरूप्यकम्	द्वे रूप्यके	पञ्चरूप्यकाणि	दशरूप्यकाणि	विंशती रूप्यकाणि	पञ्चाशत् रूप्यकाणि	शतं रूप्यकाणि	पञ्चशतं रूप्यकाणि	सहस्रं रूप्यकाणि
Tamil	ஒரு ரூபாய்	இரண்டு ரூபாய்	ஐந்து ரூபாய்	பத்து ரூபாய்	இருபது ரூபாய்	ஐம்பது ரூபாய்	நூறு ரூபாய்	ஐந்நூறு ரூபாய்	ஆயிரம் ரூபாய்
Telugu	ఒక రూపాయి	రెండు రూపాయలు	ఐదు రూపాయలు	పది రూపాయలు	ఇరవై రూపాయలు	యాభై రూపాయలు	నూరు రూపాయలు	ఐదువందల రూపాయలు	వెయ్యి రూపాయలు
Urdu	ایک روپیہ	دو روپے	پانچ روپے	دس روپے	بیس روپے	پچاس روپے	ایک سو روپے	پانچ سو روپے	ایک ہزار روپے

Minting[edit]

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 five India Government Mints at Mumbai, Alipore (Kolkata), Saifabad (Hyderabad), Cherlapally (Hyderabad) and NOIDA (UP). The coins are issued for circulation only through the Reserve Bank in terms of the RBI Act.^[33]

Security features[edit]

The main security features of current banknotes are:

• Watermark — White side panel of notes has Mahatma Gandhi watermark.
• Security thread — All notes have a silver or green security band with inscriptions (visible when held against light) of Bharat in Hindi and "RBI" in English.
• Latent image — On notes of denominations of ₹20 and upwards, a vertical band on the right side of the Mahatma Gandhi’s portrait contains a latent image showing the respective denominational value numerally (visible only when the note is held horizontally at eye level).
• Microlettering — Numeral denominational value is visible under magnifying glass between security thread and latent image.
• Intaglio - On notes with denominations of ₹5 and upwards the portrait of Mahatma Gandhi, the Reserve Bank seal, guarantee and promise clause, Ashoka Pillar Emblem on the left and the RBI Governor's signature are printed in intaglio (raised print).
• Identification mark — On the left of the watermark window, different shapes are printed for various denominations ₹20: vertical rectangle, ₹50: square, ₹100: triangle, ₹500: circle, ₹1,000: diamond). This also helps the visually impaired to identify the denomination.
• Fluorescence — Number panels glow under ultraviolet light.
• Optically variable ink — Notes of ₹500 and ₹1,000 denominations have their numerals printed in optically variable ink. The number appears green when the note is held flat, but changes to blue when viewed at an angle.
• See-through register - Floral designs printed on the front and the back of the note coincide and perfectly overlap each other when viewed against light.
• EURion constellation - A pattern of symbols found on the banknote helps software detect the presence of a banknote in a digital image, preventing its reproduction with devices such as colour photocopiers.

Note: All bank notes from ₹20 and above have a small raised geometrical shape for the visually impaired. Although its not a security feature for the common people the visually impaired may use it as a security feature. The downside is that through prolonged use the raised geometrical shape slowly becomes flat. Examples include ₹500, which has a small circle, ₹100, which has a triangle , ₹50, which has a square , ₹20 having a rectangle and so on.

Convertibility[edit]

Most traded currencies by value
Currency distribution of global foreign exchange market turnover^[34][35]

Rank	Currency	ISO 4217 code (Symbol)	% daily share (April 2013)
1	United States dollar	USD ($)	87.0%
2	Euro	EUR (€)	33.4%
3	Japanese yen	JPY (¥)	23.0%
4	Pound sterling	GBP (£)	11.8%
5	Australian dollar	AUD ($)	8.6%
6	Swiss franc	CHF (CHF)	5.2%
7	Canadian dollar	CAD ($)	4.6%
8	Mexican peso	MXN ($)	2.5%
9	Chinese yuan	CNY (¥)	2.2%
10	New Zealand dollar	NZD ($)	2.0%
11	Swedish krona	SEK (kr)	1.8%
12	Russian ruble	RUB (₽)	1.6%
13	Hong Kong dollar	HKD ($)	1.4%
14	Norwegian krone	NOK (kr)	1.4%
15	Singapore dollar	SGD ($)	1.4%
16	Turkish lira	TRY (₺)	1.3%
17	South Korean won	KRW (₩)	1.2%
18	South African rand	ZAR (R)	1.1%
19	Brazilian real	BRL ($)	1.1%
20	Indian rupee	INR (₹)	1.0%
Other			6.3%
Total[36]			200%

Officially, the Indian rupee has a market-determined exchange rate. However, the RBI 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". 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.^[37] 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.^[38]

