Shopping on line can be easy, simple and save you lots of money. It can also take a lot of your time, frustrate you, and result in unwanted purchases. Now the same can be said for regular high street shopping, but with the vast opportunity presented by the Internet it will pay you to spend a few minutes reading this and understanding how to better optimize your Indian Rupee shopping experience:

1. Compare - without doubt the biggest advantage that the Indian Rupee offers shoppers today is the ability to compare thousands of Indian Rupee at a time. This is a great thing, but not necessarily all the time! Too much can be daunting at times so take advantage of the great comparison sites and where possible let them do the hard work for you.

2. Research - if it has been said it will be on the internet. Ignorance is no longer a justifiable reason for buying the wrong thing. Take the time to research in detail everything that you could possible want to know about

3. Testimonials - don't know anybody that has bought a Indian Rupee? Wrong! If the Indian Rupee is good the internet will let you know. Use the Internet as a friend and get testimonials before you buy.

4. Questions - Got a question about Indian Rupee then search the Forums, FAQ's, Blogs etc. Don't be afraid to ask .....

5. Reputation - Never heard of the company selling Indian Rupee? Don't worry, no reason why you should know every company in the world, but you know someone that does! Use the internet to find out what people are saying about Indian Rupee and build up a picture of their reputation for sales, returns, customer service, delivery etc.

6. Returns - still worried that even after all of the above your Indian Rupee wont be what you want? Check out the returns policy. There is so much competition now that someone, somewhere is bound to offer the terms that you are comfortable with.

7. Feedback - happy with your Indian Rupee then let people know, after all you are depending on others people input in your buying decision, so why not give a little back.

8. Security - check for the yellow padlock on the Indian Rupee site before you buy, and the s after http:/ /i.e. https:// = a secure site

9. Contact - got a question about Indian Rupee, or want to leave a comment then check out the sites contact page. Reputable companies have them and respond.

10. Payment - ready to pay for your Indian Rupee, then use your credit card or PayPal! Be aware of companies that don't accept them, there may be genuine reasons but given the huge amount of choice you have when buying online there is no reason at all not to buy via credit card or PayPal.

{{Infobox Currency| currency_name_in_local = रुपया | image_1 = Rupees1000.jpg| image_title_1 = 1000-rupee note| image_2 = Coins of india.jpg| image_title_2 = Coins of various denominations| iso_code = INR| using_countries = India, Bhutan
INR = 1.6 [Nepalese rupee| symbol = Rs, ₨, रु, रू, or ৳| frequently_used_coins = 25, 50 paise, Re. 1, Rs. 2, Rs. 5| rarely_used_coins = 5, 10, 20 paise| coin_article = Modern Indian coins| frequently_used_banknotes = Rs. 5, Rs. 10, Rs. 20, Rs. 50, Rs. 100, Rs. 500| rarely_used_banknotes = Rs. 1000| issuing_authority = [Reserve Bank of India-->

The Indian rupee () is the [currency of India. The issuance of the currency is controlled by the Reserve Bank of India. The most commonly used symbols for the rupee are Rs, ₨ and रू. The ISO 4217 code for the Indian rupee is INR. The modern rupee is subdivided into 100 paise (singular paisa).

In most parts of India, the rupee is known as the rupee, roopayi, rupaye, rubai or one of the other terms derived from the Sanskrit rupyakam (Devnagari: रूप्यकं), raupya meaning silver; rupyakam meaning (coin) of silver. However, in the Bengali Language, Oriya language and Assamese languages, spoken in West Bengal, Tripura, Orissa, and Assam, the rupee is known as a Taka, symbol ৳, and is written as such on Indian banknotes.

Numeral system As is standard in Indian English, large values of Indian rupees are counted in terms of thousands, lakh (100 thousand, in digits Indian numbering system), crore (100 lakhs, in digits 1,00,00,000) and arawb (100 crore, in digits 1,00,00,00,000). The use of million or billion, as is standard in American English or British English, is far less common.

