History of the Indian Rupee - 2823 Words

The currency of India is the rupee. Rupee is derived from the Sanskrit rupyakam which means coin of silver (Indian Rupee). The rupee has transitioned through several governing bodies over its recorded history. Each transitional phase can be traced by the examples of the rupee notes as follows: early private and semi-governmental banks, Government of India, King George V, King George VI, Indo-French Territories, Indo-Portuguese Territories, Prisoner-of-War Coupons, Princely States, cash coupons of Princely States, and post Independent India (Indian Currency Collector Online). Early Private and Semi-Governmental Banks (1770-1861 A.D.) The European traders, especially those with the East India Company, were familiar with using paper†¦show more content†¦Bombays sub-circles were Akola and Karachi, Calcuttas sub-circles were Lahore, Allahabad and Cawnpur, and Madrass sub-circles were Vizagapatam, Cocinada and Trichinopoly (Jhunjhunwalla Online). The first series of notes issued under the act of 1861 carried the portrait of Queen Victoria, but those designs were quickly modified to account for the original simplicity. The notes were printed on watermarked paper in England and included the signatures of Lord Canning (The Viceroy) and Samuel Laving (the successor Finance Member). The denominations of these notes were: Rs. 10, Rs. 20, Rs. 50, Rs. 100, Rs. 500 and Rs. 1,000 (Indian Currency Collector). In the early 1900s as paper currency grew in popularity, the notes were universalized to ease the restrictions on cashing the notes only within originating circle(s). The restrictions were eased gradually, with the smaller denominations being universalized first. The issuing circle name continued to be printed on the notes, either in full or as initials (Keynes p.44). King George V (1917-1932 A.D.) The crisis of precious metal supplies during World War I in 1917 lead to the first notes featuring King George Vs picture. The government also issued lower denominations of the rupee for the first time, specifically the Rs. 1 and Rs. 2.5. During the 1920s, notes featuring King George Vs portrait were issued in Rs. 10 and Rs. 5 denominations (Indian CurrencyShow MoreRelatedHistory Of Indian Rupee As An Exchange Rate2332 Words   |  10 PagesExchange rate regime in Indian Context History of Indian Rupee as an exchange rate Only once as an independent nation India had choice of a exchange rate being defined as Indian rupee with reference to its foreign country trade partners. After successful independence and followed by constitution of India effect from 26th January 1950, India followed an exchange rate system which Indian Rupee linked to the British Pound Sterling. This system of exchange rate regime continues until mid- 1970’s, thisRead MoreCurrency Depreciation1580 Words   |  7 PagesWe discuss the currency depreciation vs. devaluation. 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