Indian rupee
Worldwide use:
- India
- Pakistan
- Sri Lanka
- Nepal
- Mauritius
- Seychelles
Description:
The Indian Rupee is the original official currency of India and the coins are called Paise. One Rupee is worth 100 Paise. Occasionally the currency is called the Naya (new) Paisa. Current Indian Rupee coins in circulation are 10 Paise, 20 Paise, 25 Paise, 50 Paise, 1 Rupee, 2 Rupees and 5 Rupees. Coins up to 50 Paise are called 'small coins' and coins of 1 Rupee and above are called 'Rupee Coins'. Common currency notes are 5, 10, 20, 50, 100, 500 and 1000 Rupees. 1 and 2 Rupee notes are rare as now they are no longer printed.
The word Rupee derives from the Hindi word Raupya. Loosely translated, Rupee means ‘silver coin’ or ‘made of silver’ and the name exists because Rupees were originally silver coins. The value of Rupee banknotes is written in Hindi and English on the front and on the reverse of the note the value is expressed in 15 different Indian languages.
Origin:
In 1486 Sher Shah Suri, the founder of the Sur Empire in North India, introduced the first Rupee to India. The first paper Rupee was issued in 1770 by the Bank of Hindustan. The lowest denomination in early issued banknotes was Rupees Ten and the highest was Rupees Ten Thousand. From 1950 to 1973 the Rupee was linked to the British Pound. In 1996 a series of paper notes was introduced with Mahatma Gandhi on them.
Component units:
- Paise (100)
Date introduced:
- 1486
Central bank:
- Reserve Bank of India
Printer:
- Government owned
Mint:
