The Indian rupee (Hindi Hindi (Devanāgarī: हिन्दी or हिंदी, IAST: Hindī, IPA: [ˈɦɪndiː] ) is the name given to various Indo-Aryan languages, dialects, and language registers spoken in northern and central India, Pakistan, Fiji, Mauritius, and Surinam: रुपया) (sign A currency sign is a graphic symbol often used as a shorthand for a currency's name. Internationally, ISO 4217 codes are used instead of currency signs, though currency signs may be in common use in their respective countries. Most currencies in the world have no specific symbol: ; code ISO 4217 is the international standard describing three-letter codes to define the names of currencies established by the International Organization for Standardization (ISO). The ISO 4217 code list is the established norm in banking and business all over the world for defining different currencies, and in many countries the codes for the more: INR) is the official currency In economics, the term currency can refer to a particular currency, for example Pound Sterling, or to the coins and banknotes of a particular currency, which comprise the physical aspects of a nation's money supply. The other part of a nation's money supply consists of money deposited in banks , ownership of which can be transferred by means of of India Home to the ancient Indus Valley Civilisation and a region of historic trade routes and vast empires, the Indian subcontinent was identified with its commercial and cultural wealth for much of its long history. Four major religions, Hinduism, Buddhism, Jainism and Sikhism originated here, while Zoroastrianism, Judaism, Christianity and Islam. The issuance of the currency is controlled by the Reserve Bank of India The Reserve Bank of India is the central bank of India and controls the monetary policy of the rupee as well as 287.37 billion US-Dollar (2009) currency reserves. The institution was established on 1 April 1935 during the British-Raj in accordance with the provisions of the Reserve Bank of India Act, 1934 and plays an important part in the. ^[1]

The modern rupee is subdivided into 100 paise The paisa is a monetary unit in several countries. Linguistic variants of paisa include poisha (Bengali: পয়সা, in Bangladesh) and baisa (Arabic: بيسة, in Oman). In India, Nepal and Pakistan, the paisa currently equals 1⁄100 of a rupee. In Bangladesh, the poisha equals 1⁄100 of a Bangladeshi taka. In Oman, the baisa equals 1⁄100 (singular paisa). The coins have nominal values of 5, 10, 20, 25 and 50 paise as well as 1, 2, 5 and 10 rupees. The banknotes are available in nominal values of 5, 10, 20, 50, 100, 500 and 1000 rupees. The Indian rupee symbol () is an amalgam of both the Devanagari Devanagari , also called Nagari (Nāgarī, the name of its parent writing system), is an abugida alphabet of India and Nepal. It is written from left to right, does not have distinct letter cases, and is recognizable by a distinctive horizontal line running along the tops of the letters that links them together. Devanāgarī is the main script consonant "र" (Ra) and the Latin The Latin alphabet, also called the Roman alphabet, is the most widely used alphabetic writing system in the world today. It evolved from the western variety of the Greek alphabet called the Cumaean alphabet, which was borrowed and modified by the Etruscans who ruled early Rome, whose alphabet was then adapted and further modified by the ancient letter "R" without the vertical bar. The design was presented to the public by the government of India The Government of India, officially known as the Union Government and also known as the Central Government, was established by the Constitution of India, and is the governing authority of a union of 28 states and seven union territories, collectively called the Republic of India. It is seated in New Delhi, the capital of India on 15 July 2010.^[2] Previously, the abbreviation Rs. was used and the Indian rupee did not have a symbol of its own.