For example, the amount INR 1,25,84,729.25 is spoken as one crore twenty-five lakhs eighty-four thousand seven hundred twenty-nine rupees and twenty-five paise (see Indian numbering system).

History India was one of the earliest issuers of coins (circa 6th century BC). The first "rupee" is believed to have been introduced by Sher Shah Suri (1486-1545), based on a ratio of 40 copper pieces (paisa) per rupee. Among the earliest issues of paper rupees were those by the Bank of Hindustan (1770-1832), the General Bank of Bengal and Bihar (1773-75, established by Warren Hastings) and the Bengal Bank (1784-91), amongst others.

During British rule, and the first decade of independence, it was subdivided into 16 Anna (coin). Each anna was subdivided into 4 paise (also written pice) or 12 pie (Indian coin). Until 1815, the Madras Presidency also issued a currency based on the Madras fanam, with 12 fanams equal to the rupee.

Historically, the rupee, derived from the Sanskrit word raupya, 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."

In 1898, the rupee was tied to the gold standard through the British pound by pegging the rupee at a value of 1 shilling 4 penny (i.e., 15 rupees = 1 pound). In 1920, the rupee was increased in value to 2 shillings (10 rupees = 1 pound). However, in 1927, the peg was once more reduced, this time to 1 shilling 6 pence (13⅓ rupees = 1 pound). This peg was maintained until 1966, when the rupee was devalued and pegged to the U.S. dollar at a rate of 7.5 rupees = 1 dollar (at the time, the rupee became equal to 11.4 British pence). This peg lasted until the U.S. dollar devalued in 1971.

The Indian rupee replaced the Danish Indian rupee in 1845, the French Indian rupee in 1954 and the Portuguese Indian escudo in 1961. Following independence in 1947, the Indian rupee replaced all the currencies of the previously autonomous states. Some of these states had issued rupees equal to those issued by the British (such as the Travancore rupee). Other currencies included the Hyderabad rupee and the Kutch kori.

In 1957, decimalisation occurred and the rupee was divided into 100 naye paise (Hindi for "new paise"). In 1964, the initial "naye" was dropped. Many still refer to 25, 50 and 75 paise as 4, 8 and 12 annas respectively, not unlike the usage of "Bit (money)" in American English for ⅛ dollar.

Image:in2av.jpg | The two-rupee banknoteImage:Rupee1917.jpg | British Indian 1 rupee (1917)Image:French1rupee.jpg | French Indian 1 rupee (1938)Image:Rupee_One_-_Obverse.jpg | One rupee - Obverse

International use With Partition of India, 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 towns of Nepalese side of Nepal-India border and some Indian shops in the United Kingdom.

Coins East India Company, -1862 The three Presidencies established by the British East India Company (Bengal Presidency, Bombay Presidency and Madras Presidency) each issued their own coinages up to 1835. All three issued rupees together with fractions down to ⅛ and rupee in silver. Madras also issued 2 rupees coins.

Copper denominations were more varied. Bengal issued 1 pie, ½, 1 and 2 paise. Bombay issued 1 pie, ¼, ½, 1, 1½, 2 and 4 paise. In Madras, there were copper coins for 2, 4 pies, 1, 2 and 4 paisa, with the first two denominated as ½ and 1 dub or and rupee. Note that Madras also issued the Madras fanam until 1815.

All three Presidencies issued gold mohurs and fractions of mohurs, including , ⅛, ¼ and ½ in Bengal, (a gold rupee) and ⅓ (pancia) in Bombay and ¼, ⅓ and ½ in Madras.

In 1835, a single coinage for the EIC was introduced. It consisted of copper , ¼ and ½ anna, silver ¼, ½ and 1 rupee and gold 1 and 2 mohurs. In 1841, silver 2 annas were added, followed by copper ½ pice in 1853. The coinage of the EIC continued to be issued until 1862, even after the Company had been taken over by the Crown.

