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Sovereign Gold Bond, abbreviated as SGB, is a government security issued by the Reserve Bank of India (RBI) on behalf of the Government of India. It is denominated in grams of gold and is linked to the price of gold in India. It is also an interest-bearing bonds, carrying an interest of 2.5% p.a. paid in two installments in a year. [1] [2]
In 1892, the Government of India announced its intent to "close Indian mints to silver" and, in 1893, it brought this policy into force. [2] The committee recommended that the official Indian rupee be based on the gold standard and the official exchange rate of the rupee be established at 15 rupees per British sovereign , or 1 shilling and 4 ...
All three Presidencies issued gold mohurs and fractions of mohurs including 1 ⁄ 16, 1 ⁄ 2, 1 ⁄ 4 in Bengal, 1 ⁄ 15 (a gold rupee) and 1 ⁄ 3 (pancia) in Bombay and 1 ⁄ 4, 1 ⁄ 3 and 1 ⁄ 2 in Madras. In 1835, a single coinage for the EIC was introduced. It consisted of copper 1 ⁄ 12, 1 ⁄ 4 and 1 ⁄ 2 anna, silver 1 ⁄ 4, 1 ...
India was then a part of the sterling area, and the rupee was devalued on the same day by the same percentage so that the new dollar exchange rate in 1949 became ₹4.76 — which is where it stayed till the rupee devaluation of 1966 made it ₹7.50 to the dollar and the pound moved to ₹21.
This is a list of tables showing the historical timeline of the exchange rate for the Indian rupee (INR) against the special drawing rights unit (SDR), United States dollar (USD), pound sterling (GBP), Deutsche mark (DM), euro (EUR) and Japanese yen (JPY). The rupee was worth one shilling and sixpence in sterling in 1947.
The Gold (Control) Act, 1968 is a repealed Act of the Parliament of India which was enacted to control sale and holding of gold in personal possession. High demand for gold in India with negligible indigenous production results in gold imports, leading to drastic devaluation of the Indian rupee and depletion of foreign exchange reserves to alarming levels.
The most valuable was the star pagoda, 100 of them were worth 350 rupees, issued by the English East India Company at Chennai. [3] [4] A star pagoda weighed 3g (of gold). [5] The second was the Porto Novo pagoda, issued by the Dutch at Thoothukudi and also by the Nawabs of Arcot, and worth about 25% less than the star pagoda. [6]
The Vijayanagara Empire from 1336–1646, was situated in Southern India and had a complex currency system that was used after the Empire ceased to exist. The standard unit of coin issued by the Vijayanagara Empire was the gold Pagoda in English or Varaha of 3.4 gr.