8 interesting facts about the Indian Rupee

Money plays an important role in each one’s life. Earning, spending and saving patterns determine how one can manage wealth. The Indian rupee has been in the market for ages now. But, how much do you know about the currency?

Here is a list of some interesting facts about the Indian currency, according to the Reserve Bank of India:

1. A symbol of Independence: At the outset it was felt that the King’s portrait be replaced by a portrait of Mahatma Gandhi. Designs were prepared to that effect. In the final analysis, the consensus moved to the choice of the Lion Capital at Sarnath in lieu of the Gandhi Portrait. 

2. Size of notes: The lean period of the early sixties led to considerations of economy and the sizes of notes were reduced in 1967. In 1969, a commemorative design series in honour of the birth centenary celebrations of Mahatma Gandhi was issued depicting a seated Gandhi with the Sevagram Ashram as the backdrop.

3. Cost-benefit: The Cost-benefit considerations prompted the Bank to introduce Rs. 20 denomination notes in 1972 and Rs. 50 in 1975. Government of India continued to issue currency notes till the Reserve Bank of India was established on 1st April 1935. When the one-rupee note was reintroduced as a war time measure in August 1940, it was issued by Government of India with the status of a coin. The government of India continued to issue Rupee one notes till 1994.

4. A new set of Notes: The 1980s saw a completely new set of notes issued. The motifs on these notes marked a departure from the earlier motifs. The motifs appearing on Indian currency notes reflect the changing socio-cultural ethos and the world-view of the times: buccaneering mercantilism, colonial consolidation, domineering imperialism etc. It emphasises on symbols of Science & Technology (Aryabhatta on the Rs 2 note), Progress (the Oil Rig on Re 1 and Farm Mechanisation on Rs 5) and a change in orientation to Indian Art forms on the Rs 20 and the Rs 10 notes. (Konark Wheel, Peacock).

5. Design: The responsibility for coinage vests with the Government of India in terms of the Coinage Act, 1906 as amended from time to time. The designing and minting of coins in various denominations is also the responsibility of the Government of India. Coins are minted at the four India Government Mints at Mumbai, Alipore(Kolkata), Saifabad(Hyderabad), Cherlapally (Hyderabad) and Noida(UP).

6. Dominance of Hindi:  In 1953, Hindi was displayed prominently on the new notes. The debate regarding the Hindi plural of Rupaya was settled in favour of Rupiye. High denomination notes like Rs 1,000, Rs. 5,000, and Rs. 10,000 were reintroduced in 1954.

7. Currency management: The Rupee 500 note was introduced in October 1987 with the portrait of Mahatma Gandhi. The water mark continued to be the Lion Capital, Ashoka Pillar. Management of Currency had to cope with the rising demands of a growing economy, together with a fall in purchasing power.

8. New techniques: With the advancement of reprographic techniques, traditional security features were deemed inadequate. It was necessary to introduce new features and a new ‘Mahatma Gandhi Series’ was introduced in 1996.