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Global analysts cut their forecasts of India's real GDP growth rate for the financial year 2016–17 by 0.5 to 3% due to demonetisation. [147] [148] India's GDP in 2016 is estimated to be US$2.25 trillion, hence, each 1 per cent reduction in growth rate represents a shortfall of US$22.5 billion (₹1.54 trillion) for the Indian economy. [149]
The Indian Currency Committee or Fowler Committee was a government committee appointed by the British-run Government of India on 29 April 1898 to examine the currency situation in India. [29] They collected a wide range of testimony, examined as many as forty-nine witnesses, and only reported their conclusions in July 1899, after more than a ...
Currency ISO 4217 code Symbol or Abbrev. [2] Proportion of daily volume Change (2019–2022) April 2019 April 2022 ... Indian rupee: INR ...
The Reserve Bank of India announced on 26 April 2019 that it would shortly issue a new ₹ 20 note. [8] The new denomination has on the reverse a motif of Ellora Caves , a UNESCO World Heritage site in Aurangabad district , Maharashtra , depicting India's cultural heritage, continuing with the theme in the Mahatma Gandhi New Series banknotes.
Of the total currency in circulation amounting to ₹18,037 billion at end-March 2018, ₹2000 notes accounted for 37.3 percent, down from 50.2 percent at end-March 2017. [9] The share has come down to 22.6 per cent at end-March 2020. [10] The ₹2,000 note was created as a quick fix, to have enough circulation of currency. [11]
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 ...
SPMCIL consists of two currency printing presses: the Currency Note Press (CNP) in Nashik and the Bank Note Press (BNP) in Dewas. New production lines are also set up in Mysore and Salboni. The two units are engaged in the production of banknotes for India as well as a few foreign countries including Iraq, Nepal, Sri Lanka, Myanmar and Bhutan ...
Fake Indian Currency Note (FICN) is a term used by officials and media to refer to counterfeit currency notes circulated in the Indian economy. [1] In 2012, while responding to a question in parliament, the Finance Minister, P. Chidambaram, admitted that there is no confirmed estimate of fake currency in India. [ 2 ]