4/10/2023 0 Comments Indian rupeeIt was not until January 1, 2015, that the government approved the circulation of one rupee note again. In 1994, the minting of one rupee note stopped. Due to the high expenditures of administering Re 1, Rs 2, and Rs 5 note issuance, these denominations were gradually coined in the 1990s. To support the economy and the dip in purchasing power, the one rupee coin eventually began its production in stainless steel. The one rupee note featured an oil rig on the back, still featuring the coin with the Lion Capital. The focus was on symbols of Science and Technology, progress, and a shift to Indian Art forms. The motifs on these notes differed from the previous ones. In the 1980s, a whole new set of notes was introduced. It maintained the coin status of the one rupee, even on the notes. However, the one rupee coin featured Gandhi’s face. Eventually, the weight was further decreased to 6 gms.įinally, in 1969, the Reserve Bank of India printed the notes with the portrait of Gandhi, with the Sevagram Ashram in the background from denominations of 2 rupees and higher. The original 10 gm nickel rupee coin was modified to an 8 gm cupro-nickel piece. The size of all the notes was reduced as a measure of saving resources in 1967. The increasing manufacturing prices led to the use of cheaper metal. The one-rupee currency notes and coins reflected the misfortune of India’s economic troubles. India subsequently began borrowing significantly to fund its welfare and development initiatives, causing the national currency’s value to plummet. The rupee was tied to the pound sterling, and when the pound fell due to the UK’s failing economy, so did the rupee. During the same period, India also had a severe drought. During the 1962 Indo-China conflict, military expenditure skyrocketed. The ’60s were a time of economic downturn. The values and other inscriptions on the rupee coin and others began to be printed in Hindi. The new decimal Paisa, which divided the rupee into 100 ‘paisa’ instead of 16 annas, was known as ‘Naya Paisa.’ On June 1, 1964, ‘Naya’ was omitted from the name. An argument about the Hindi plural of Rupaya was resolved in favour of Rupiye. Since 1953, India has started using Hindi on the new currency. The representation signalled a change in emphasis toward agricultural growth and self-sufficiency. With the introduction of the Anna Series in 1950, the Tiger on the one rupee currency was replaced with corn cobs. In 1949, the government of Independent India changed the designs of the one rupee note, replacing the portrait of the King with the Lion Capital. The monetary system did not change much from colonial times, with one rupee divided into 192 pies. By accord, the notes and coins of Independent India bore the Lion Capital.Īfter Indians declared their independence from the British administration, the Reserve Bank continued issuing notes during the transition period. Designs were drafted per those requirements however, it was not Gandhi’s face that declared the power change. Initially, it was proposed that the King’s picture on the notes be replaced with that of Gandhi. The notes and coins which carried the portrait of King George VI needed a representation of their own. When India became independent, symbols of sovereignty and motifs on coins and banknotes were changed. In August 1940, as a wartime measure, the government introduced the one rupee with the status of a coin in August 1940 it remained in circulation till 1994. The government stopped printing the one-rupee note in 1926. The history of the Indian rupee reflects India’s socio-economic situation. From its colours to motifs, size and weight to denominations in circulation, currency in India is organised by the Union government and counts as valid only through its recognition. The evolution of India’s currency reflects the political and economic situation of the country. These issues stimulate debate even today,” states the Reserve Bank of India. “Throughout history, the right to Coinage and Currency and issues of sovereignty have been curiously conjoined, emotionally if not rationally.
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