Information On The World’s Currency: Indian Rupee

Posted by iGaming Buzz on November 28th, 2019

The financial interaction of all Indian states is carried out using the national currency of the rupee. An interesting fact: money can not be taken out of the country, only in Bangladesh, Nepal, Bhutan and on the island of Sri Lanka. Locals are reverent about what currency in India, because money is considered to be the personification of the Lakshmi goddess, and they can not be treated carelessly.

General Information about the Rupee

The Indian rupee is equal to 100 paise. In the international designation:

  • character is Rs;
  • the designation is INR.

Today in circulation are banknotes in denominations of 5, 10, 20, 50, 100, 500, 2000 rupees and coins of 10, 25, 50 paise and 1.2.5 rupees.

Symbol of Indian Rupee

In 2009, the Government of India announced an all-India competition for the best rupee symbol design, which ended July 15, 2010. The Joint Cabinet of India approved the symbol, which is the letter "Ra" from the Indian alphabet Devanagari used in Sanskrit and Hindi as a symbol of the national currency. The upper part of the letter is crossed out by a horizontal line. The symbol is simultaneously close in spelling to the Latin letter R but without a vertical bar.

The Birth and Evolution of the Rupee

The first appearance of the national currency dates back to the reign of Sher ShahSuri (approximately in the VI century BC). The first rupee was a round piece and was equal to forty copper pieces called paisa.

Under the ruler of Akbar, in the second half of the 16th century, the rupee acquired a worthy appearance - it began to be cast from silver. In addition to round, in circulation were coins of rectangular shape - they often wrote wishes and blessings.

For the first time, the currency "got acquainted" with the devaluation in 1883 - it was dubbed "the time of the fall of the rupee." Money could not stand the competition precisely because of their silver, and not the gold origin.

In 1815, a parallel currency was issued - to the fans, it was equal to 12 rupees. Everything came to a common denominator in 1835 - rupees with the image of the English monarchy began to come out (the first such honor was awarded to William IV).

The autonomous states had other banknotes - Danish and French rupees, Portuguese escudos. The rupee finally became the only currency in 1947 with the independence of the country. Now, gamblers even have the opportunity to use Indian rupees as deposit method in online iGaming sites and appreciate the benefits of playing with rupees.

Features of Paper Banknotes

The first bills were issued back in the 1770s. Indian money is issued by the Federal Reserve Bank of the country.

A strange feature of paper notes - almost all of them are perforated. It affects the "indestructible" banking habit of holding money together with a stapler. Therefore, punctured money can be perceived as counterfeit.

Denominations of modern banknotes are made in several versions. The latter has a high degree of protection - watermarks and security thread are used. Many bills are written out - the Indians take notes on the empty bright space that is on every banknote. On the front side of each of these bills, Mahatma Gandhi is certainly depicted and there is a bank seal. The obligatory element of the reverse side is the Ahsoka column, which has archaeological value.

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