Indian rupees have deeper history and the currency systems started in india in 6th century BC. Very few countries issued currencies as coins at that time and India was the one of them. The word Rupiya was delivered from a Sanskrit word “rupa” which means “wrought coin or a coin of silver”.
Currency has changed with time and the modern India’s currency is far secured then past’s currencies. Using paper currencies is too common in our life. The whole India got a shock whe last year prime minister Narendra Modi announced demonisation and we were suffering from massive problems and the reason is that we valued paper currencies as our lifeline. Well nothing wrong in that but ever thought that how much interesting history Indian ruppies ? Well, we collected few interesting facts to serve to you.
1. The Indian Rupees was almost equalling to dollar rate. 1.3 ₹ = 1 $
The rupees was not so weak as its now as at the time of independence. But wars and few other factors devalued rupees. The first major devaluation of the rupee happened in 1966 when it was pegged against the US dollar at Rs 4.75/$. After that, the rupees kept going down and now its on 67 rupees equals to a dollar.
2. Every bank note carry an imprint of something Indian.
We use bank note daily but did you every looked notes back and check out what things printed ? Well if you didn’t then take any note and take a look of its back. Or take look here on two thousand note’s back.
3. After the independence in 1947. India was printing note for Pakistan and Pakistan used notes with stamping.
At time of independence, Pakistan was not abel to print note so Indian reserve bank was printing notes for pakistan. Pakistan used these notes after stamping.
4. 5000 & 10000’s RBI banknotes were in circulting between 1954 to 1978.
Yeah, 5000 and 10000 rupees notes were being circulting but corruption was on its peak those days. A person who want to hide 1 lakh rupees, he just need to hide ten 10000’s notes. India faced first demonetization on 1978 and that decision was made by Morarji Desai. after demonetization, Indian Reserve Bank never introduced higher notes than 1000.
5. The symbol of rupee came in existence in 2010.
The sign of rupee was designed on 15 July 2010 by Uday Kumar. The sign was created with devanagari letter “र” (ra) and the Latin capital letter “R” without its vertical bar.
6. Once RBI minted 75, 150 and 1000 rs coins but they never came into use.
RBI was celebrated its platinum jubilee, 150th birth anniversary of Rabindranath Tagore and 1000 years of Brihadeeswarar Temple. RBI minted 75 coins but never gave a legal tender.
7. After Independence, there was two currencies in India.
Hyderabadi rupee! after independence, hyderabad continued issuing own currency. Hyderabad joined Republic of India in 1950 but the currency kept running 9 years more. The hyderabadi rupee was in circultion from 1918 to 1959.
8. Its possible to find that where coin has minted
You can check out where coin has minted. You just need a see a mark at coin’s bottom.
Then match with this table.
9. India has faced demonetization three times.
Yes, the first demonetization was done in 1978 by Morarji Desai and second demonetization last year by Narendra Modi. But you know that India faced one more demonetization ?
Well, the first demonetization was conducted in 1938 by british government.
10. Few Years ago, 5 rupees coins were being smuggled to Bangladesh.
India 5 rupee’s manufacturering cost was almost same as its value but it became a business for many people’s in Bangladesh. The smugglers were collecting coins and sending them Bangladesh illegally. They were melting down the coins and making razors from it. As soon as Indian government get to know, the decreased metallic content and killed this business.
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