Home > Facts, General Knowledge > 363/365 – Indian Rupee

363/365 – Indian Rupee

The Indian rupee (sign: ; code: INR) is the official currency of the Republic of India. The issuance of the currency is controlled by the Reserve Bank of India.

The modern rupee is subdivided into 100 paise (singular paisa), although this division is now theoretical; as of 30 June 2011, coin denominations of less than 50 paise ceased to be legal tender.

Banknotes are available in nominal values of 5, 10, 20, 50, 100, 500 and 1000 rupees. Rupee coins are available in denominations of 1, 2, 5, 10, 100 and 1000; of these, the 100 and 1000 coins are for commemorative purposes only; the only other rupee coin has a nominal value of 50 paise, since lower denominations have been officially withdrawn.

The Indian rupee symbol (officially adopted in 2010) is derived from the Devanagari consonant “र” (Ra) with an added horizontal bar.

The symbol can also be derived from the Latin consonant “R” by removing the vertical line, and adding two horizontal bars (like the symbols for the Japanese yen and the euro).

The first series of coins with the rupee symbol was launched on 8 July 2011.

The Reserve Bank manages currency in India.The Reserve Bank derives its role in currency management on the basis of the Reserve Bank of India Act, 1934.

Recently RBI launched a website Paisa-Bolta-Hai to raise awareness of counterfeit currency among users of the INR.

Source: http://en.wikipedia.org/wiki/Indian_rupee

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