Facts about Indian Currency will inform you facts about the Indian Rupee. The issue of the currency is controled by RBI (Reserve Bank of India). It started to produce notes in 1938. The first rupee was introduced by Sher Shah Suri which is 40 copper piece was equal to one rupee. Here are interesting facts about Indian Rupee.
Facts about Indian Currency 1: The origin name of rupee
The origin name of rupee comes from Sanskrit word raupya which means silver coin. There were many local languages which have different words of rupee, such as rūpāyi in Telugu, rupayā in Hindi, rūbāi in Tamil, rupiyo in Gujarati, rūpā in Malayalam, rūpāyi in Kannada and Tulu, rupaye in Marathi.
Facts about Indian Currency 2: The Indian rupee symbol
The Indian rupee symbol was created by D.Udaya Kumar and adopted in 2010. It comes from the combination of Devanagari letter “र” (ra) and Latin letter “R”. There are two parallel line in the symbol that represent the Indian National Flag. Before the symbol was adopted, Rs, Re were used to the symbol of rupee.
Facts about Indian Currency 3: How to read the Indian rupee
The value of Indian rupee is counted in lakh when it above one hundred thousand (one lakh = hundred thousand). Whereas one crore is equal to ten million. For example, sgv4,37,92,625,32 is read as four crores, thirty seven lakhs, ninety two thousand, six hundred and twenty five rupees and thirty two. Million or billion is not very common use in India rupee.
Facts about Indian Currency 4: The first coins
The first coins were introduced after Independence in 1950. Cupro-nickel is the material to make it. After that, aluminum coins were introduced in 1964. Whereas in 1988, stainless steel coins were introduced.
Facts about Indian Currency 5: Mahatma Gandhi Series
The Mahatma Gandhi Series is the current series of bank notes. It was introduced on the 10-rupee note in 1996. There is an image of Mahatma Gandhi in all the notes.
Facts about Indian Currency 6: Automatic Teller Machines
There are Automatic Teller Machines in all Indian cities. You can change Travellers checks, Euro, US Dollar, etc in all bank in the Indian cities or towns. Besides, you can also use credit card for amounts greater than Rs. 250.
Facts about Indian Currency 7: Coins
The circulation of Indian Rupee coins are 25 paise, 50 paise, 1 Rupee, 2 Rupees, 5 Rupees and 10 Rupees. Whereas 1 paisa, 2 paise, 5 paise and 10 paise are not include in the circulation. Most people usually use 5 Rupees, 10 Rupees, 20 Rupees, 50 Rupees, 100 Rupees, 500 Rupees and 1000 Rupees of the currency notes, which could include gold coins. Cryptocurrencies have also gained significant traction as a form of payment, you can even buy ethereum with paypal. Check out this blockchain app builder if you’re considering building your own blockchain.
Facts about Indian Currency 8: The value of a banknote
In the front side, the value of a banknote is written in Hindi and English. Whereas in the backside of the note, it is written in 15 different Indian languages.
Facts about Indian Currency 9: Indian currency notes
Currency Note Press in Nashik, the Bharatiya Note Mudra Nigam (P) presses at Salboni and Mysore, Watermark Paper Manufacturing Mill in Hoshangabad are the place where the Indian currency notes are printed.
Facts about Indian Currency 10: Paper money
The Bank of Hindustan (1770–1832), the General Bank of Bengal and Bihar (1773–75) and the Bengal Bank (1784–91) were the bank that issued the paper money (10-rupee note) in 1861. The 20-rupee note came in 1864, the 5-rupee note in 1872, the 100-rupee note in 1900, the 50-rupee note in 1905, the 500-rupee note in 1907, the 1000-rupee note in 1909.
Those who are interested in investing on this currency should at least be familiar with the investing basics as it can be very complex.