Regal Issues, 1862-1947 In 1862, coins were introduced which are referred to as Regal issues. They bore the portrait of Queen Victoria and the designation "India". Denominations were anna, ½ pice, ¼ and ½ anna (all in copper), 2 annas, ¼, ½ and 1 rupee (silver) and 5 and 10 rupees and 1 mohur (gold). The gold denominations ceased production in 1891 while no ½ anna coins were issued dated later than 1877.

In 1906, bronze replaced copper for the lowest three denominations and in 1907, a cupro-nickel 1 anna was introduced. In 1918 and 1919, cupro-nickel 2, 4 and 8 annas were introduced, although the 4 and 8 annas coins were only issued until 1921 and did not replace their silver equivalents. Also in 1918, the Bombay mint struck gold sovereigns and 15 rupee coins identical in size to the sovereigns as an emergency measure due to the First World War.

In the early 1940s, several changes were implemented. The anna and ½ pice ceased production, the ¼ anna was changed to a bronze, holed coin, cupro-nickel and nickel-brass ½ anna coins were introduced, nickel-brass was used to produce some 1 and 2 annas coins, and the composition of the silver coins was reduced from 91.7% to 50%. The last of the regal issues were cupro-nickel ¼, ½ and 1 rupee pieces minted in 1946 and 1947.

Independent Issues, Predecimal, 1950-1957 India’s first coins after independence were issued in 1950. They were 1 pice, ½, 1 and 2 annas, ¼, ½ and 1 rupee denominations. The sizes and compositions were the same as the final Regal issues, except for the 1 pice, which was bronze but not holed.

Independent Issues, Decimal, 1957- The first decimal issues of India consisted of 1, 2, 5, 10, 25 and 50 naye paise and 1 rupee. The 1 naya paisa was bronze, the 2, 5 and 10 naye paise were cupro-nickel and the 25 and 50 naye paise and 1 rupee were nickel. In 1964, the word naya(e) was removed from all the coins. Between 1964 and 1967, aluminium 1, 2, 3, 5 and 10 paise were introduced. In 1968, nickel-brass 20 paise were introduced, replaced by aluminium coins in 1982. Between 1972 and 1975, cupro-nickel replaced nickel in the 25 and 50 paise and the 1 rupee. In 1982, cupro-nickel 2 rupees coins were introduced. In 1988, stainless steel 10, 25 and 50 paise were introduced, followed by 1 rupee coins in 1992. Also in 1992, the 5 rupee coin was introduced.

The coins commonly in circulation are 25 and 50 paise, 1, 2 and 5 rupees. 5, 10, and 20 paise coins, although valid, have become increasingly rare in regular usage.

{|class="wikitable" style="font-size: 90%"!colspan="9"|Circulating Coins |-!rowspan="2"| Value !!colspan="4"| Technical parameters !!colspan="2"| Description !!colspan="2"| Date of|-! Diameter !! Mass !! Composition !! Shape !! Obverse !! Reverse !! first minting !! last minting|- | 5 paise || 22 mm (diagonal) ||1.5 g || Aluminium ] ||rowspan="3"| Value || 1957 || 1994|- | 10 paise || 16 mm || 2 g || Ferritic stainless steel ] || Hexagon ] ||rowspan="3"| Circular ||rowspan="2"| Emblem of India, value ] ||rowspan="2"| 1973 || –|- | 50 paise || 22 mm || 3.79 g || Parliament of India, map of India ] || Value, wheat || 1976 || –|- | Rs. 2 || 26 mm || 6 g ||rowspan="2"| Cupronickel ] || Emblem of India, value ] and map of India || 1990 || –|- | Rs. 5 || 23 mm || 9 g || Circular || Emblem of India ].

