The official currency of India is the Indian Rupee with the currency code INR. Reserve Bank of India is the central bank in India which is responsible for issuing the currency. In 2010, (₹) the rupee sign, designed by D. Udaya Kumar was officially adopted. Well, this is the basic information that almost everybody knows. So, let’s take a look at some intriguing facts about the Indian rupee.
⦁ One-rupee notes are issued by the government
The one-rupee note is the smallest Indian denomination note in circulation and it is not issued by the RBI. Thus, it does not have the sign of the governor of RBI and rather bears the signature of the finance secretary!
⦁ The Mahatma Gandhi New Series
The current series of banknotes issued after demonetization by the RBI is known as The Mahatma Gandhi New series. They have a portrait of Mahatma Gandhi along with the logo of Swachh Bharat Abhiyan at the back.
⦁ Restriction on RBI for denominations
According to the Reserve Bank of India Act, 1934, RBI can issue notes below the denomination of ten thousand rupees only. In addition, coins can only be issued up to Rs 1000 according to the Coinage Act of 2011.
⦁ Indian Rupee has distinct features for visually impaired
The banknotes have braille signs on them so that they are easily distinguishable for the visually impaired. For instance, the ₹2000 note has seven lines on both sides which help in easy identification.
⦁ Pakistan used Indian Currency till 1948
British Indian coins and notes were used in Pakistan until 1948. They were simply stamped with the ‘Government of Pakistan’ title.
⦁ Commemorative coin
Commemorative coins of denomination ₹75, 100, and 1000 in order to mark 75 years of RBI, 100 years of Rabindranath Tagore, and 1000 years of Brihadeeswarar Temple.
⦁ Coins have different mint marks
Based on their manufacturing location, distinct mintmarks can be observed in the space below the mentioned year. Coins minted in Kolkata don’t bear any marks because The Kolkata Mint was the first mint established in India.
⦁ Smuggling of ₹5 coins
₹5 coins were smuggled to Bangladesh in order to make razors. One coin could be melted to form 6 razors.
Tanveen Kaur
School: K.R Mangalam World School, Gurgaon
Grade: 12th
Tanveen is a passionate writer who is able to articulate her ideas in her writings. Being an economic enthusiast, she is well acquainted with news and current affairs. She is also a budding poet!
