The Indian Currency as you all know is the Indian Rupee. The code is INR or the Indian Rupee. Know more about the Indian currency in this article. The topics about Indian currency are important for many competitive and bank exams. Apart from the exam criteria, knowledge of the Indian currency increases your general awareness too.
It is the Reserve Bank of India, the RBI that issues and manages the currency in our country. The Reserve Bank of India Act, 1934 is the act that supports the role of RBI in the currency management in our country.
There are some really interesting trivia about our currency that you all should know. The name rupee has been derived from the Sanskrit word, rupaya, which means a silver coin. The silver coin called rupiya was first issued in the 16th century by Sultan Sher Shah Suri. The Mughals too continued this. Even in the British India period, the rupiya was in use. After our independence, over some period of time, the Indian rupee replaced all other forms of currencies that existed in India.
Prior to 2010, the Indian rupee had a different symbol. But post-2010, a new symbol, ‘₹’, was adopted officially. Did you know that this symbol has been derived from the Devanagari consonant “र” and the capital letter R?
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- Origin, History and Functions Of RBI
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More on the RBI and Currency Management
The RBI in India has some really important functions. Among these functions, we can find that the RBI is also responsible for the maintenance and regulation of currency notes. It is the sole body that can authorize the issue of currency in our country. One of its functions also includes the prevention of counterfeiting of currency, with the help of enhanced security features. The RBI can authorize to issue notes up to the value of ten thousand rupees and coins up to the value of one thousand.
In India, presently, there are paper currencies that are issued in the denominations of 5, 10, 20, 50, 100, 200, 500, and 2000. Due to the demonetization effect, the thousand rupee denomination currency is not a legal tender, along with the old 500 rupee denomination. Coins in India are issued in denominations of one rupee, two rupees, five rupees and ten rupees. To manage the currency operations, the RBI has offices in various states. The cities of New Delhi, Hyderabad, Kolkata, and Mumbai get the currency directly from the mint.
The RBI advises the government, which in turn decides on the various denominations of the notes that have to be issued. The RBI also has a role in the designing of the currency notes, giving it some enhanced security features. It ensures that there is enough currency in the system, including both notes and coins. In case of old notes, the RBI screens through these notes and the ones that are fit for circulation are sent back into the system, while the mutilated ones are destroyed.
All that you need to know about the new denominations
After the demonetization, the RBI has come up with new currency notes. Here are the salient features of these denominations. Take a look.
Source – Financial Express
|63mm x 123mm
1. The printing of paper currency occurs at how many facilities and where are they located?
Ans. The printing of paper currency in India occurs at four facilities that are located in the following places – Dewas, Nasik, Mysore, and Salboni.
2. Demonetization of which denominations have occurred recently and what is the actual date?
Ans. Demonetization of the 500 and 1000 rupee denominations occurred on 8th November 2016.
3. What are the salient features of the new 10 rupee denomination?
Ans. The salient features are
- Color- Chocolate brown.
- Size – 63mm x 123mm
- Portrait of Mahatma Gandhi at the center.
- Ashoka Pillar emblem on the right.
- Swachh Bharat logo with a slogan.
- The motif of Sun Temple, Konark
4. What are the languages in which the amount of the currency is written in?
Ans. It is written in 17 languages that include Assamese, Bengali, English, Gujarati, Hindi, Kannada, Kashmiri, Konkani, Malayalam, Marathi, Nepali, Oriya, Punjabi, Sanskrit, Tamil, Telugu and Urdu.
- The first printing press for bank notes in India was established at which location?
Ans. Option B – Nasik
- The motif that is present on the new Rs. 500 note is?
- Red Fort
- Sun Temple
Ans. Option A – Red Fort