Facts About Indian Currency

In this post, I am going to share some interesting and amazing facts about Indian rupee/ currency, that every Indian should know. I hope you will like this post and gain much new information about the Indian currency. 

Symbol of rupee

• Every country has a symbol for its currency, but till 2010, India was the country that has no symbol for its currency.
• Many people consider Rs as a symbol but it was an abbreviation of the rupee.
• The government of India organizes a competition for designing the symbol of our currency rupee.
• In this competition, about 25000 people participated.
• The competition was win by Udaya Kumar Dharmalingam,  who lives in Tamil Nadu.

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Why this symbol “₹” was chosen

• Out of all 25000 entries, this symbol found a more relatable and meaningful for India. 
• The rupee symbol was a combination of the letter "“र” (Ra) from Devanagari and the capital letter "R". 
• “र” refers to the Hindi, while R refers to English. 
• The logo tends Did You Know The Real meaning of S-shaped logo on superman chest? Read It Now? to be significant to both Indian and foreign users.
• How to write it on the keyboard.

Who designed the symbol of rupee

• The symbol was designed by Udaya Kumar who is an Associate Professor and Head of Department of Design, IIT Guwahati.
• The design of the rupee symbol was approved by Ambika Soni.
• Udaya Kumar was awarded ₹250,000 for his efforts.

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Have you ever seen zero rupee note...... yes it exists.

• Satinder Mohan Bhagat was fed up with government officers asking for a bribe, he discovers zero rupee notes to fight against corruption.
• It was launched by 5 pillars NGOs.
• It is very similar to 50 rupee note
• One can download it through from 5 pillar website.

You can’t find “I, J, O, X, Y, Z” on the number panel of the Indian rupee.

• This is because RBI can use only twenty letter insets.
•  RBI never reveals the inset assigned for which printing press, for security purpose

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Demonetization in 2016

• I think everyone remembers that movement when Modi Ji announced the demonetization of all ₹500 and ₹1,000 banknotes of the Mahatma Gandhi Series.
• Do you know, that demonetization was not for the 1st time. Before 2016 it has been implemented twice -1946 and 1978 – in the past.
• It is suggested by economists that demonetization should be done in every two decades.

First coin and note

• You know from when we are using paper notes?
• Sher Shah Suri introduced the first rupee. 
• The first paper note was issued by the Bank of Hindustan.
• After the independence of India, the first coins were introduced in 1950. 
• It was made of Cupro-nickel.
• In 1964 aluminum coins were first introduced for up to 20 paise. 
• Stainless steel coins (10, 25, and 50) were first introduced in 1988.

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Story related to 5 rupee coin

Do you know why only 5 rupees' coin has a golden color, why not one or two rupees' coin? There is a story behind that, In 2009, the Indian 5 rupees' coins were smuggled in Bangladesh to make 6 pieces of the blade from 1 coin and it was sold  Rs 2 each, meaning selling six-piece for Rs12. and they were earning Rs7 from one 5 rupee coin. That's why gold color 5 rupees' coins were introduced which was made up of mixer of copper and nickel, to stop smuggling.

Lean Note Policy of RBI

• To prevent the circulation of mutilated or soiled notes and to increase the life expectancy of notes, RBI has introduced the Clean Note policy in 2001. According to this policy some guidelines were set for the public.i.e.
• Not to staple or write anything on the notes
• Store the notes safely to prevent damage
• Banks were instructed to provide clean notes in exchange of spoiled notes
• Banks were instructed to sort the issuable and non-issuable notes and to provide only good quality notes to the public

The note is not made up of paper

 Note which we use is not made up of paper but it seems. actually, it is composed of pulp containing cotton and balsam with special dyes. This is the reason why the notes do not get damaged after it gets wet.

Do you know?

• Always dollar was not stronger than Rupees.
• In 1917, the ₹ was mightier than the $.i.e, 1 ₹= 13 USD  
• In 1947, the cost of 1₹= 1 USD,
•  Indira Gandhi decreases the value of rupee to reduce debt.

India used to print currency for Pakistan

After independence the Pakistani rupee came into existence, initially using Indian coins and Indian currency notes simply overstamped with "Pakistan". Provisional notes were issued by the Reserve Bank of India and the Government of India on behalf of the Government of Pakistan, for use exclusively within Pakistan, without the possibility of redemption in India. Pakistan started printing its own currency later in 1948.

Identification mark for visually impaired people

For the visually impaired people, There is an identification mark (different geometrical shapes) on the left-hand side of each note in the form of raised print (intaglio) – a diamond for Rs 1000, circle for Rs 500, triangle for Rs 100, square for Rs 50, rectangle for Rs 20 and none for Rs 10.

Some more fact

• If you have a torn note or more than 51% of its torn apart, you can exchange it for a new one at a bank
• Only ₹1 notes are printed by the Central Government and are signed by the Finance Secretary. All the other currency notes are printed by the RBI.
• 5,000 and 10,000 rupees notes were in circulation between 1954 and 1978
• At one point there were two currencies operating in India. It was Hyderabadi Rupee from 1918 to 1959. It coexisted with Indian rupee from 1950
• Do you know what is plural of paisa, it is "paise"

Don't forget to share with your friends and relatives and let me know which facts amaze you and are hearing for the first time.

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