Banknotes British India, 1861-1947 In 1861, the Government of India introduced its first paper money, 10 rupees notes. These were followed by 20 rupees notes in 1864, 5 rupees in 1872, 10,000 rupees in 1899, 100 rupees in 1900, 50 rupees in 1905, 500 rupees in 1907 and 1000 rupees in 1909. In 1917, 1 and 2½ rupees notes were introduced.

The Reserve Bank of India began note production in 1938, issuing 2, 5, 10, 100 and 1000 rupees notes, while the Government continued to issue 1 rupee notes.

Independent Issues, 1949- After independence, new designs were introduced to remove the portrait of the King. The government continued to issue the 1 rupee note, while the Reserve Bank issued other denominations, including the 5000 and 10,000 rupees notes introduced in 1949. In the 1970s, 20 and 50 rupees notes were introduced but denominations higher than 100 rupees were demonetized in 1978. In 1987, the 500 rupees note was reintroduced, followed by the 1000 rupees in 2000.

Currently Circulating Notes {|class="wikitable" style="font-size: 90%"!colspan="7"|Mahatma Gandhi Series |-!rowspan="2"| Image Obverse !!rowspan="2"| Value !!rowspan="2"| Dimensions !!rowspan="2"| Main Colour !!colspan="2"| Description !!rowspan="2"| Date of issue|-! Obverse !! Reverse|-|align="center" bgcolor="#000000"| | Rs. 5 || 117 × 63 mm || Green ||rowspan="8"| Mahatma Gandhi ] || 2002|-|align="center" bgcolor="#000000"| | Rs. 10 || 137 × 63 mm || Orange-violet || Rhinoceros, elephant, tiger ]s || 2002|-|align="center" bgcolor="#000000"| | Rs. 50 || 147 × 73 mm || Violet || Parliament of India ] || 1996|-|align="center"| N/A|rowspan="2"| Rs. 500 ||rowspan="2"| 167 × 73 mm || Olive and yellow ||rowspan="2"| Salt Satyagraha || 1997|-|align="center" bgcolor="#000000"| || Yellow || 2000|-|align="center" bgcolor="#000000"| | Rs. 1000 || 177 × 73 mm || Pink || Economy of India ] series. Currency notes are printed at the Currency Note Press, Nashik, Bank Note Press, Dewas, Bharatiya Note Mudra Nigam (P) Limited presses at Salboni and Mysore and at the Watermark Paper Manufacturing Mill, Hoshangabad.

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. Automated teller machine usually give Rs. 100 and Rs. 500 notes, but not Rs. 1000 notes. Therefore, Rs. 1000 notes are analogous to the higher valued notes of the United States dollar and the euro.

In recent years, the banknotes were slightly modified to include Security printing#Registration of features on both sides on the left side of obverse. In addition, the year is now printed on the reverse. EURion constellation was added to Rs. 100. The revised Rs. 10, 20 were issued in 2006, and Rs. 50, 100, 1000 in 2005.

Language panel The language panel on Indian rupee banknotes display the denomination of the note in all the List of national languages of India.

Security features

Convertibility Officially, the Indian rupee has a market determined exchange rate. However, the RBI trades actively in the INR/USD currency market to impact effective exchange rates. Thus, the currency regime in place for the Indian rupee with respect to the US dollar is a de facto controlled exchange rate. This is sometimes called a dirty or managed float. Other rates such as the INR/EUR and INR/JPY have volatilities that are typical of floating exchange rates. "Convertibility: Patnaik, 2003" (PDF) It should be noted, however, that unlike People's Republic of China, successive Government of India (through Reserve Bank of India, the central bank) have not followed a policy of pegging the INR to a specific foreign currency at a particular exchange rate. RBI intervention in currency markets is solely to deliver low volatility in the exchange rates, and not to take a view on the rate or direction of the Indian rupee in relation to other currencies. "'Neither the government nor the central bank takes a view on the rupee (exchange rate movements), as long as the movement is orderly', says Indian Minister of Finance"

RBI also exercises a system of capital controls in addition to the intervention (through active trading) in the currency markets. On the current account, there are no currency conversion restrictions hindering buying or selling foreign exchange (though trade barriers do exist). On the capital account, foreign institutional investors have convertibility to bring money in and out of the country and buy securities (subject to certain quantitative restrictions). Local firms are able to take capital out of the country in order to expand globally. But local households are restricted in their ability to do global diversification. However, owing to an enormous expansion of the current account and the capital account, India is increasingly moving towards de facto full convertibility.

