History of Indian Currency: Evolution of Rupee-Then & Now
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History of Indian Currency: Evolution of Rupee-Then & Now


History of Indian Currency: Evolution of Rupee-Then & Now


Posted Date: 07-04-2021 Posted By: Sadda Pind

There are times when people usually use the renowned proverb, “I do not own even a bad penny (‘Kaudi’, in Punjabi)”, on being asked for the money. But do you know why “Kaudi” has a special place when it comes to money?

Today’s ‘Rupya’ symbolized as ‘₹’ was started from a Bad Penny. Sounds strange? The following table will help you understand the same:

3 Bad Pennies

1 Penny

10 Pennies

1 Damri

1 Damri

1 Dhela

3 Pie

1 Paisa (Old)

4 Paise

1 Aana

16 Aane

1 Rupya

 Isn’t it amazing to know about the evolution of Rupee with such interesting information? It would be.

Here, in this blog post, Sadda Pind shares the History of Indian Currency, to let you know about the ancient aspects of the Rupee.

1. Mahajanapada Monarchy

The historical backdrop of money in India traces back to the antiquated occasions in the sixth or seventh century B. C. The Coins were reported during this period in the Mahajanapada realms. These coins came in unpredictable shapes and a standard weight, with particular markings.

For instance, the Saurashtra coins had markings of a bumped bull; the Dakshin Panchala had a checking of a Swastika image, while the Magadha coins had various images as the stamping. These coins went on until the finish of the Maurya Rule.

 

2. Maurya Monarchy

It is the time when the Mauryans came with punch-checked coins that were generally stepped bars of copper, silver, and gold. The Indo-Greeks presented the custom of printing pictures of fanciful Gods on the coins.

 

3. Gupta Monarchy

The most number of gold coins were created in the Gupta time frame (320-470 C. E.). That is the motivation behind why this period is known as the ‘Brilliant Period’.
Further, the advancement of coins occurred through the resulting Indian traditions from the Mughal and Rajput Empires in the north to the realms of Vijayanagara and Maratha in the south.

 

4. Turkish Monarchy

By the twelfth century A.D., the Turkish Sultans of Delhi supplanted the imperial Indian plans with Islamic calligraphy. The money, known as Tanka, was made of copper and silver, and the coins of low worth were known as Jittals.

 

5. Mughal Monarchy

From 1526 A.D., the Mughal Empire solidified the financial framework for the whole realm. Development of Indian Cash happened not long after Sher Shah (1540-45) vanquished Humayun and gave a 178 gm. silver coin known as ‘rupiya’. Now, the current ‘Rupee’ has been originated from the ‘Rupyakam’ (Sanskrit word) that means a ‘silver coin’.

Let us know more about the History of Indian Currency during the British Era.

With the presentation of the Coinage Act of 1835, uniform money appeared everywhere in the country. The Mughal Empire finished therefore in 1858, and the British dealt with the royal states. Pictures of the Monarch of Great Britain supplanted the pictures on the archaic coins. Ruler George VI supplanted the nearby plans on coins and banknotes, and presented Rupee as the authority money of Colonial India, after the 1857 rebellions.

 

6. From One-rupee Coin to One-rupee Note

During World War-I (1914), one-rupee coins made of silver were being used. Notwithstanding, because of the emergency following the conflict, one-rupee coins could not be created. Thus, for the absolute first time, one-rupee notes were presented. At long last, after the foundation of the Reserve Bank of India (RBI) in 1935, the Government of India was engaged with the issuance of Indian Cash notes. The absolute first paper cash that the RBI gave in 1938 was a five-rupee note, which has a representation of King George VI. Afterwards, Rs. 10000, Rs. 2, and Rs. 1 were added to the current division.

 

7. Post-Independence Era

After autonomy (1947) when India at long last turned into a republic in 1950, the cutting-edge Rupee got back to the marking plan of Rupee coin. This is the time when the History of Indian Currency was revived. The Lion the Capital at Sarnath was the picked image for the paper money. This image supplanted the banknotes with pictures of King George VI. Along these lines, the first banknote that was imprinted in quite a while post freedom was a one-rupee note.

 

8. ‘Bapu’ on Indian Currency

The Reserve Bank of India printed cash notes with the pictures of Mahatma Gandhi (also regarded as ‘Bapu’) in 1996. These notes are as yet available for use and accompany upgraded safety efforts just as substantial guides for outwardly impeded individuals. In any case, the utilization of high-category notes of Rs. 5000, Rs. 10000, and Rs. 1000 was slowed down because they were being utilized in illicit exchanges.

After the demonetization in November 2016, Rs. 1000 and Rs. 500 notes were supplanted with the new banknotes of similar worth. An expansion to the division has been the 2000-rupee note.

9. Modern Indian Banking System

The financial business in India turned into an enormous manager by the 1960s and now assumes a pivotal part in extending the Indian economy and revolutionizing the History of Indian Currency. Computerization entered the financial business without precedent for 1988, trailed by Internet Banking during the 1990s. In any case, it was in the 21st century that online instalment modes like NEFT, RTGS, and EFT, became possibly the most important factor.

Prior, India was dependent on money yet now with the evolving time, the nation is pushing forward in the way of a ‘credit only economy’. With the approach of advanced wallets like Paytm, PayU and so on moving cash has become significantly faster and simpler.

Computerized instalments are advancing at a quick speed with the appearance of digital currency. Since these are an exceptionally secure and decentralized types of cash, monetary standards like Monero and Bitcoin are acquiring notoriety some around the world. While it might require some investment for them to acquire acknowledgement as the conventional cash by the Indian Government, they are the subsequent stage in the advancement of money related exchanges.