2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
The Indian rupee is the national currency of India. In the international classification, it has the designation Rs and, according to the ISO 4217 standard, the codes INR and 356. One rupee equals 100 paise. The material below will enable readers to get acquainted with this currency, its history, appearance and other characteristics.
The emergence and evolution of Indian money
To answer the question of what currency was used in India before, it is necessary to make a brief digression into history. The national Indian monetary unit appeared around the 6th century after the birth of Christ. At that time, the state was ruled by Farid ad-din Sher Shah Suri ibn Hassan Khan.
This monetary unit was called the rupee and was a round copper item. One rupee was divided into 40 pice. Already under Akbar the Great, in the second half of the 16th century, coins began to be made from silver. It should be noted that along with round rupees, rectangular banknotes were also used. Often, various wishes or blessings were applied to them.
Among experts and historians, there are two points of view on the question of the origin of the name of the currency of India. According to the first of them, the word rupee can be translated as cattle. The fact is that in the Middle Ages in India, pets played the role of money. The second version looks more believable. Its essence lies in the origin of the name of the Indian monetary unit from the Sanskrit word rupayakam, which means a silver coin.
It should be noted that in some regions of the country, the single currency of India, depending on the local dialect, is called differently: rupee, rupai, rubai. But in Assam, Tripura, Orissa and West Bengal, the Indian national currency is called in its own way. The name in these states is based on the Sanskrit thangka.
It should be emphasized that the centuries-old colonization of India by the British Empire also affected the quality of rupees produced in different regions of the country. So, in those days, Bengali money was distinguished - sikka, Bombay - sirat and Madras - arkot.
Devaluation of Indian money
India's historic currency remembers several devaluations. This happened for the first time in 1883. Contemporaries called this event "the time of the fall of the rupee." The reason for the first devaluation of Indian money was, oddly enough, the silver from which they were minted. The price of this metal rapidly collapsed by the end of the 19th century. The rupee could not compete with the gold coins of other currencies that were in circulation in the country.
It should be noted that some states of India that were not colonially dependent on Great Britain had their own banknotes. For example, Danish and French rupees or Portuguese escudos. Only aftergaining state independence in 1947, the Indian rupee became the common currency of India throughout the country.
In 1966 there was another devaluation of the national currency. In this regard, some states that used the rupee as a currency on the territory of their countries were forced to switch to their own monetary units. These include Qatar, Kuwait, Malaysia, Bahrain and the United Arab Emirates.
Paper rupees and metal money
The first paper banknotes of Indian money began to be issued by the "Bank of Hindustan" in 1770. Then other financial institutions took up the issuance of rupees. For example, "Main Bank of Bengal and Bihar" and "Bengal Bank". To date, paper banknotes of Indian money are in circulation in denominations of 5, 10, 20, 50, 100, 500, 1000 and 2 thousand rupees.
Along with paper banknotes, metal coins are also used. So, 10, 25 and 50 paise are involved in circulation. And also one, two and five rupees.
Appearance of the Indian rupee
Today, more than 50 different varieties of banknotes of the Indian rupee are in circulation. In addition, there are paper bills with the same denomination and identical design, but at the same time made in different colors, as well as differently protected from counterfeiting. For example, the one rupee note exists in eight different versions, but it is no longer in circulation. 10 and 100 rupees are made in nine versions. Banknote of five Indian cashunits is found in seven versions, a bill of 20 rupees comes in two types, and in 50 - three.
It is a curious fact that all paper notes of Indian money are denominated using all the official languages found in India. And there are no less than 23 of them. Most of the bills bear the image of the outstanding Indian political and public figure Mahatma Gandhi.
Indian currency rate
Today, the Indian rupee is a fairly stable currency. Not least due to the high growth rates of the Indian economy. So, if in 2014 real GDP grew by 5.60% (43rd place in the ranking), then in 2015 the growth was 7.80% (11th line of the list).
What is the exchange rate of India against the ruble? Today, the Indian rupee is quoted against Russian money at the level of 1 INR=0.88 RUB. The exchange rate of India against the US dollar - 1 USD=64.84 INR.
Importing currency into the country
Special attention deserves the existing features of the import and export of currency into India. Surely, the reader will find it interesting and, perhaps, useful in the process of planning a tourist or business trip to this country. It is forbidden to export the national currency of India. But you can take foreign banknotes with you to India. It is allowed to import an amount equivalent to 2.5 thousand US dollars.
If there is a need for more, you will have to fill out a special declaration. Also, a copy of thisthe document will need to be saved in order to be presented in the process of carrying out the reverse exchange of banknotes.
It should be noted that the remaining rupees can only be exchanged for the desired currency in the amount of 25% of the total amount declared. When visiting India, it is advisable to keep part of the money on plastic cards of international payment systems: Mastercard, American Express or Visa.
Currency exchange in India
For the exchange of banknotes, it is best to use the services of official financial institutions. Numerous currency scammers trying to deceive gullible and careless tourists are a common occurrence in this country.
Where can I exchange money and where are the best exchange rates in India? First of all, these are banks, exchange offices located at airports, hotels, large shopping centers and other public places. When exchanging, you will need to present your passport and visa. In addition, at the point for the implementation of foreign exchange transactions, you should take a receipt. It is important. After all, it will be needed when carrying out a reverse currency exchange. Without it, such an operation cannot be carried out. This receipt is valid for 90 days.
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