Chronology

Currency bill tracking In 2007, a Currency bill tracking project (TrackGandhi) was started to track the spread and usage of Rupee banknotes.

See also

References

External links {{Standard numismatics external links| world_coin_gallery_1_url = India| world_coin_gallery_1_name = India| banknote_world_1_url = india| banknote_world_1_name = India| dollarization_1_url = asia| dollarization_1_name = Asia| gfd_1_url = India| gfd_1_name = India| gfd_data_1_url = 4012| gfd_data_1_name = India Rupee| show_gfd_excel = Y-->

{{Infobox Currency| currency_name_in_local = रुपया | image_1 = Rupees1000.jpg| image_title_1 = 1000-rupee note| image_2 = Coins of india.jpg| image_title_2 = Coins of various denominations| iso_code = INR| using_countries = India, Bhutan
INR = 1.6 [Nepalese rupee| symbol = Rs, ₨, रु, रू, or ৳| frequently_used_coins = 25, 50 paise, Re. 1, Rs. 2, Rs. 5| rarely_used_coins = 5, 10, 20 paise| coin_article = Modern Indian coins| frequently_used_banknotes = Rs. 5, Rs. 10, Rs. 20, Rs. 50, Rs. 100, Rs. 500| rarely_used_banknotes = Rs. 1000| issuing_authority = [Reserve Bank of India-->

The Indian rupee () is the [currency of India. The issuance of the currency is controlled by the Reserve Bank of India. The most commonly used symbols for the rupee are Rs, ₨ and रू. The ISO 4217 code for the Indian rupee is INR. The modern rupee is subdivided into 100 paise (singular paisa).

In most parts of India, the rupee is known as the rupee, roopayi, rupaye, rubai or one of the other terms derived from the Sanskrit rupyakam (Devnagari: रूप्यकं), raupya meaning silver; rupyakam meaning (coin) of silver. However, in the Bengali Language, Oriya language and Assamese languages, spoken in West Bengal, Tripura, Orissa, and Assam, the rupee is known as a Taka, symbol ৳, and is written as such on Indian banknotes.

Numeral system As is standard in Indian English, large values of Indian rupees are counted in terms of thousands, lakh (100 thousand, in digits Indian numbering system), crore (100 lakhs, in digits 1,00,00,000) and arawb (100 crore, in digits 1,00,00,00,000). The use of million or billion, as is standard in American English or British English, is far less common.

For example, the amount INR 1,25,84,729.25 is spoken as one crore twenty-five lakhs eighty-four thousand seven hundred twenty-nine rupees and twenty-five paise (see Indian numbering system).

History India was one of the earliest issuers of coins (circa 6th century BC). The first "rupee" is believed to have been introduced by Sher Shah Suri (1486-1545), based on a ratio of 40 copper pieces (paisa) per rupee. Among the earliest issues of paper rupees were those by the Bank of Hindustan (1770-1832), the General Bank of Bengal and Bihar (1773-75, established by Warren Hastings) and the Bengal Bank (1784-91), amongst others.

During British rule, and the first decade of independence, it was subdivided into 16 Anna (coin). Each anna was subdivided into 4 paise (also written pice) or 12 pie (Indian coin). Until 1815, the Madras Presidency also issued a currency based on the Madras fanam, with 12 fanams equal to the rupee.

Historically, the rupee, derived from the Sanskrit word raupya, 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."

