The Indian rupee Hindi: INR is the official currency of the Republic of India. The currency is issued and controlled by the Reserve Bank of India. The modern rupee is sub-divided into paise singular paisa. The coins have values of 5, 10, 20, 25 and 50 paise, as well as 1, 2, 5 and 10 rupees.

The bank notes are available in values of 1, 2, 5, 10, 20, 50, and rupees. The design was presented to the public by the government of India on 15 July The current abbreviation "INR" started in July Until then, the abbreviation "Rs" or "Re" was used.

On March 5,the Government of India announced a contest to create a symbol for the rupee. Udaya Kumar on July 15, The parallel lines at the top with white space between them make an allusion to the tricolor and also depict an equality sign which symbolizes the nation's desire to reduce economic disparity.

For example, the amount 3,25,84, The use of million or billion, as is standard in American or British Englishis not very common. India was one of the earliest issuers of coins circa 6th century BC.

The first " rupee " is believed to have been introduced by Sher Shah Suri —based on a ratio of 40 copper pieces paisa per rupee. Untilthe Madras Presidency also issued a currency based on the fanamwith 12 fanams equal to the rupee.

Historically, the rupee, derived from the Sanskrit word raupya, which means silverwas 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 vast quantities of silver in the U.

Suddenly the standard currency of India could not buy as much from the outside world.

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This event was known as "the fall of the rupee". India was not affected by the imperial order-in-council of that attempted to introduce the 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 throughout the entire period of the British Raj and beyond. InBritish India set itself firmly upon a mono-metallic silver standard based on the rupee. His decision was influenced by a letter, written in the yearby Lord Liverpool that extolled the virtues of mono-metallism.

Following the Indian Mutiny inthe British government took direct control of British India. Sincegold sovereigns were being produced in large numbers at the Royal Mint branch in SydneyNew South Wales.

In the year in an attempt to make the British gold sovereign become the 'imperial coin', the treasuries in Bombay and Calcutta were instructed to receive gold sovereigns.

These gold sovereigns however never left the vaults. As was realized in the previous decade in Canada and the next year in Hong Kongexisting habits are not easy to replace.

And just as the British government had finally given up any hopes of replacing the rupee in India with the pound sterling, they simultaneously realized, and for the same reasons, that they could not easily replace the silver dollar in the Straits Settlements with the Indian rupee, as had been the desire of the British East India Company. Since the great silver crisis ofa growing number of nations had been adopting the gold standard. Infollowing the recommendations of the Indian Currency CommitteeBritish India officially adopted the gold exchange standard by pegging the rupee to the British pound sterling at a fixed value of 1 shilling 4 pence i.

In British East Africa at this time, the decision was made to replace the rupee with a florin.

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No such opportunity was, however, taken in British India. This peg was maintained untilwhen the rupee was devalued and pegged to the U. This peg lasted until the U. The Indian rupee replaced the Danish Indian rupee inthe French Indian rupee in and the Portuguese Indian escudo in Following independence inthe Indian rupee replaced all the currencies of the previously autonomous states.

Some of these states had issued rupees equal to those issued by the British such as the Travancore rupee. Other currencies included the Hyderabad rupee and the Kutch kori. The nominal values during British rule and the first decade of independence were:. Indecimalisation occurred, and the rupee was divided into naye paise Winners edge forex for "new paise".

Inthe initial "naye" was dropped.

In East AfricaArabiaand Mesopotamiathe Rupee and its related coins were current at various times. The usage of the Rupee in East Africa extended from Somalia in the north, to as far south as Natal.

In Mozambique, the British India rupees were overstamped. In Kenya, the British East Africa Company minted the rupee and its fractions as well as pice. The rise in the price of silver, how i get yocash on yoville after the First World War, caused the rupee to rise in value to two shillings sterling. In in British East Africathe opportunity was then taken to introduce a new florin coin, hence bringing the currency into line with sterling.

Shortly after that, the Florin was split into two East African currency trading information in marathi. This assimilation to sterling did not currency trading information in marathi happen in British India itself. In Somalia the Italian colonial authority mercado de divisas forex 'rupia' to exactly the same standard, and called the pice 'besa'.

The Straits Settlements were originally an outlier of the British East India Company. The Spanish dollar had already taken hold in the Straits Settlements by the time the British arrived in the nineteenth century, however, the East India Company tried to introduce the rupee in its profiting in forex by steve nison free download. These attempts were resisted by the locals, and by 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.

With Partitionthe Pakistani rupee came into existence, initially using Indian coins and Indian currency notes simply overstamped with "Pakistan". In previous times, the Indian rupee was an official currency of other countries, including AdenOmanKuwaitBahrainQatarthe Trucial StatesKenyaTanganyikaUgandathe Seychellesand Mauritius. The Indian government introduced the Gulf rupeealso known as the Persian Gulf rupee XPGRas a replacement for the Indian rupee for circulation exclusively outside the country with the Reserve Bank of India [Amendment] Act, 1 May This creation of a separate currency was an attempt to reduce the strain put on India's foreign reserves by gold smuggling.

After India devalued the rupee on 6 Junethose countries still using it — Oman, Qatar, and the Trucial States which became the United Arab Emirates in — replaced the Gulf rupee with their own currencies.

Kuwait and Bahrain had already done so in and respectively. The Bhutanese ngultrum is pegged at par with the Indian rupee, and both currencies are accepted in Bhutan. The Indian rupee is also accepted in towns in Nepal which lie near the border with India. However, the Indian Rupee denominations of and are banned in Nepal.

Officially, the Indian rupee has a market-set exchange rate. 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. RBI intervention in currency markets is solely to deliver low volatility in the exchange rates, and not to take a view on the rate or direction of the Indian rupee in relation to other currencies.

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, while Indian nationals can import and export only up to rupees at a time, and the possession of and rupee notes in Nepal is prohibited.

RBI also exercises a system of capital controls in addition to the intervention through active trading in the currency markets. On the current account, there are no currency conversion restrictions hindering buying or selling foreign exchange though trade barriers do exist.

On the capital account, foreign institutional investors have convertibility to bring money in and out of the country and buy securities subject to certain quantitative restrictions.

Local firms are able to take capital out of the country in order to expand globally. But local households are restricted in their ability to do global diversification. However, owing to an enormous expansion of the current account and the capital account, India is increasingly moving towards de facto full 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, in any circumstances or any situation.

Money cannot be changed into gold by the RBI. This is because it will become difficult to handle it. India follows the same gold-interchange principle as Great Britain and America. From Wikipedia, the free encyclopedia. Indian rupee ISO Code INR Official user s India Unofficial user s Bhutan alongside the Bhutanese ngultrum Nepal in towns of Nepalese side of Nepal - India border, alongside the Nepalese rupee Inflation 8.

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Bhutan alongside the Bhutanese ngultrum Nepal in towns of Nepalese side of Nepal - India border, alongside the Nepalese rupee.