Also affecting convertibility is a series of customs regulations restricting the import and export of rupees. Legally, foreign nationals are forbidden from importing or exporting rupees; Indian nationals can import and export only up to ₹7,500 at a time, and the possession of ₹500 and ₹1,000 rupee notes in Nepal is prohibited.^[39][40] In 2014 India allowed to take ₹500 and ₹1,000 rupee notes to be taken to Nepal

RBI also exercises a system of capital controls in addition to intervention (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 in order 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;^{[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." ^[41]

Chronology[edit]

• 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.^[42]
• 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.^[43]

Exchange rates[edit]

Historic exchange rates[edit]

For almost a century since the Great Recoinage of 1816 until the outbreak of World War I, the Indian rupee sustained parity with the U.S. dollar while pegged to the pound sterling that was exchanged at ₹4.80 (or 50 old pence per rupee).

Thereafter, both the rupee and the sterling gradually declined in worth against the U.S. dollar due to deficits in trade, capital and budget. In 1966, the rupee was devalued and pegged to the dollar. The peg to the pound was at ₹13.33 to a pound (approx. 40 rupees to £3), and the pound itself was pegged to US$4.03. That means officially speaking the USD to INR rate would be closer to ₹4. In 1966, India changed the peg to dollar at ₹7.50.^[44]

Indian rupees per currency unit averaged over the year^[45][46]

Currency	ISO code	1947	1966	1996	2000	2004	2006	2007	2008	2009	2010	2013	2014	2015
U.S. dollar	USD	3.30	7.50	35.444	44.2	45.340	43.954	39.5	48.76112	45.3354	45	68.80	66.07
Canadian dollar	CAD			26.002	30.283	34.914	41.098	42.92026	44.5915	52.1706			49.53
Euroa	EUR			44.401	41.525	56.385	64.127	68.03312	60.5973	65.6987			70.21
Pound sterling	GBP	13.33		55.389	68.119	83.064	80.633	76.38023	71.3313	83.6329			94.52
Australian dollar	AUD			27.6922	26.0776	33.2858	34.0251	34.6003	36.8126	38.2280	42.0025	56.3644	54.9146
Chinese Yuan	CNY								5.80				9.93
Swiss franc	CHF			28									66.95
Singapore dollar	SGD			25.160	26.07	26.830	30.932	33.60388	34.5127	41.2737			45.86
Malaysian Ringgit	MYR												17.49
Japanese Yen	JPY												0.56
Kuwaiti Dinar	KWD												210.01
Bahraini Dinar	BHD												164.55
a Before 1 January 1999, the European Currency Unit

Indian subcontinent exchange rates[edit]

The Indian subcontinent or the subcontinent is the southern region of Asia, mostly situated on the Indian Plate and projecting southwards into the Indian Ocean. Definitions of the extent of the Indian subcontinent differ but it usually includes the core lands of India, Pakistan, and Bangladesh; Sri Lanka, Nepal and Bhutan are often included as well.

Indian rupees per currency unit averaged over the year^[45][46]

Currency	ISO code	1947	1966	1996	2000	2004	2006	2007	2008	2009	2010	2013	2014	2015
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
Bhutanese Ngultrum	BTN												1.01	0.99
Maldivian rufiyaa	MVR												4.85	5.12
Nepalese Rupee	NPR												0.63	0.63
Pakistani Rupee	PKR												0.61	0.61
Sri Lankan Rupee	LKR												0.47	0.46

Banknotes and coins in circulation[edit]

As of 2014 banknotes of the denominations of ₹5, ₹10, ₹20, ₹50, ₹100, ₹500 and ₹1000 are in circulation; coins with face-value of 50 paise, ₹1, ₹2, ₹5 and ₹10 rupees. This is excluding the commemorative coins minted for special occasions.

Current exchange rates[edit]

Current INR exchange rates
From Google Finance:	AUD CAD CHF EUR GBP HKD JPY USD RUB CNY KRW
From Yahoo! Finance:	AUD CAD CHF EUR GBP HKD JPY USD RUB CNY KRW
From XE:	AUD CAD CHF EUR GBP HKD JPY USD RUB CNY KRW
From OANDA:	AUD CAD CHF EUR GBP HKD JPY USD RUB CNY KRW
From fxtop.com:	AUD CAD CHF EUR GBP HKD JPY USD RUB CNY KRW
From Currency.Wiki:	AUD CAD CHF EUR GBP HKD JPY USD RUB CNY KRW

See also[edit]

• Coins of British India
• Modern Indian coins

Notes[edit]

References[edit]

External links[edit]

• A gallery of all Indian currency issues
• "Gallery of Indian Rupee Notes introduced till date". Reserve Bank of India. Retrieved 9 January 2015. 
• Media related to Rupee (India) at Wikimedia Commons

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