In 1898, the rupee was tied to the gold standard through the British pound by pegging the rupee at a value of 1 shilling 4 penny (i.e., 15 rupees = 1 pound). In 1920, the rupee was increased in value to 2 shillings (10 rupees = 1 pound). However, in 1927, the peg was once more reduced, this time to 1 shilling 6 pence (13⅓ rupees = 1 pound). This peg was maintained until 1966, when the rupee was devalued and pegged to the U.S. dollar at a rate of 7.5 rupees = 1 dollar (at the time, the rupee became equal to 11.4 British pence). This peg lasted until the U.S. dollar devalued in 1971.

The Indian rupee replaced the Danish Indian rupee in 1845, the French Indian rupee in 1954 and the Portuguese Indian escudo in 1961. Following independence in 1947, the Indian rupee replaced all the currencies of the previously autonomous states. Some of these states had issued rupees equal to those issued by the British (such as the Travancore rupee). Other currencies included the Hyderabad rupee and the Kutch kori.

In 1957, decimalisation occurred and the rupee was divided into 100 naye paise (Hindi for "new paise"). In 1964, the initial "naye" was dropped. Many still refer to 25, 50 and 75 paise as 4, 8 and 12 annas respectively, not unlike the usage of "Bit (money)" in American English for ⅛ dollar.

Image:in2av.jpg | The two-rupee banknoteImage:Rupee1917.jpg | British Indian 1 rupee (1917)Image:French1rupee.jpg | French Indian 1 rupee (1938)Image:Rupee_One_-_Obverse.jpg | One rupee - Obverse

International use With Partition of India, 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 towns of Nepalese side of Nepal-India border and some Indian shops in the United Kingdom.

Coins East India Company, -1862 The three Presidencies established by the British East India Company (Bengal Presidency, Bombay Presidency and Madras Presidency) each issued their own coinages up to 1835. All three issued rupees together with fractions down to ⅛ and rupee in silver. Madras also issued 2 rupees coins.

Copper denominations were more varied. Bengal issued 1 pie, ½, 1 and 2 paise. Bombay issued 1 pie, ¼, ½, 1, 1½, 2 and 4 paise. In Madras, there were copper coins for 2, 4 pies, 1, 2 and 4 paisa, with the first two denominated as ½ and 1 dub or and rupee. Note that Madras also issued the Madras fanam until 1815.

All three Presidencies issued gold mohurs and fractions of mohurs, including , ⅛, ¼ and ½ in Bengal, (a gold rupee) and ⅓ (pancia) in Bombay and ¼, ⅓ and ½ in Madras.

In 1835, a single coinage for the EIC was introduced. It consisted of copper , ¼ and ½ anna, silver ¼, ½ and 1 rupee and gold 1 and 2 mohurs. In 1841, silver 2 annas were added, followed by copper ½ pice in 1853. The coinage of the EIC continued to be issued until 1862, even after the Company had been taken over by the Crown.

Regal Issues, 1862-1947 In 1862, coins were introduced which are referred to as Regal issues. They bore the portrait of Queen Victoria and the designation "India". Denominations were anna, ½ pice, ¼ and ½ anna (all in copper), 2 annas, ¼, ½ and 1 rupee (silver) and 5 and 10 rupees and 1 mohur (gold). The gold denominations ceased production in 1891 while no ½ anna coins were issued dated later than 1877.

In 1906, bronze replaced copper for the lowest three denominations and in 1907, a cupro-nickel 1 anna was introduced. In 1918 and 1919, cupro-nickel 2, 4 and 8 annas were introduced, although the 4 and 8 annas coins were only issued until 1921 and did not replace their silver equivalents. Also in 1918, the Bombay mint struck gold sovereigns and 15 rupee coins identical in size to the sovereigns as an emergency measure due to the First World War.

