National Currency

The Indian Rupee is a symbol that represents India’s international identity in terms of money transactions and economic prowess. The Indian Rupee symbol represents the Indian ethos. The emblem combines the Devanagari “Ra” and the Roman Capital “R,” with two parallel horizontal stripes going across the top that signifies the national flag as well as the “equal to” sign (₹). The Indian Rupee symbol was chosen by the Indian government on July 15, 2010.

The emblem was picked among thousands of concept entries received by the Ministry of Finance through an open competition among resident Indian nationals. It was conceptualised and developed by Udaya Kumar, a postgraduate in Design from the Indian Institute of Technology Bombay. Using various digital technology and computer tools, the process of defining and implementing this new identity is already ongoing.

Currency Basics

Coins are currently issued in India in the values of one rupee, two rupees, five rupees, and ten rupees. With effect from June 30, 2011, coins in the denominations of 1 paisa, 2 paise, 3 paise, 5 paise, 10 paise, 20 paise, and 25 paise have been withdrawn from circulation and are no longer legal currency.

Banknotes in the denominations of Rs 10, Rs 20, Rs 50, Rs 100, Rs 200, Rs 500, and Rs 2000 are currently issued in India. Because they are issued by the Reserve Bank of India, these notes are referred to as banknotes (Reserve Bank). Notes in the denominations of Rs 2 and Rs 5 are no longer printed because these denominations have been coined. The Legal Tender status of the Rs 500 and Rs 1,000 denominations of banknotes from the Mahatma Gandhi Series issued by the Reserve Bank of India has been withdrawn by the Government of India by Notification No. 2652 dated November 8, 2016. Cotton and cotton rag are used to make currency paper.

The 10000 note, first produced in 1938 and then again in 1954, was the biggest denomination note ever created by the Reserve Bank of India. In 1946, and again in 1978, these notes were demonetized.

Reserve Bank of India and the People

The Reserve Bank currently manages currency operations through 19 issue offices in Ahmedabad, Bangalore, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram, as well as a vast network of currency chests. Fresh banknotes are delivered to these offices from the banknote production plants. The RBI Issue Offices transmit new notes remittances to approved commercial bank branches.

The mints provide the coins to the Reserve Bank offices in Hyderabad, Kolkata, Mumbai, and New Delhi (Mint connected Offices). These offices then forward them to the Reserve Bank’s other offices, which in turn forward them to currency chests and tiny coin depots. The currency chests are loaded with banknotes and rupee coins, while the tiny coin depots are stocked with small coins. Bank branches receive banknotes and coins from Currency Chests and Small Coin Depots to distribute to the general public.

Conclusion

India’s national currency is the rupee (symbol: ₹; code: INR). The rupee is divisible into 100 paise (singular: paisa), yet as of 2019, 1 rupee coins are the smallest denomination in use. The Reserve Bank of India is in charge of the currency’s issuance. The Reserve Bank of India administers currency in India and draws its authority from the Reserve Bank of India Act, 1934.

A new rupee sign (₹) was officially implemented in 2010. It was created by combining the Devanagari consonant “₹”,”ra” with the Latin capital letter “R” without the vertical bar. The parallel lines at the top (with white space between them) are considered to be a reference to the tricolour Indian flag, as well as a representation of the country’s intention to minimise economic inequity. On July 8, 2011, the first generation of coins bearing the redesigned rupee symbol went into circulation. Previously, India used the symbols “Rs” and “Re” to represent several rupees and one rupee, respectively.