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These trading companies set up private banks which issued paper currencies in Indian subcontinent first. But these notes were text-based. [1] Charles Canning, 1st Earl Canning first introduced paper currency in Indian subcontinent in 1861 officially. India has a rich tradition of financial instruments and hundi. In the modern sense, paper ...
The British India banknotes of King George V were also printed in England. In 1928, the India Security Press at Nasik became functional and took over from the Bank of England Press the printing of notes. In 1935, the Reserve Bank of India was established, and since then it has been the only currency-issuing authority and monetary agency for ...
2016 saw the discontinuation of ₹500 and ₹1,000 notes due to the 2016 Indian bank note demonetisation and consequently the introduction of new a ₹500 note, and a ₹2,000 note- a first for the currency. Later on, new notes of old denominations viz. ₹10, ₹20, ₹50 and ₹100 were issued with old notes of the same value still being ...
In India the earliest paper money was issued by Bank of Hindostan (1770– 1832), General Bank of Bengal and Bihar (1773–75), and Bengal Bank (1784–91). [ 108 ] The use of banknotes issued by private commercial banks as legal tender has gradually been replaced by the issuance of bank notes authorized and controlled by national governments.
Just a few years before the Independence of India, the Reserve Bank of India Act, 1934 was passed which effectively repealed The Paper Currency Act, 1861. From now onwards, the Reserve Bank of India became the sole issuer of banknotes in India.
The design of banknotes is approved by the central government, on the recommendation of the central board of the Reserve Bank of India. [5] Currency notes are printed at the Currency Note Press in Nashik, the Bank Note Press in Dewas, the Bharatiya Reserve Bank Note Mudran (P) Ltd at Salboni and Mysore and at the Watermark Paper Manufacturing ...
One- and five-rupee notes were subsequently issued in 1919- and one-thousand-rupee notes were issued in 1926. After the setting up of the India Currency Notes Press at Nashik, Hyderabadi notes came to be printed there. In 1942, the Government of Hyderabad established the Hyderabad State Bank, with the responsibility, inter alia, of managing the OS.
Banknotes of the Indian rupee include: Lion Capital Series: Banknotes of the Indian rupee printed between 1962 and 2000. Mahatma Gandhi Series: Banknotes of the Indian rupee printed between 1996 and 2018. Mahatma Gandhi New Series: Banknotes of the Indian rupee printed from 2016 to present.