In the early 1940s, several changes were implemented. The anna and ½ pice ceased production, the ¼ anna was changed to a bronze, holed coin, cupro-nickel and nickel-brass ½ anna coins were introduced, nickel-brass was used to produce some 1 and 2 annas coins, and the composition of the silver coins was reduced from 91.7% to 50%. The last of the regal issues were cupro-nickel ¼, ½ and 1 rupee pieces minted in 1946 and 1947.

Independent Issues, Predecimal, 1950-1957 India’s first coins after independence were issued in 1950. They were 1 pice, ½, 1 and 2 annas, ¼, ½ and 1 rupee denominations. The sizes and compositions were the same as the final Regal issues, except for the 1 pice, which was bronze but not holed.

Independent Issues, Decimal, 1957- The first decimal issues of India consisted of 1, 2, 5, 10, 25 and 50 naye paise and 1 rupee. The 1 naya paisa was bronze, the 2, 5 and 10 naye paise were cupro-nickel and the 25 and 50 naye paise and 1 rupee were nickel. In 1964, the word naya(e) was removed from all the coins. Between 1964 and 1967, aluminium 1, 2, 3, 5 and 10 paise were introduced. In 1968, nickel-brass 20 paise were introduced, replaced by aluminium coins in 1982. Between 1972 and 1975, cupro-nickel replaced nickel in the 25 and 50 paise and the 1 rupee. In 1982, cupro-nickel 2 rupees coins were introduced. In 1988, stainless steel 10, 25 and 50 paise were introduced, followed by 1 rupee coins in 1992. Also in 1992, the 5 rupee coin was introduced.

The coins commonly in circulation are 25 and 50 paise, 1, 2 and 5 rupees. 5, 10, and 20 paise coins, although valid, have become increasingly rare in regular usage.

{|class="wikitable" style="font-size: 90%"!colspan="9"|Circulating Coins |-!rowspan="2"| Value !!colspan="4"| Technical parameters !!colspan="2"| Description !!colspan="2"| Date of|-! Diameter !! Mass !! Composition !! Shape !! Obverse !! Reverse !! first minting !! last minting|- | 5 paise || 22 mm (diagonal) ||1.5 g || Aluminium ] ||rowspan="3"| Value || 1957 || 1994|- | 10 paise || 16 mm || 2 g || Ferritic stainless steel ] || Hexagon ] ||rowspan="3"| Circular ||rowspan="2"| Emblem of India, value ] ||rowspan="2"| 1973 || –|- | 50 paise || 22 mm || 3.79 g || Parliament of India, map of India ] || Value, wheat || 1976 || –|- | Rs. 2 || 26 mm || 6 g ||rowspan="2"| Cupronickel ] || Emblem of India, value ] and map of India || 1990 || –|- | Rs. 5 || 23 mm || 9 g || Circular || Emblem of India ].

Banknotes British India, 1861-1947 In 1861, the Government of India introduced its first paper money, 10 rupees notes. These were followed by 20 rupees notes in 1864, 5 rupees in 1872, 10,000 rupees in 1899, 100 rupees in 1900, 50 rupees in 1905, 500 rupees in 1907 and 1000 rupees in 1909. In 1917, 1 and 2½ rupees notes were introduced.

The Reserve Bank of India began note production in 1938, issuing 2, 5, 10, 100 and 1000 rupees notes, while the Government continued to issue 1 rupee notes.

Independent Issues, 1949- After independence, new designs were introduced to remove the portrait of the King. The government continued to issue the 1 rupee note, while the Reserve Bank issued other denominations, including the 5000 and 10,000 rupees notes introduced in 1949. In the 1970s, 20 and 50 rupees notes were introduced but denominations higher than 100 rupees were demonetized in 1978. In 1987, the 500 rupees note was reintroduced, followed by the 1000 rupees in 2000.

