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Fascinating Facts About the Indian Rupee (INR)

Fascinating Facts About the Indian Rupee (INR)
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rupee photo

Everybody loves money, we love earning it and we love spending it, but there are many facts about the Indian currency that most of us are unaware off. India has been producing coins since the early 6th Century BC which makes it one of the first producers of a currency. Some facts are from the dusty pages of history and some from the present are fascinating and enchanting

  • Minting of coins

While many notice the year of issue of the coin printed on its front, most do not notice symbols on the coin that reveal the location where it was minted. A coin that bears a diamond symbol has been manufactured in Mumbai while one with a dot is from Delhi. A star indicates a coin minted in Hyderabad and no symbol at all means Kolkata. Because of  shortage the of resources, the RBI has been forced to mint coins in foreign countries many times.

  • The amazing zero rupee note

An NGO named 5th Pillar that swore to fight corruption in the country issued Zero Rupee Notes a while back. These bear an oath of swearing to neither accept nor give bribe and are the NGOs way of silently protesting against evil forces in the nation.

  • When the rupee trumped the dollar

Most of us have always seen the Indian National Rupee fall lower and lower when compared to a dollar. You will be shocked to know that this was not always the case, in 1947 the dollar and rupee held an equal value. Lets shock you even more, in 1917 one Indian rupee held a value equal to 13 dollars i.e. 1 INR = 13 USD.

  • Know your notes
    • First of all, the Indian notes are not made of paper, instead cotton and cotton rag is used to manufacture them.
    • If you look carefully every Indian note has a unique number on it, this number has three different aspects- the prefix, the serial number, and an inset. The prefix is the first three digits on the note and the serial number is what follows. The inset is an alphabet that is printed behind the serial number and it denotes the printing press where the currency was printed by RBI.
    • Each note carries something that represents India like the 20 Rupee note has a picture of the Andaman Islands showing North Bay Beach, Mount Harriet and the light house.
    • At the back side of the Indian note, 15 different languages are written to denote the denomination.
    • The 500 and 1000 rupee note is banned in Nepal.
    • In the year 1954 and 1978 the highest denomination in notes was 5000 and 10000 rupees respectively.
  • INR symbol

Designed by D. Uday Kumar, this symbol combines the ‘Ra’ from Devanagari script and adds an equality symbol (=) to it, which also represents the Indian flag.

  • 5 and 10 rupee coins
    • 5 rupee coin was started in January 1985, till then the 5 rupee note was in circulation since 1938. Minted from cupro-nickel metal they were once smuggled illegally to Bangladesh to make razors and other ornaments.
    • The highest denomination coin minted today, 10 rupee coins were first minted in 2005 and are bi-metallic in composition, with an outer ring of aluminum-bronze and an inner circle of copper-nickel.

 

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