Wednesday, March 1, 2017

Currency - India - 1 Rupee - Pratap Kishen Kaul (Finance Secretary, 1983-1985)

Item Code: 119/IN-42

v  PICTURE - Ashoka Pillar Capital in rupee coin
v  LEGEND - Secretary Ministry of Finance 
v  NUMERAL - '1' in three places
v  VALUE LEGEND - English and Hindi 
v  PICTURE - Rupee coin with dated 1983,84,85
v  LANGUAGE PANEL - 13 Indian Languages    
Ashoka Pillar Capital
96 x 63 mm.
Pratap Kishen Kaul (Finance Secretary, 1983-1985)

Interesting facts about the rupee

In November 1994, printing of Re 1 note was stopped mainly due to higher cost and for freeing capacity to print currency notes of higher denomination.

After a gap of over 20 years, Re 1 note has been released in the country. Let's get to know our currency better. Here are some of the most amazing, lesser-known facts about the Indian rupee:

1) The process of issuing paper currency started in the 18th century. Private banks like Bank of Hindustan, Bank of Bengal, the Bank of Bombay, and the Bank of Madras were among the first to print paper money. It was only after the Paper Currency Act of 1861 that the government of India was given the monopoly to print currency.

2) The highest denomination note ever printed by the RBI was the Rs 10,000 note in 1938 and again in 1954. These notes were demonetized in 1946 and again in 1978.

3) The RBI can issue banknotes in the denominations of 5000 and 10,000, or any other denomination that the Central Government may specify. But, there can't be banknotes in denominations higher than 10,000 as per the current provisions of the RBI Act, 1934.

4) Your currency is composed of cotton and cotton rag.

5) Commemorative coins in India have been issued on various occasions. The first 75 rupee coin was issued in 2010 to celebrate 75 years of Reserve Bank of India. In 2011, 150 rupee coins were issued to commemorate the 150th birth anniversary of Rabindranath Tagore. The first 1000 rupee coin was announced in 2012, issued to commemorate the 1000 years of Brihadeeswarar temple in Thanjavur, Tamil Nadu.

6) Coins can be issued up to the denomination of Rs. 1000 as per Coinage Act, 2011.

7) In 2010, rupee got a new symbol ₹, designed by D.Udaya Kumar. The symbol was derived from Devanagari letter "" (ra) and is a combination of the Latin letter 'R' and Devanagari letter ''. The parallel line in the symbol is drawn to make it look like the tricolor of the Indian national flag.

8) There is an identification mark (different geometrical shapes) on the left hand side of each note in the form of raised print (intaglio) - a diamond for Rs 1000, circle for Rs 500, triangle for Rs 100, square for Rs 50, rectangle for Rs 20 and none for Rs 10 - to help the visually impaired identify the denomination. 

9) During the British rule, and the first decade of independence, the rupee was divided into 16 annas. Each anna was subdivided into 4 paisas. In 1957, decimalisation occurred and the rupee was divided into 100 naye paise (Hindi/Urdu for new paisas). After a few years, the initial "naye" was dropped.

10) The Rs 5-note was the first paper currency issued by RBI in January 1938. It had the portrait of King George VI.

11) The 500 rupee note was introduced in 1987 and 1000 rupee note in 2000.

12) A one-rupee coin and above can be used to pay/settle any amount or sum. However, a 50 paise coin cannot be used to pay/settle any amount above Rs 10.

13) Ever wondered how the old notes are destroyed? According to the data obtained by RTI activist Manoranjan Roy, 11,661 crore notes lost their usable value (between 2001 and now) and were shredded to bits, to be later balled or gummed together, and be reborn as coasters, paper-weights, pen stands, key chains. In 2010-11 alone, 1,385 crore notes worth Rs 1,78,830 crore were destroyed.

14) MYSTERY OF THE VANISHING RUPEE. In 2007, an acute shortage of coins gripped the eastern Indian city of Calcutta, which saw shopkeepers begging change from beggars and buying coins at prices above their face value.

One reason cited for this acute shortage in Calcutta was: coins being melted down and smuggled to Bangladesh where they were turned into razor blades, ornaments, fountain pen nibs, metal idols. The one rupee coin was actually worth Rs 35, for every single rupee coin was being melted into 5-7 blades, as per new reports.

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