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The history of the rupee traces back to ancient times in the Indian subcontinent. The mention of rūpya by Pāṇini is seemingly the earliest reference in a text about coins. [ 2 ] The term in Indian subcontinent was used for referring to a coin.
Then in 10 February rupee notes, in March 100 rupee notes and in June 1938 1000 and 10000 rupee notes were released. Notes with a portrait of King George VI were issued in 1948 and later until 1950, after which notes with a picture of the Ashoka Pillar were issued.
1840 East India Company Rupee coin depicting Queen Victoria. It was minted in Bombay, Calcutta and Madras. 1 Indian rupee (1918) featuring King George V. Uniform coinage was introduced in India by the British in 1835, with coins in the name of the East India Company, bearing the image of William IIII.
The Indian Rupee (symbol: ₹; code: INR) is the official currency of the Republic of India. The rupee is subdivided into 100 paise (Hindi plural; singular: paisa). The issuance of the currency is controlled by the Reserve Bank of India. The Reserve Bank derives this role from powers vested to it by the Reserve Bank of India Act, 1934.
Although ancient India had a significant urban population, much of India's population resided in villages, whose economies were largely isolated and self-sustaining. [citation needed] Agriculture was the predominant occupation and satisfied a village's food requirements while providing raw materials for hand-based industries such as textile, food processing and crafts.
The Indian rupee was the official currency of Dubai and Qatar until 1959, when India created a new Gulf rupee (also known as the "external rupee") to hinder the smuggling of gold. [16] The Gulf rupee was legal tender until 1966, when India significantly devalued the Indian rupee and a new Qatar-Dubai riyal was established to provide economic ...
This date marks an evolution in the design of single-die cast coins, as deities and realistic animals were introduced. [7] At the same time coinage technology also evolved, as double-die coins (engraved on both sides, obverse and reverse) started to appear. [ 7 ]
Indian rupee symbol in graphic form. The new sign is a combination of the Devanagari letter र ("ra") and the Latin capital letter R without its vertical bar. The parallel lines at the top (with white space between them) makes an allusion to the tricolour Indian flag and also depict an equality sign that symbolizes the nation's desire to reduce economic disparity.