Wednesday, November 20, 2019

history currency of india

history currency of india.

historical importance of indian currency.history of indian currency pdf.The word "rupee" is derived from a Sanskrit word "rūpya", which means "wrought silver", and maybe also something stamped with an image or a coin. As an adjective it means "shapely", with a more specific meaning of "stamped, impressed", whence "coin". It is derived from the noun rupar"The Indian rupee was a silver-based currency during much of the 19th century, which had severe consequences on the standard value of the currency, as stronger economies were on the gold standard. During British rule, and the first decade of independence, the rupee was subdivided into 16 anas. Each anna was subdivided into 4 paisa. So one rupee was equal to 64 pice paisa In 1957,Rs 1 note reintroduced. Rs 1 was first introduced on 30 Nov 1917, followed by Rs 2 and 8 annas, and was discontinued on 1 Jan 1926.The origin of the word rupee is from Sanskrit word ‘Rupya’ which means shaped, stamped, impressed or coin and also from the Sanskrit word “raupya” which means silver. The rupee which we keep in our pocket has a strange or perplexing past. There was a long history of struggle, exploration and wealth which can be traced back to the ancient India of the 6th Century BC. In 19th century the Britishers introduced paper money into the subcontinent. The Paper Currency Act of 1861 gave the Government the monopoly of note issued throughout the vast expanse of British India. history, the right to Coinage and Currency and issues of sovereignty have been curiously conjoined, emotionally if not rationally. These issues stimulate debate even today.The transition of currency management from colonial to independent India was a reasonably smooth affair. Midnight, August 14, 1947 heralded Indian independence from colonial rule. The Republic, however, was established on 26th January, 1950. During the interregnum, the Reserve Bank continued to issue the extant notes.Government of India brought out the new design Re. 1 note Symbols for independent India had to be chosen. At the outset it was felt that the King's portrait be replaced by a portrait of Mahatma Gandhi. Designs were prepared to that effect. In the final analysis, the consensus moved to the choice of the Lion Capital at Sarnath in lieu of the Gandhi Portrait. The new design of notes were largely along.Then came the Mauryas who punch marked their coins with a royal standard. Chanakya, prime minister to the first Mauryan emperor Chandragupta Maurya, mentions the minting of coins such as rupyarupa (silver),  suvarnarupa (gold), tamararupa (copper) and sisarupa (lead) in his Arthashastra treatise.The Indo-Greek Kushan kings who came next introduced the Greek custom of engraving portrait heads on coins. Their example was followed for eight centuries. The extensive coinage of the Kushan empire also influenced a large number of tribes, dynasties, and kingdoms, which began issuing their own coins.Coins in India are issued in denominations of 10 paise, 20 paise, 25 paise, 50 paise, one rupee, two rupees, and five rupees. A paise is 1/100th of a rupee. Coins worth 50 paise or less are called small coins, while coins equal or above one rupee are known as rupee coins.Paper currency or banknotes are issued in denominations of 5, 10, 20, 50, 100, 200, 500, and 2,000 rupees. On the reverse side of paper rupees, denominations are printed in 15 languages, while denominations are printed in Hindi and English on the front side.The bank notes are updated frequently with new designs, including distinct differences from old Mahatma Gandhi Series of bank notes to the new ones of the same name. The notes include various themes of India's rich heritage.It is said that the currency of India is very important currency.  The first gold coins existed in the country, meaning that in the time of the kings, gold coins existed.  Gradually these coins started to get silver as well as coins are also found in many places.  Its currency is very important for any country.  Here is a link you have shared so that our children and our future generation will be aware of the currency of India so that you can know the history of Indian currency finance.  So you can see what the currency was like.  Here is a pdf file of photographs of the monetary currency of India.