Naming

In most parts of India, the rupee is known as the rupee, rūbāi in Tamil Tamil (தமிழ் tamiḻ; [t̪ɐmɨɻ] ) is a Dravidian language spoken predominantly by Tamil people of the Indian subcontinent. It has official status in the Indian state of Tamil Nadu and in the Indian union territory of Puducherry. Tamil is also an official language of Sri Lanka and Singapore. It is one of the twenty-two scheduled (ரூபாய்), rupayā (Hindi Hindi (Devanāgarī: हिन्दी or हिंदी, IAST: Hindī, IPA: [ˈɦɪndiː] ) is the name given to various Indo-Aryan languages, dialects, and language registers spoken in northern and central India, Pakistan, Fiji, Mauritius, and Suriname. Standard Hindi is one of the 22 scheduled languages of India, one of the official language) (रुपया), rupiyo in Gujarati Gujarati is an Indo-Aryan language, and part of the greater Indo-European language family. It is native to the Indian state of Gujarat, and is its chief language, as well as of the adjacent union territories of Daman and Diu and Dadra and Nagar Haveli (રૂપિયો), rūpāyi in Telugu Telugu is a Dravidian language with significant Indo-Aryan influence and is native to the Indian subcontinent. It is the second most-spoken language in India (74 million native speakers according to the 2001 census) and is 15th in the Ethnologue list of most-spoken languages worldwide (రూపాయి), Kannada Kannada is one of the major Dravidian languages of India, spoken predominantly in the state of Karnataka. Kannada, whose native speakers are called Kannadigas (ಕನ್ನಡಿಗರು Kannadigaru), number roughly 38 million, making it the 27th most spoken language in the world. It is one of the scheduled languages of India and the official and (ರೂಪಾಯಿ) and Tulu The Tulu language is a Dravidian language spoken by 1.95 million native speakers (1997) mainly in the southwest part of India known as Tulu Nadu. In India, 1.72 million people speak it as their mother tongue (2001), increased by 10 percent over the 1991 census. According to one estimate reported in 2009, Tulu is currently spoken by three to five (ರೂಪಾಯಿ), rūpā in Malayalam Malayalam (Malayalam: മലയാളം malayāḷam pronounced [mɐləjaːɭɐm]), is one of the four major Dravidian languages of southern India. It is one of the 22 scheduled languages of India with official language status in the state of Kerala and the union territories of Lakshadweep and Mahé. It is spoken by 35.9 million people. Malayalam (രൂപ), rupaye in Marathi Marathi is an Indo-Aryan language spoken by the Marathi people of western and central India. It is the official language of the state of Maharashtra. There are 90 million fluent speakers worldwide. Marathi ranks 4th in native speakers in India and is the 15th most spoken language in the world. Marathi is the oldest of the regional literatures in (रुपये) or one of the other terms derived from the Sanskrit Sanskrit , is a historical Indo-Aryan language and the primary liturgical language of Hinduism and Buddhism[note 1]. Today, it is listed as one of the 22 scheduled languages of India and is an official language of the state of Uttarakhand रूप्यकम् rupyakam ^[3] (Devanagari Devanagari , also called Nagari (Nāgarī, the name of its parent writing system), is an abugida alphabet of India and Nepal. It is written from left to right, does not have distinct letter cases, and is recognizable by a distinctive horizontal line running along the tops of the letters that links them together. Devanāgarī is the main script: रूप्यकं), raupya meaning silver; rupyakam meaning (coin) of silver. However, in West Bengal West Bengal is a state in eastern regions of India and is the nation's fourth most populous. It is also the seventh most populous sub-national entity in the world. West Bengal is the third largest contributor to India's GDP. Bangladesh lies on its eastern border. To its northeast lie the states of Assam and Sikkim and the country Bhutan, and to, Tripura Tripura is a state in North-East India, with an area of 4,051 sq. mi. or 10,491.69 km². Tripura is surrounded by Bangladesh on the north, south, and west. The Indian states of Assam and Mizoram lie to the east. The capital is Agartala and the main languages spoken are Bengali and Kokborok. It was formerly an independent Tripuri kingdom and was, Mizoram Mizoram pronunciation Mizoram literally means land of the Mizo people and it is one of the Seven Sister States in North Eastern India, sharing borders with the states of Tripura, Assam, Manipur and with the neighbouring countries of Bangladesh and Myanmar. Mizoram became the 23rd state of India on 20 February 1987.The capital of Mizoram is Aizawl, Orissa Odisha , or Orissa, is a state of India, located on the east coast of India, by the Bay of Bengal. It is the modern name of the ancient nation of Kalinga, which was invaded by the Maurya Emperor Ashoka in 261 BC. The modern state of Odisha was established on 1 April 1936 at Kanika Palace, Cuttack, as a province in India, and consists,, and Assam Assam pronunciation (Assamese: অসম Ôxôm [ɔxɔm]) is a northeastern state of India with its capital at Dispur located in the city of Guwahati. Located south of the eastern Himalayas, Assam comprises the Brahmaputra and the Barak river valleys along with the Karbi Anglong and the North Cachar Hills with an area of 30,285 square miles (78,438, the Indian rupee is officially known by names derived from the Sanskrit Sanskrit , is a historical Indo-Aryan language and the primary liturgical language of Hinduism and Buddhism[note 1]. Today, it is listed as one of the 22 scheduled languages of India and is an official language of the state of Uttarakhand टङ्क Tanka. Thus, the rupee is called Taka in Bengali Bengali or Bangla is an eastern Indo-Aryan language. It is native to the region of eastern South Asia known as Bengal, which comprises present day Bangladesh, the Indian state of West Bengal, and parts of the Indian states of Tripura and Assam. It is written with the Bengali script. With nearly 230 million total speakers, Bengali is one of the (টাকা), tôka in Assamese Assamese (IPA: [ɔxɔmija]) is the easternmost Indo-Aryan language. It is used mainly in the state of Assam in North-East India. It is also the official language of Assam. It is also spoken in parts of Arunachal Pradesh and other northeast Indian states. Small pockets of Assamese speakers can be found in Bhutan. The easternmost of Indo-European (টকা), and Tanka in Oriya Oriya or Odia is an Indian language, belonging to the Indo-Aryan branch of the Indo-European language family. It is mainly spoken in the Indian state of Orissa. The language is also one of the many official languages in India (ଟଙ୍କା), and is written as such on Indian banknotes.^[4]

