Indian Economy has successfully faced the demonetization of Rs 500 and Rs 1,000 currency notes after a lot of struggles. The changes in the economy, structures, and factors that influence the way of living in the country are being evolved by the currency and coinage system.
Today, the RBI issues currency under the RBI Act 1934. British made efforts before early nineteenth century to introduce a uniform currency throughout the country, nearly a century before the existing Reserve Bank of India. Let us look at how the rupee changes from the British era to now.
In 1806, British East India Company had approved for the introduction of a uniform currency in India after the research by the directors of that company. The era of approved currency began only in 1835 through a formal Act.
The period of British India was known to be ‘Silver Standard’ because silver rupee coins of 180 grains Troy regarding weight and 11/12ths penalty regarding purity, were revealed by the individual legal tender throughout the British India. Silver coins are issued by Sher Shah Suri from the British East India Company. During the Mughal period, Maratha era and British India, the coin remained in use. RBI history notes that silver coins had been in circulation in parts of the countries like Madras and Mumbai.
Mint is a place where money is made, and they prepared a treat to the public for free coinage of the metal in India, and it was put on a monometallic silver standard. There is a wider preference for silver coins when compared to the circulation of gold coins, and the directors of the East India Company did not oppose to this broader preferences. The Act of 1835 authorized the terms of valuation as minting of gold coins of the same weight and fineness as the silver rupee, and it was valued as 15 silver coins is equal to 1 gold coin.
Apart from the silver and gold coins, currency notes were also in circulation. From 1809, the Presidency Banks of Bengal issued the currency to circulate as equal as coins. The circulation starts at Bombay from 1840 and Madras from 1843. These currencies are not national legal tender and were restricted to the Presidency towns for distribution.
An introduction of currency notes is still favored by the Members of trade bodies. In 1861, the Paper Currency Bill was enacted after several years of discussion, which gave the government the sole right to issue notes.
Timeline of Indian Currency
1770-1832: Bank of Hindostan, General Bank of Bengal and Bihar continues (1773–75), and Bengal Bank (1784–91) issued a paper rupees.
In 1935: Reserve Bank of India is estimated.
In 1938: Reserve Bank of India issued the note of Rs 5, Rs 10, Rs 100, Rs 1,000 and Rs 10,000.
In 1940: Rs 1 note was reintroduced after it discontinued on 1 Jan 1926.
In 1943: Rs 2 note was introduced.
In 1950: First post-Independence coins issued in 1 paise, 1.2, one and two annas, 1.4, 1.2 and Rs 1 denominations.
In 1954: High denomination notes are reintroduced. Such as Rs 1,000, Rs 5,000, and Rs 10,000.
In 1957: The rupee was decimalised and cut into 100 naye paise. Aluminum coins like Rupees One-, Two-, three-, five- and ten-paise are introduced.
In 1967: Due to the lean period of the early Sixties, the size of the notes had reduced.
In 1980: New notes issued with symbols of Science & techs like Aryabhatta on Rs 2 note, progress in oil rig on Rs 1 and farm mechanization on Rs 5 and Indian art patterns on Rs 20 and Rs 10 notes like Konark wheel and peacock.
In 1987: After the economy level rises in India, Rs 500 note had been introduced and fall in acquiring power.
In 1988: Stainless steel coins of 10, 25 and 50 paise are introduced.
In 1992: Stainless steel coins of Rs 1 and Rs 5 coins are introduced.
In 1996: The Mahatma Gandhi series of notes replaced all notes of the Lion capital series. And start issuing with Rs 10 and Rs 500 notes. For the visually handicapped, the notes are designed under the features of changed watermark, windowed security thread, latent image, and intaglio.
In 2005: Stainless steel coins of New 50 paise, Rs 1, Rs 2 and Rs 5 are introduced.
In 2009: The printing of Rs 5 notes had resumed.
In 2010: New symbol ‘Rs ’ is officially approved.
In 2011: Demonetisation of 25 paise coin and all paise coins below it. And new series of 50 paise coins and Rs 1, Rs 2, Rs 5 and Rs 10 notes are introduced with the new rupee symbol.
In 2012: New ‘Rs ’ sign is incorporated in notes of the Mahatma Gandhi series in denominations of Rs 10, Rs 20, Rs 50, Rs 100, Rs 500 and Rs 1,000.
In 2016: Rs 500 and Rs 1,000 notes discontinued and new Rs 500 and Rs 2,000 notes are introduced.
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