Indian economy which is growing at a rapidly fast rate is getting a lot of praise from the economist around the world. Many economists are predicting the current Goods and Service Tax (GST) system as a benchmark in the history of India. You would be amazed that there are only 7 taxpayers out of per 100 voter id holders. With a country growing at a faster rate these days, it’s predicted that India’s demographic dividend will last longer. At the time of independence, the division of the rupee was in Annas. 16 Annas used to complete one rupee. Nowadays, the rupee is broken into paisa and 1 rupee is equal to 100 paise. The process of decimalization of rupee began way back in 1947. In this, the rupee got split into 100 naya paisa (‘naya’ means new). Indian Rupees have a very old and historical facts.
Let’s Have a Glance On Indian Rupees:
1. You can spot 17 languages on Indian rupees, out of which 15 are in the language section of the note, and additionally you can find Hindi in the center of the rupee along with English at the backside of the note.
2. The letter I, J, O, X, Y, Z are omitted from the serial number of Indian rupee as RBI only allows twenty letters for the inset. For the security purposes, RBI never reveals which inset letters would get an allocation to a particular printing press.
3. If you have a torn note or 51 percent of the torn note, then you can actually exchange it in a bank according to RBI norms.
4. The USD is at a higher rate than Indian rupee since decades, but you would get to amaze that in 1917 it was at a meager rate of 1 Rupee= 13 USD.
5. In 2007, there was a huge shortage of 5 Rs coin and this turns into a chaos at that time. Upon police verification, it was found that Indian coins were actually smuggled to Bangladesh for making blades.
6. After the partition, Pakistan continues to use notes made by RBI, unless they start producing their own and got enough in numbers. Pakistan used Indian notes by stamping Pakistan on it.
7. When it comes to the issuing one rupee notes, then RBI does not have the authority to issue them. One rupee notes are the responsibility of Finance Ministry and bear the sign of the Secretary on it.
8. Not many people would be knowing this that Indian rupee was also the currency of few other countries such as Aden, Oman, Kuwait, Bahrain, Qatar, the Trucial States, Kenya, Uganda, the Seychelles and Mauritius in the early part of the 2oth century.
9. India is the first country to print paper money way back in 18th century. As per the reports, the first paper currency by RBI was a 5 Rs note in 1938, which has the picture of King George VI.
10. There are four parts of India where the coins get their creations. If you watch closely there is some design mark in every coin just below the year it got a print. Through these symbols, you can identify whether its made in Delhi, Kolkata, Hyderabad, or Noida.
11. Technically, Indian rupees are not papers, but cotton rags, which gives the look and feel of paper.
12. Indian Currency has special Braille scripts which are employed to help visually impaired people in identifying various notes.
13. The mint price of 10 Rs coin is 6.10 Rs and amount of printing 50 Rs is more than 100 Rs notes. Well, that’s totally surprising.
14. There are approximately 13 metal alloys that used for making Indian Rupee coins. The metal such as gold, silver, bronze, copper, silver alloy, steel, and few more are employs to make these coins.
15. Each Indian notes carries an Indian emblem on it’s back. Currently, new 500 and 2000 notes are containing Red Fort and Indian space program Mangalyan emblems respectively.
16. In 2010, Indian government provided the symbol for the Indian rupee. D. Udaya Kumar is behind the symbol. The symbol depicts Devanagari letter “र” (Ra). The symbol is a combination of the Latin letter “R” and Devanagari letter “र”. The parallel line in the symbol gives the feel and look of Indian flag tricolor.
Well, isn’t it amazing? The Indian currency has a lot of fascinating facts, but we tried to cover as much as we can. Do share with us if you have something extraordinary. Till then, happy reading.