Symbol

On March 5, 2009 the Indian government The Government of India, officially known as the Union Government and also known as the Central Government, was established by the Constitution of India, and is the governing authority of a union of 28 states and seven union territories, collectively called the Republic of India. It is seated in New Delhi, the capital of India announced a contest to create a symbol for the rupee.^[5][6] During the [[2010 Union budget of India|year 2010's Union Budget], Finance Minister Pranab Mukherjee Pranab Kumar Mukherjee is the current Finance Minister of India. He is a prominent leader of the Indian National Congress and a Gandhi family loyalist.[citation needed] mentioned that the proposed symbol would reflect and capture the Indian ethos and culture.^[7] Five symbols were shortlisted^[8], and the Cabinet selected the definitive symbol created by D Udaya Kumar on July 15, 2010.^[2] The symbol is a derived from from a combination the Devanagari letter ‘र’ and English letter ‘R’. 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.^[9] The Indian government will try to adopt the symbol within six months in the country and globally within 18 to 24 months.^[2] Before the adoption of the symbol, the most commonly used symbols for the rupee were Rs, Re or if the text was in an Indian language, then an appropriate abbreviation in that language.

Numeral system

In Indian English Indian English or South Asian English comprises several dialects or varieties of English spoken primarily in the Indian subcontinent. These dialects evolved during and after the colonial rule of Britain in India. English is one of the official languages of India, with about ninety million speakers according to the 1991 Census of India. Fewer than, values greater than or equal to hundred thousand Indian rupees are counted in terms of lakhs A lakh or lac is a unit in the Indian numbering system equal to one hundred thousand (100,000; 105). It is widely used both in official and other contexts in Bangladesh, India, Maldives, Nepal, Sri Lanka, Myanmar and Pakistan, and is often used in Indian English (one lakh = hundred thousand), crores A crore (often abbreviated cr) is a unit in the Indian numbering system equal to ten million (10,000,000; 107), or 100 lakh. It is widely used in Bangladesh, India, Nepal, and Pakistan. It was 500,000 in the now-obsolete Persian number system (one crore = ten million) and arabs (one arab = one billion). For example, the amount 3,25,84,729.25 is read as three crores, twenty-five lakhs, eighty-four thousand, seven hundred and twenty-nine rupees and twenty-five paise. The use of million or billion, as is standard in American American English is a set of dialects of the English language used mostly in the United States. Approximately two thirds of native speakers of English live in the United States or British English British English, or UK English , is the broad term used to distinguish the forms of the English language used in the United Kingdom from forms used elsewhere. The Oxford English Dictionary applies the term to English "as spoken or written in the British Isles; esp[ecially] the forms of English usual in Great Britain...", reserving ", is not very common.

