Monday, 10 September 2018

A short history of the Indian Rupee

History of the rupee can be traced back to ancient India. During 3rd century BC, Maurya dynasty issued silver coins named Rupyarupalu.
In 1542, Sher Shah Suri introduced the “rupyam”( silver coin), equal in weight to 178 grains. The rupyam was followed by a multitude of local rupees during Mughal and Maratha period, each with it’s own weight and fineness.
The earliest English rupee was the “Rupee of Bombaim” of 1677. But it was not till the establishment of British rule in 1758 that British rupees were largely coined . During the period between1758 and 1835, the year in which uniform coinage system was introduced by the East India Company, British rupees were of three main types, the Sicca rupee of Bengal Presidency, the Surat rupee of Bombay Presidency and the Arcot rupee of Madras Presidency.
Monetary system followed in Bengal Presidency was -
1 pie = 1/3 pice = 1/12 anna
1 pice = 1/4 anna = 1/64 rupee
1 anna = 1/16 rupee
15 rupees = 1 Mohur (Gold coin)
This system was to remain the Indian standard till 1st April, 1957.
In 1835, one uniform silver rupee was declared the standard coin of the whole of British India and gold coins ceased to be legal tender. As stronger economies were on the gold standard, transition to a silver based currency system had severe consequences on the Indian economy.
The type chosen for the new “Company’s Rupee” of 1835 was the Arcot rupee of 1818. In 1862, the coin was named “The Government Rupee”.
From 1st April, 1957, the rupee was divided into 100 naye paisa. After a few years, the initial “naye” was dropped.
Among the earliest issues of paper rupees include the Bank of Hindostan (1770–1832), the General
Bank of Bengal and Bihar (1773–75), and the Bengal Bank (1784–91)

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