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November 9, 2016

10 Indian Currency Facts That You Never knew

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Money has a very important role to play in our everyday life as it decides the fiscal position of a country. The entire communication system amongst the world had in fact extended only because of the progress of money. There is a huge expansion in the money business since history. Currency of India has not been in the similar form from the very beginning. It has been through various transitions and finally we have our currency today. Earlier we started from coins made of silver, copper and gold but as technology became more and more powerful, paper currency notes became a part of circulation. The rajas and maharajas had developed their own currency at the time of their rein and as ownership of kingdoms shifted, the currency changed. Now, after years of revolution, finally today have coins and paper note currency.  Just like this enriched history, there are many interesting facts that people are often unaware of. While we know the importance of Indian Currency and its strength in the World market, we may not know about few facts about our currency. Here are some amazing facts about currency;

#1 Since 6th Century BC, Indian Currency has been existence. 

The earlier form of currency was not note but coins. The most distinguished was Sher Shah Suri’s Rupiya, which turned out to be the precursor of the contemporary rupee.

Currency facts

http://coinindia.com

#2 The paper currency was issued in late 18th Century.

Bank of Hindustan, the Bengal Bank and General Bank in Bengal are the first banks to have introduced paper currency.

Indian currency

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#3 The first set of notes were of Queen Victoria series.

For safety reasons, these series notes were cut in half and one-half was sent by post while the other half was sent only on confirmation of receipt.

Indian currency

https://greatbritishzine.co.uk

#4 In the year 1862, coins known as regal issues were introduced.

Post independence, the earliest coin in India was introduced in 1950.

Indian Currency

https://www.ngccoin.com

#5 The Reserve Bank of India inaugurated in 1935.

Ever since the inauguration of RBI, the entire currency circulation has been under the control of it. RBI is the regulatory authority and all the currency is legal only after it has been signed the governor of RBI. The current governor of RBI is Mr. Urjit Patel.
The very first currency note brought forth by the RBI was a 5 rupee note which had the image of King George VI.

#6 The first ever note that was printed in independent India is the one rupee note.

The other very interesting fact about is that while the printing of all other currency is under the power of RBI but all the one rupee notes that come into circulation are controlled by the government of India and are passed only after being signed by the secretary of Ministry of Finance. The Indian currency is invalid without the signature.

Indian currency

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#7 10,000 rupee note is the highest domination printed by RBI.

1,000 rupees as well as 10,000 rupees notes were circulated between 1938 and 1946 but were demonetized. 1,000 rupees, 5,000 rupees plus 10,000 rupee notes were again introduced in the year 1954 and demonetized in the year 1978. Only 1,000 rupee notes came back into the circulation. But they were again demonetized on the eve of 9th November 2016. Now, 2,000 have been brought into circulation.

#8 Denominations of 1 paise, 2 paise, 3 paise, 5 paise, 10 paise, 20 paise as well as 25 paise are not in circulation from June 30, 2011.

The coins of denomination lower than 25 paisa were demonetized from the eve of  30 June, 2011. The use of these currency coins was considered illegal from the next morning. Various banks and RBI collected coins till 29th June, 2011 to be replaced with the legal currency.

#9 The life of a banknote is merely 9-10 months on an average.

After a span of 9-10 months, the note starts to wear out. It might get torn from the middle or it’s paper might become soft and soon the notes are moved out of circulation.

#10 Apart from English and Hindi on the front of the note, several languages are printed on the back side. 

These regional languages include Gujarati, Assamese, Konkani, Malayalam, Marathi, Nepali, Kasmiri, Kannada, Oriya, Punjabi, Tamil, Sanskrit, Telegu and Urdu.

currency facts

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Let’s hope that these amazing facts about Indian currency will make your day a little more knowledgeable. Now you know things not everyone does!

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