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The rupee (Hindi: रुपया ) (code: INR ) is the official unit of currency of India. The issuance of the currency is controlled by the Reserve Bank of India (RBI). The most commonly used symbols for the rupee are Rs. , or as Re. or रू . The ISO 4217 code for the Indian rupee is INR. On March 5, 2009 the Indian Government announced a contest to create a symbol for the Rupee. The modern rupee is subdivided into 100 paise (singular paisa ).
In most parts of India, the rupee is known as the rupee, rupaya (Hindi), rupiyo in Gujarati (રૂપિયો), roopayi in Telugu (రూపాయి) and Kannada (ರೂಪಾಯಿ), rubai in Tamil (ரூபாய்), roopa in Malayalam (രൂപ), rupaye in Marathi (रुपये) or one of the other terms derived from the Sanskrit रूप्यकम् rupyakam (Devanagari: रूप्यकं), raupya meaning silver; rupyakam meaning (coin) of silver. However, in West Bengal, Tripura, Mizoram, Orissa, and Assam, the Indian rupee is officially known by names derived from the Sanskrit तनक Tanka . Thus, the rupee is called টাকা Taka in Bengali, টকা tôka in Assamese, and ଟଙ୍କା Tôngka in Oriya, with the symbol T, and is written as such on Indian banknotes.
On March 4, 2010, the exchange rate was Rs. 45.77 to US$1.
Numeral system
Main article: Indian numbering systemAs is standard in Indian English, large values of Indian rupees are counted in terms of thousands, lakh (100 thousand = 10 5 rupees, in digits 100,000), crore (100 lakhs = 10 7 rupees, in digits 10,000,000) and arawb (100 crore = 10 9 rupees, in digits 1,000,000,000). The use of million or billion, as is standard in American or British English, is far less common.
For example, the amount INR 3,25,84,729.25 is spoken as three crore twenty-five lakhs eighty-four thousand seven hundred twenty-nine rupees and twenty-five paise (see Indian numbering system).
History
Main article: History of the rupeeIndia 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 (1486–1545), based on a ratio of 40 copper pieces (paisa) per rupee. Among the earliest issues of paper rupees were those by the Bank of Hindustan (1770–1832), the General Bank of Bengal and Bihar (1773–75, established by Warren Hastings) and the Bengal Bank (1784–91), amongst others.
During British rule, and the first decade of independence, 1 damidi(pie)=0.520833paise 1 kani(pice) =1.5625paise 1 paraka =3.125paise 1 anna =6.25paise 1 beda =12.5paise 1 pavala =25paise 1 artharupee =50paise 1 rupee =100paise
Until 1815, the Madras Presidency also issued a currency based on the fanam, with 12 fanams equal to the rupee.
Historically, the rupee, derived from the Sanskrit word raupya, which means silver , was 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.S. and various European colonies resulted in a decline in the relative value of silver to gold. Suddenly the standard currency of India could not buy as much from the outside world. This event was known as "the fall of the rupee".
India was not affected by the imperial order-in-council of 1825 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. In the year 1835, British India set itself firmly upon a mono-metallic silver standard based on the rupee. His decision was influenced by a letter, written in the year 1805, by Lord Liverpool that extoled the virtues of mono-metallism.
Following the Indian Mutiny in 1857, the British government took direct control of British India. Since 1851, gold sovereigns were being produced in large numbers at the Royal Mint branch in Sydney, New South Wales. In the year 1864 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 Kong, existing 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 couldn't 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 of 1873, a growing number of nations had been adopting the gold standard. In 1898, British 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.e., 15 rupees = 1 pound). In 1920, the actual silver value of the rupee was increased in value to 2 shillings (10 rupees = 1 pound). Interestingly in British East Africa at this time, the decision was made to replace the rupee with a florin. No such opportunity was, however, taken in British India.
In 1927, the peg was once more reduced, this time to 18 pence (13⅓ rupees = 1 pound). This peg was maintained until 1966, when the rupee was devalued and pegged to the U.S. dollar at a rate of 7.5 rupees = 1 dollar (at the time, the rupee became equal to 11.4 British pence). This peg lasted until the U.S. dollar devalued in 1971.
The Indian rupee replaced the Danish Indian rupee in 1845, the French Indian rupee in 1954 and the Portuguese Indian escudo in 1961. Following independence in 1947, the 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.
In 1957, decimalisation occurred and the rupee was divided into 100 naye paise (Hindi for "new paise"). In 1964, the initial "naye" was dropped. Many still refer to 25, 50 and 75 paise as 4, 8 and 12 annas respectively, not unlike the usage of "bit" in American English for ⅛ dollar.
In March 2009 the Indian Finance Ministry launched a public competition to select a symbol for the currency.
1 Re and 2 Rs
The rupee on the East African coast and South Arabia
In East Africa, Arabia, and Mesopotamia the Rupee and its subsidiary coinage was 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, and in Kenya the British East Africa Company minted the rupee and its fractions as well as pice. The rise in the price of silver immediately after the First World War caused the rupee to rise in value to two shillings sterling. In 1920 in British East Africa, the 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 shillings. This assimilation to sterling did not however happen in British India itself. In Somalia the Italian colonial authority minted 'rupia' to the exact same standard, and called the pice 'besa'.
The rupee in the Straits Settlements
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 place. These attempts were resisted by the locals, and by 1867 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.
Polymer banknotes
In September 2009, Reserve Bank of India has decided to introduce polymer notes (polymer banknote) on a trial basis. Initially, 100 crore (1 billion) pieces of Rs. 10 denomination notes will be introduced. According to the Reserve Bank officials, the polymer notes will have an average lifespan of 5 years (4 times the regular Indian bank notes) and be difficult to counterfeit. The polymer notes are cleaner than the regular notes, too.
International use
See also: Pakistani rupeeWith Partition, the 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 Aden, Oman, Kuwait, Bahrain, Qatar, the Trucial States, Kenya, Tanganyika, Uganda, the Seychelles, and Mauritius.
The Indian government introduced the Gulf rupee, also known as the Persian Gulf rupee (XPGR), as a replacement for the Indian rupee for circulation exclusively outside the country with the Reserve Bank of India Act, 1 May 1
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