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 is equal to 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, what currency in India was used before, it is necessary to take a brief excursion into history. The national Indian monetary unit appeared around the VI century after the birth of Christ. At that time, Farid ad-din Sher-shah Suri ibn Hasan Khan ruled the state.
This currency was named rupee and was a round copper product. One rupee consisted of 40 paise. Already under Akbar the Great, in the second half of the XVI century coins began to be made of 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, two points of view on the question of the origin of the name of the currency of India are widespread. According to the first of these, 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 currency 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: rupai, rupaya, rubay. But in Assam, Tripura, Orissa and West Bengal, the Indian national currency is called in its own way. The basis for the name in these states was the Sanskrit tank.
It must be emphasized that the centuries-old colonization of India by the British Empire also affected the quality of rupees made in different regions of the country. So, in those days, Bengali money was distinguished - Sikka, Bombay money - Sirat and Madras money - Arkot.
Devaluation of indian money
The historical currency of India remembers several cases of devaluation. This happened for the first time in 1883. Contemporaries called this event "the time of the fall of the rupee." Oddly enough, the reason for the first devaluation of Indian money was the silver from which they were minted. The price of this metal rapidly collapsed towards the end of the 19th century. The rupee could not compete with gold coins of other currencies that were circulated in the country.
It should be noted that some states of India, which were not colonially dependent on Great Britain, had their own banknotes. For example, Danish and French rupees or Portuguese escudos. Only after gaining state independence in 1947, the Indian rupee became the common currency of India throughout the country.
In 1966, another devaluation of the national currency took place. In this regard, some states that used rupee as a currency in their countries were forced to switch to their own monetary units. These include Qatar, Kuwait, Malaysia, Bahrain and the UAE.
Paper rupees and metallic money
The first paper notes of Indian money began to issue "Bank of Hindustan" in 1770. Then, other financial institutions began to issue rupees. For example, “The Main Bank of Bengal and Bihar” and “Bengal Bank”. To date, paper notes of Indian money in denominations of 5, 10, 20, 50, 100, 500, 1000 and 2 thousand rupees are involved in circulation.
Along with paper notes, metal coins are also used. So, 10, 25 and 50 paise are involved in the circulation. And also one, two and five rupees.
Appearance of Indian Rupee
To date, more than 50 different varieties of Indian rupee banknotes are used 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 fake. For example, a banknote of one rupee value exists in eight different versions, but it no longer participates in circulation. 10 and 100 rupees are made in nine versions. A banknote of five Indian currency units is found in seven versions, a bill in 20 rupees is of two types, and in 50 - three.
A curious fact is the fact that on all paper notes of Indian money denomination is indicated using all official languages found in India. And there are as many of them as possible, and as many as 23. On most of the banknotes is an 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 rate of the Indian economy. So, if in 2014 real GDP grew by 5.60% (43rd place in the rating), then already in 2015 the growth amounted to 7.80% (11th line of the list).
What is the exchange rate of India to the ruble? To date, the Indian rupee is quoted relative to Russian money at 1 INR = 0.88 RUB. Indian currency against the US dollar - 1 USD = 64.84 INR.
Import of currency into the country
Special attention should be paid to the existing features of the import and export of currency into India. Surely, it will be interesting to the reader and, possibly, useful in the process of planning a tourist or business trip to this country. The national currency of India is prohibited to export. 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. In addition, a copy of this document will need to be retained in order to be presented during the reverse exchange of banknotes.
It should be noted that the remaining rupees can be exchanged for the desired currency only in the amount of 25% of the total declared amount. When visiting India, it is advisable to keep part of the funds on plastic cards of international payment systems: Mastercard, American Express or Visa.
Currency exchange in india
To exchange money, it is best to use the services of official financial institutions. Numerous currency scammers trying to trick gullible and careless tourists into this country are common.
Where can I exchange money, and where are the most profitable exchange rates in India? First of all, these are banks, exchange offices located at airports, in hotels, large shopping centers and other public places. Upon exchange, you will need to present a passport and a visa. In addition, a receipt should be taken at the point for carrying out foreign exchange transactions. It is important. After all, it will be needed in the implementation of the reverse currency exchange. It is impossible to carry out such an operation without it. Validity of such a receipt is 90 days.