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Rupee (, ) is the common name for the currency of
Indian rupee, Mauritian rupee, Nepalese rupee, Pakistani rupee, Seychelles, and Sri Lanka, and of former currencies of Afghan rupee, Bahrain, Kuwait, Oman, the United Arab Emirates (as the Gulf rupee), British East Africa, Burmese rupee, German East Africa (as Rupie/Rupien), and Tibet. In Indonesia and the Maldives, the unit of currency is known as rupiah and rufiyaa respectively, of the word rupee.
The Indian rupee and Pakistani rupee are subdivided into one hundred paisa (singular paisa) or pice. The Nepalese rupee (रू) subdivides into one hundred paisa (singular and plural) or four . The Mauritian rupee, Seychellois, and Sri Lankan rupees subdivide into 100 cents.
Arthashastra, written by Chanakya, chief adviser to the first Maurya emperor Chandragupta Maurya (c. 340–290 BCE), mentions silver coins as rūpyarūpa, other types including gold coins ( rūpya-suvarṇa), copper coins ( tāmrarūpa) and lead coins ( sīsarūpa) are mentioned. Rūpa means form or shape, example, rūpyarūpa, rūpya – wrought silver, rūpa – form. This coinage system continued more or less across the Indian subcontinent well till 20th century.
In the intermediate times there was no fixed monetary system as reported by the Da Tang Xi Yu Ji.Trübner’s Oriental Series DA TANG XIYU JI Great Tang Dynasty Records of the Western World, translated by Samuel Beal TWO VOLUMES Kegan, Paul, Trench, Teubner & Co. London • 1906 First
During his reign from 1538/1540 to 1545, Sher Shah Suri of the Sur Empire set up a new civic and military administration and issued a coin of silver, weighing 178 grains, which was also termed the Rupiya. Suri also introduced copper coins called dam and called mohur that weighed 169 grains (10.95 g). Mughal Coinage at RBI Monetary Museum. Retrieved 4 May 2008. The use of the rupee coin continued under the Mughal Empire with the same standard and weight, though some rulers after Akbar occasionally issued heavier rupees.
target="_blank" rel="nofollow"> Mughal Coinage at Reserve Bank of India Monetary Museum. Retrieved 1 December 2019.
The European powers started minting coinage as early as mid-17th century, under patronage of Mughal Empire. The British gold coins were termed Carolina, the silver coins Anglina, the copper coins Cupperoon and tin coins Tinny. The coins of Bengal were developed in the Mughal era style and those of Madras mostly in a South Indian style. The English coins of Western India developed along Mughal as well as English patterns. It was only in AD 1717 that the British obtained permission from the Emperor Farrukh Siyar to coin Mughal money at the Bombay mint. By early 1830, the British had become the dominant power in India and started minting coinage independently. The Coinage Act of 1835 provided for uniform coinage throughout India. The new coins had the effigy of William IV on the obverse and the value on the reverse in English and Persian language. The coins issued after 1840 bore the portrait of Queen Victoria. The first coinage under the crown was issued in 1862 and in 1877 Queen Victoria assumed the title the Empress of India. The gold silver ratio expanded during 1870–1910. Unlike India, Britain was on the gold standard.
The 1911 accession to the throne of the King-Emperor George V led to the famous "pig rupee". On the coin, the King appeared wearing a robe with the imprint of an elephant. Through poor engraving, the elephant looked like a pig. The Muslim population was enraged and the image had to be quickly redesigned. Acute shortage of silver during the First World War, led to the introduction of paper currency of One Rupee and Two and a half Rupees. The silver coins of smaller denominations were issued in cupro-nickel. The compulsion of the Second World War led to experiments in coinage where the standard rupee was replaced by the "Quaternary Silver Alloy". The Quaternary Silver coins were issued from 1940. In 1947 these were replaced by pure Nickel coins. The Monetary System remained unchanged at One Rupee consisting of 64 pice, or 192 pies.
In India, the "Anna Series" was introduced on 15 August 1950. This was the first coinage of the India. The King's Portrait was replaced by the Ashoka's Lion Capital. A corn sheaf replaced the Tiger on the one Rupee coin. The monetary system was retained with one Rupee consisting of 16 Annas. The 1955 Indian Coinage (Amendment) Act, that came into force with effect from 1 April 1957, introduced a "Decimal series". The rupee was now divided into 100 'Paisa' instead of 16 Annas or 64 Pice. The "Naye Paise" coins were minted in the denominations of 1, 2, 5, 10, 20 and 50 Naye Paise. Both the Anna series and the Naye Paise coins were valid for some time. From 1968 onwards, the new coins were called just Paise instead of Naye Paise because they were no longer naye(new).
