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INR or Indian Rupee, which is equal to 100 paise.
Also 1 INR is equal to 45-50 USD or US Dollars.
It is also a basic unit of currency in Mauritius, Nepal, Pakistan, Seychelles, and Sri Lanka.
The Rupee (₨ or Rs.) is the common name for the currencies used in India, Pakistan, Sri Lanka, Nepal, Mauritius, and the Seychelles; in Indonesia the unit of currency is known as the rupiah and in the Maldives the rufiyah. The Pakistani rupee and the Indian rupee are subdivided into one hundred paise or pice (singular paisa).
The origin of the word "rupee" is found in the Sanskrit word rÅ«p or rÅ«pÄ, which means "silver" in many Indo-Aryan languages such as Urdu. The derivative word RÅ«paya was used to denote the coin introduced by Sher Shah Suri during his reign from 1540 to 1545 CE. The original RÅ«paya was a silver coin weighing 178gm. The coin has been used since then, even during the times of British India. Formerly the rupee was divided into 16 annas, 64 paise, or 192 pies. Decimalisation occurred in Ceylon (Sri Lanka) in 1869, India in 1957 and in Pakistan in 1961.
Large denominations of rupees are often counted in lacs or lakhs (100,000) crores (10,000,000) and arabs (1 billion).
The Indian Rupee (Hindi: रूपया) is the official currency of India. The issuance of the currency is controlled by the Reserve Bank of India. The most commonly used symbol for the Rupee is Rs or ₨. The ISO 4217 code for the India Rupee is INR.
In most parts of India, the Rupee is known as the Rupee, Rupaye, Rubai, or one of other terms derived from the Sanskrit rupya, meaning silver. However, in the Bengali and Assamese languages, spoken in Assam, Tripura, and West Bengal, the Rupee is known as a Taka, and is written as such on Indian banknotes
Overview
The Indian Rupee is subdivided into 100 paise (singular paisa). As is standard in Indian English, large values of Indian rupees are counted in terms of thousand, lakh (100 thousand, in digits 1,00,000), and crore (10 million, in digits 1,00,00,000). Use of million or billion, as is standard in American or British English, is far less common.
History
Main article: History of Rupee
British Indian 1 Rupee, 1917
French Indian 1 Rupee, 1938India has been one of the earliest issuers of coins in the world (circa 6th Century BC). The first "rupee" is believed to be introduced by Sher Shah Suri (1486-1545), based on a ratio of 40 copper-coin pieces (paisa) per rupee. Among the earliest issues of paper rupees were those by the Bank of Hindostan (1770-1832), the General Bank of Bengal and Bihar (1773-75, established by Warren Hastings), the Bengal Bank (1784-91), amongst others.
Historically, the rupee, a Sanskrit word 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 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." During British rule, and the first decade of independence, it was subdivided into 16 Annas. Each Anna was subdivided into either 4 paise, or 12 pies.
In 1957, decimalisation occurred and the rupee was now divided into 100 Naye Paise (Hindi for new paisas). After a few years, the initial "Naye" was dropped. However many still refer to 25, 50 & 75 paise as 4, 8 and 12 annas respectively, not unlike the now largely defunct usage of "bit" in American English for 1/8 dollar.
International use
When Partition happened, the Pakistani Rupee came into existence, initially using Indian coins, and Indian currency notes simply overstamped with Pakistan. In previous times, the Indian Rupee was regarded as an official currency of other countries, including Kuwait, Bahrain, Qatar, the Trucial States (now the UAE), and Malaysia. The Gulf Rupee, also known as the Persian Gulf Rupee (XPGR), was introduced by the Indian government as a replacement for the Indian Rupee for circulation exclusively outside the country with the Reserve Bank of India [Amendment] Act, May 1, 1959. This creation of a separate currency was an attempt to reduce the strain put on India's foreign reserves by gold smuggling. After India devalued the rupee on June 6, 1966, those countries still using it - Oman, Qatar and what is now the United Arab Emirates (known as the Trucial States until 1971) - replaced the Gulf Rupee with their own currencies. Kuwait and Bahrain had already done so in 1961 and 1965 respectively.
The Indian Rupee is also linked with the Bhutanese Ngultrum. The Indian Rupee is also accepted in Nepal and some Indian shops in the United Kingdom
Coins and Banknotes
The coins in circulation are 5 paise, 10 paise, 25 paise, 50 paise, Rs. 1, Rs. 2 and Rs. 5.
The currency notes in circulation are Rs. 5, Rs. 10, Rs. 20, Rs. 50, Rs. 100, Rs. 500 and Rs. 1000. The current series which began in 1996 is called the Mahatma Gandhi series.
All the coins and currency notes are issued by the Reserve Bank of India, except the Re. 1 note which was traditionally issued by the Government of India until it was withdrawn from circulation. Each banknote has its amount written in 17 languages (English & Hindi on the front, and 15 others on the back) illustrating the diversity of the country. |
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