The Rupee is the common name for the currency of India. The word rupee is derived from the Sanskrit word rupya, which means silver. Which was the first rupee? When was the Rupee Symbol introduced? Countries which have Rupee has Currency, History of Rupee
The Indian rupee (sign: ₹; code: INR) is the official currency of India. The rupee is subdivided into 100 paise (singular paisa), though as of 2018, coins of denomination of 50 paise is the lowest value in use. The issuance of the currency is controlled by the Reserve Bank of India
The contemporary Indian notes are Rs 10, Rs 20, Rs 50, Rs 100, Rs 200, Rs 500 & Rs 2000. These notes show the portrait of Mahatma Gandhi on the face & hence is called as Mahatma Gandhi series. Notes have two sides, the side which has the face of Mahatma Gandhi is called as Obverse & the other side is called as Reverse.
On 8 Nov 2016, the Government of India announced the demonetisation of ₹500 and ₹1000 banknotes with effect from midnight of the same day, making these notes invalid. Our article Demonetization in India 2016: Success or Failure covers Demonetization in detail.
On 5th March 2009, a contest was announced. President Mr.Pranab Mukherjee said, “New Indian rupee symbol should reflect our Indian culture And ethos.”
Out of 3000 designs, 5 were shortlisted, shown in the image below
Cabinet selected the definite symbol on 15 JULY 2010. The winner was Mr Udaya Kumar, Assistant Professor at IIT Guwahati. He was awarded 2.5 lakh. The design is based on the Tricolour, with two lines at the top and white space in between. Rupee symbol represents the Indian flag. It is a blend of Indian and Roman letters: a capital ‘R’, and Devanagari ‘ra’, which represent rupya.
Countries which have Rupee has Currency
The rupee is the common name for the currencies of India, Pakistan, Indonesia, Maldives, Mauritius, Nepal, Seychelles, Sri Lanka. In the Maldives, the unit of currency is known as the Rupiah, which is a cognate of the Sanskrit rupya.
Basically, the Indian rupee is referred to as simply a rupee, whereas for other countries it is mandatory for them to introduce their county name before rupee. i.e. Pakistani rupee, Nepalese rupee, Mauritius rupee, Sri Lankan rupee etc.
- The Indian rupees (₹) and Pakistani rupees (₨) are subdivided into one hundred paise (singular paisa) or pice.
- The Mauritian and Sri Lankan rupees subdivide into 100 cents.
- The Nepalese rupee subdivides into one hundred paisas (both singular and double) or four sukas or two mohors.
Security Features of Indian Notes
Counterfeiting is a major problem in banknotes. To prevent counterfeiting every country includes various types of security features in their banknotes. The infographic below explains the various security features in Indian Notes. More details in our article Security Features in Indian Notes, International Notes
The First Rupee
The first rupee is believed to have been introduced by king Sher Shah Suri (1486–1545). Sher Khan was an Afghan emperor who founded the Suri dynasty with its capital at Delhi in India. He became a commander in the Mughal Army under Babur. In 1537, when Babur’s son Humayun was on an expedition, Sher Khan established the Suri Empire.
History of Rupee
The infographic from Economic Times traces the History of Rupee. Click on the image to see the bigger view
Where does the Word Rupee come from?
- History of Money : How Money has evolved from Barter to Bitcoins
- What is Currency?Why does Currency Value change?
- Currencies of the World, Tricks to Remember Currencies
- What are Central Banks,What is RBI? What do they do?
- Monuments on The Indian Notes: Konark Temple, Himalayas,Manglayan Mission
- Coin: Anatomy, Indian coins, Motto, History, Mint Marks
- The National and Official Languages of India: Hindi, English, Banknotes