Currently Circulating Notes {|class="wikitable" style="font-size: 90%"!colspan="7"|Mahatma Gandhi Series |-!rowspan="2"| Image Obverse !!rowspan="2"| Value !!rowspan="2"| Dimensions !!rowspan="2"| Main Colour !!colspan="2"| Description !!rowspan="2"| Date of issue|-! Obverse !! Reverse|-|align="center" bgcolor="#000000"| | Rs. 5 || 117 × 63 mm || Green ||rowspan="8"| Mahatma Gandhi ] || 2002|-|align="center" bgcolor="#000000"| | Rs. 10 || 137 × 63 mm || Orange-violet || Rhinoceros, elephant, tiger ]s || 2002|-|align="center" bgcolor="#000000"| | Rs. 50 || 147 × 73 mm || Violet || Parliament of India ] || 1996|-|align="center"| N/A|rowspan="2"| Rs. 500 ||rowspan="2"| 167 × 73 mm || Olive and yellow ||rowspan="2"| Salt Satyagraha || 1997|-|align="center" bgcolor="#000000"| || Yellow || 2000|-|align="center" bgcolor="#000000"| | Rs. 1000 || 177 × 73 mm || Pink || Economy of India ] series. Currency notes are printed at the Currency Note Press, Nashik, Bank Note Press, Dewas, Bharatiya Note Mudra Nigam (P) Limited presses at Salboni and Mysore and at the Watermark Paper Manufacturing Mill, Hoshangabad.

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. Automated teller machine usually give Rs. 100 and Rs. 500 notes, but not Rs. 1000 notes. Therefore, Rs. 1000 notes are analogous to the higher valued notes of the United States dollar and the euro.

In recent years, the banknotes were slightly modified to include Security printing#Registration of features on both sides on the left side of obverse. In addition, the year is now printed on the reverse. EURion constellation was added to Rs. 100. The revised Rs. 10, 20 were issued in 2006, and Rs. 50, 100, 1000 in 2005.

Language panel The language panel on Indian rupee banknotes display the denomination of the note in all the List of national languages of India.

Security features

Convertibility Officially, the Indian rupee has a market determined exchange rate. However, the RBI trades actively in the INR/USD currency market to impact effective exchange rates. Thus, the currency regime in place for the Indian rupee with respect to the US dollar is a de facto controlled exchange rate. This is sometimes called a dirty or managed float. Other rates such as the INR/EUR and INR/JPY have volatilities that are typical of floating exchange rates. "Convertibility: Patnaik, 2003" (PDF) It should be noted, however, that unlike People's Republic of China, successive Government of India (through Reserve Bank of India, the central bank) have not followed a policy of pegging the INR to a specific foreign currency at a particular exchange rate. RBI intervention in currency markets is solely to deliver low volatility in the exchange rates, and not to take a view on the rate or direction of the Indian rupee in relation to other currencies. "'Neither the government nor the central bank takes a view on the rupee (exchange rate movements), as long as the movement is orderly', says Indian Minister of Finance"

RBI also exercises a system of capital controls in addition to the intervention (through active trading) in the currency markets. On the current account, there are no currency conversion restrictions hindering buying or selling foreign exchange (though trade barriers do exist). On the capital account, foreign institutional investors have convertibility to bring money in and out of the country and buy securities (subject to certain quantitative restrictions). Local firms are able to take capital out of the country in order to expand globally. But local households are restricted in their ability to do global diversification. However, owing to an enormous expansion of the current account and the capital account, India is increasingly moving towards de facto full convertibility.

Chronology

Currency bill tracking In 2007, a Currency bill tracking project (TrackGandhi) was started to track the spread and usage of Rupee banknotes.

See also

References

External links {{Standard numismatics external links| world_coin_gallery_1_url = India| world_coin_gallery_1_name = India| banknote_world_1_url = india| banknote_world_1_name = India| dollarization_1_url = asia| dollarization_1_name = Asia| gfd_1_url = India| gfd_1_name = India| gfd_data_1_url = 4012| gfd_data_1_name = India Rupee| show_gfd_excel = Y-->



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