History

Use in India

India was one of the earliest issuers of coins (circa 6th century BC). The first "rupee The rupee (abbreviated as ₨, Re., Rs. (Plural) is the common name for the monetary unit of account in India, Sri Lanka, Nepal, Pakistan, Mauritius, Seychelles, Indonesia, Maldives, and formerly in Burma" is believed to have been introduced by Sher Shah Suri Sher Shah Suri (Pashto: شیر شاہ سوری - Šīr Šāh Sūrī), also known as Farid Khan or Sher Khan (The Tiger King or The Lion King), was a powerful medieval emperor (r. 1540–45) from Sasaram, Bihar, India. He was an Afghan who founded the dynasty known as Sur Dynasty in 1540 in North India. He drove out the Mughal dynasty in Agra and (1486–1545), based on a ratio of 40 copper pieces (paisa) per rupee.^[10] 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 Warren Hastings was the first Governor-General of India, from 1773 to 1785. He was famously accused of corruption in an impeachment in 1787, but was acquitted in 1795. He was made a Privy Councillor in 1814) and the Bengal Bank (1784–91), amongst others. Until 1815, the Madras Presidency Madras Presidency , also known as Madras Province and known officially as Presidency of Fort St. George, was a province of British India. At its greatest extent, Madras Presidency included much of southern India, including the present-day Indian State of Tamil Nadu, the Malabar region of North Kerala, Lakshadweep Islands, the Coastal Andhra and also issued a currency based on the fanam, with 12 fanams equal to the rupee.

Historically, the rupee, derived from the Sanskrit Sanskrit , is a historical Indo-Aryan language and the primary liturgical language of Hinduism and Buddhism[note 1]. Today, it is listed as one of the 22 scheduled languages of India and is an official language of the state of Uttarakhand 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 gold standard is a monetary system in which the standard economic unit of account is a fixed weight of gold. There are distinct kinds of gold standard. First, the gold specie standard is a system in which the monetary unit is associated with circulating gold coins, or with the unit of value defined in terms of one particular circulating gold. 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 The pound sterling , commonly called the pound, is the official currency of the United Kingdom, its Crown dependencies (the Isle of Man and the Channel Islands) and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence (singular: penny) coinage to the British colonies. British India Provinces of India, earlier Presidencies of British India, still earlier, Presidency towns, and collectively British India, were the administrative units of the territories of India under the tenancy or the sovereignty of either the English East India Company or the British Crown between 1612 and 1947 at that time was controlled by the British East India Company The East India Company was an early English joint-stock company that was formed initially for pursuing trade with the East Indies, but that ended up trading mainly with the Indian subcontinent and China. The oldest among several similarly formed European East India Companies, the Company was granted an English Royal Charter, under the name. The silver rupee continued as the currency of India throughout the entire period of the British Raj The British Raj is the name given to the period of British colonial rule in South Asia between 1858 and 1947; it can also refer to the dominion itself, and even the region under the rule. The region, commonly called India in contemporary usage, included areas directly administered by Britain, as well as the princely states ruled by individual and beyond. In 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 extolled 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, following the recommendations of the Indian Currency Committee, 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). 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. Nominal value during British rule, and the first decade of independence:

• 1 damidi(pie) = 0.520833 paise
• 1 kani(pice) = 1.5625 paise
• 1 paraka = 3.125 paise
• 1 anna = 6.25 paise
• 1 beda = 12.5 paise
• 1 pavala = 25 paise
• 1 artharupee = 50 paise
• 1 rupee = 100 paise

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.

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