With high inflation in the sixties, small denomination coins which were made of bronze, nickel-brass, cupro-nickel, and aluminium-bronze were gradually minted in aluminium only. This change commenced with the introduction of the new hexagonal 3 paise coin. A twenty paise coin was introduced in 1968 but did not gain much popularity. Over a period, cost-benefit considerations led to the gradual discontinuance of 1, 2 and 3 paise coins in the 1970s. Stainless steel coinage of 10, 25 and 50 paise, was introduced in 1988 and of one rupee in 1992. The very considerable costs of managing note issues of Rs 1, Rs 2, and Rs 5 led to the gradual coinisation of these denominations in the 1990s.
The rise in the price of silver immediately after the First World War caused the rupee to rise in value to two shillings Pound sterling. In 1920 in British East Africa, the opportunity was then taken to introduce a new florin coin, hence bringing the currency into line with sterling. Shortly after that, the florin was split into two East African shillings. This assimilation to Pound sterling did not, however, happen in British India itself. In Somalia, the Italian colonial authority minted 'rupia' to exactly the same standard and called the pice 'besa'.
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. The Gulf rupee was legal tender until 1966, when India significantly devalued the Indian rupee and a new Qatari riyal was established to provide economic stability.
/ref>) Two paisa was also called a taka, see below.
Decimalisation occurred in India in 1957 and in Pakistan in 1961. Since 1957 an Indian rupee is divided into 100 paise. The decimalised paisa was originally officially named naya paisa meaning the "new paisa" to distinguish it from the erstwhile paisa which had a higher value of rupee. The word naya was dropped in 1964 and since then it is simply known as paisa (plural paise).
The most commonly used symbol for the rupee is "₨". India adopted a new symbol () for the Indian rupee on 15 July 2010. In most parts of India, the rupee is known as rupaya, rupaye, or one of several other terms derived from the Sanskrit rūpya, meaning silver.
Ṭaṅka is an ancient Sanskrit word for money. While the two-paise coin was called a taka in West Pakistan, the word taka was commonly used in East Pakistan (now Bangladesh), alternatively for rupee. In the Bengali and Assamese languages, spoken in Assam, Tripura, and West Bengal, the rupee is known as a taka, and is written as such on Indian banknotes. In Odisha it is known as tanka. After its independence, Bangladesh started to officially call its currency "taka" (BDT) in 1971.
The issuance of the Indian currency is controlled by the Reserve Bank of India, and issuance of Pakistani currency is controlled by State Bank of Pakistan.
Currently in India (from 2010 onwards), the 50 paise coin (half a rupee) is the lowest valued legal tender coin. Coins of 1, 2, 5, and 10 rupees and banknotes of 5, 10, 20, 50, 100, 200, 500, and 2000 rupees are commonly in use for cash transaction.
Large denominations of rupees are traditionally counted in , , arabs, kharabs, nils, padmas, shankhs, udpadhas, and anks. Terms beyond crore are not generally used in the context of money; for example, an amount would be called ₨ 1 lakh crore (equivalent to 1 trillion) instead of ₨ 10 kharab.
is a square version of ルピー , the Japanese word for "rupee".
It is intended for CJK Compatibility with earlier character sets.
No other rupee symbols or abbreviations have dedicated code points. Most are written as ligatures using the combining diacritic technique: For example, the Nepalese rupee is written using with .
| + Rupee abbreviation in other languages ! Language ! Word !! Transliteration ! Abbrev. !! Unicode | ||||
| Punjabi language | ਰੁਪਇਆ روپیہ | rpia, rpiya | ) | U+1BC1 ੨ Punjabi |
| Gujarati | rūpiyo, rūpiyā | + + | ||
| Kannada | rūpāyi | |||
| Malayalam | rūpāa | ( ) + ( ) | ||
| Tamil language | rūbāy | ( ) + ( ) | ||
| Telugu language | rūpāyi | ( ) + ( ) | ||
| Sinhala language | rupiyala | () + () |
At the end of the 19th century, the Indian silver rupee went onto a gold exchange standard at a fixed rate of one rupee to one shilling and fourpence in British currency, i.e. 15 rupees to 1 pound sterling.
| Indian rupee | ₹ | INR | Indian paisa = rupee | 83.58 | 1540 | no modern predecessor | |
| Indonesian rupiah | Rp | IDR | Sen = rupiah | 15,087.08 | 1949 | Netherlands Indies gulden | |
| Maldivian rufiyaa | Rf, MRf, MVR, .ރ or /- | MVR | Laari = rufiyaa | 15.41 | 1945 | Ceylonese rupee | |
| Mauritian rupee | ₨, रु | MUR | Cent = rupee | 45.87 | 1876 | Indian rupee, pound sterling, Mauritian dollar | |
| Nepalese rupee | रू | NPR | Paisa = rupee | 133.80 | 1932 | Nepalese mohar | |
| Pakistani rupee | ₨ | PKR | Paisa = rupee | 277.97 | 1947 | Indian rupee (prior to partition) | |
| Seychellois rupee | SR, SRe | SCR | Cent = rupee | 13.46 | 1976 | Mauritian rupee | |
| Sri Lankan rupee | ₨, රු, ௹ | LKR | Cent = rupee | 303.11 | 1885 | Indian rupee, pound sterling, Ceylonese rixdollar |
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