11/23/2016 An overview of the evolution of paper currency in India | The Indian Express

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Home Research An overview of the evolution of paper currency in India

An overview of the evolution of
paper currency in India
Governments have, for centuries spent a large amount of time and resources
in the production of currency in a way that can best serve as the
representation of regional and later national pride and interests.

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Written by Adrija Roychowdhury | New Delhi | Updated: November 16, 2016 4:51 pm

http://indianexpress.com/article/research/demonetisation­five­hundred­one­thousand­rupees­500­1000­new­2000­rupees­an­overview­of­the­evolution­of­pap… 1/19

Since the Republic of India took birth and even before. the nature and form of the currency is a lot more than just a commodity used in exchange of goods and services. Be it coinage or paper. Before paper currency. (RBI monetary museum) Prime Minister Narendra Modi’s announcement on November 8 to withdraw currency notes of denomination 500 and 1000 and the issue of new notes worth Rs 2000 and Rs 500 clearly left the country in a shock from which it will take a while to recover. coinage was the normal form of currency and their nature differed from region to region within India. the Bank of Hindoostan and the Bank of Bengal. While analysts have poured in both criticism and admiration for the government’s move. However. paper currency in the subcontinent had been periodically transformed to reflect the needs of the time.11/23/2016 An overview of the evolution of paper currency in India | The Indian Express The Rupee 1 note was issued in 1949 which carried the emblem of the Lion Capital in Sarnath. Watch video Demonetisation: Banks Provide New Rs 500 Notes    Paper currency in India came into existence with the entry of European entrepreneurs and particularly so with the establishment of financial institutions like the General Bank of Bengal and Bihar.com/article/research/demonetisation­five­hundred­one­thousand­rupees­500­1000­new­2000­rupees­an­overview­of­the­evolution­of­pap… 2/19 . currency reforms like these are not exactly new. both sides do agree on the historic nature of the announcement. While purchasing power is http://indianexpress.

The first set of notes issued by the British government were the Victoria portrait series of denominations 10. The princely states continued using individual currencies of their own. for centuries spent a large amount of time and resources in the production of currency in a way that can best serve as the representation of regional and later national pride and interests. Victoria series. the Accountant Generals and the Controller of Currency. Historians in fact use currency as an important source for the understanding of historical processes. governments have. 100 and 1000. the duty was later transferred to the Mint masters. the British government issued currency notes for India. 50. While initially the presidency banks were entrusted with the responsibility of producing paper currency across the British Indian domains. majority of which were coins.11/23/2016 An overview of the evolution of paper currency in India | The Indian Express definitely the foremost role played by currencies.com/article/research/demonetisation­five­hundred­one­thousand­rupees­500­1000­new­2000­rupees­an­overview­of­the­evolution­of­pap… 3/19 . 20.Rupees ten (RBI monetary museum) http://indianexpress. British India Before independence.

These were called the underprint series.Rupees hundred (RBI monetary museum) In response to several cases of forgeries.11/23/2016 An overview of the evolution of paper currency in India | The Indian Express Victoria series. http://indianexpress.com/article/research/demonetisation­five­hundred­one­thousand­rupees­500­1000­new­2000­rupees­an­overview­of­the­evolution­of­pap… 4/19 . the Victoria series were withdrawn in 1867 and in its place were issued currencies on moulded paper with language panels carrying languages of the regions in which they were circulated.

King’s portrait series.com/article/research/demonetisation­five­hundred­one­thousand­rupees­500­1000­new­2000­rupees­an­overview­of­the­evolution­of­pap… 5/19 .rupees ៗ�ve hundred (RBI monetary museum) The exigencies of the First World War made it necessary to issue new notes of smaller denominations.Rupees ៗ�fty (RBI monetary museum) http://indianexpress. The King’s portrait continued to be used on all notes issued by the British government in India till the country’s Independence. These notes were further replaced in 1923 with new notes carrying the portrait of King George V.11/23/2016 An overview of the evolution of paper currency in India | The Indian Express Green underprint.

11/23/2016 An overview of the evolution of paper currency in India | The Indian Express King’s portrait series. http://indianexpress.com/article/research/demonetisation­five­hundred­one­thousand­rupees­500­1000­new­2000­rupees­an­overview­of­the­evolution­of­pap… 6/19 .Rupees ten thousand (RBI monetary museum) The Republic of India The birth of the Republic of India made it necessary for the newly formed government to issue currencies that can wipe out the hitherto superiority of the British empire and imprint upon monetary matters the mark of Indian freedom. Therefore the portrait of King George V was removed and symbols of independent India were printed on the new notes. The Rupee 1 note was issued in 1949 which carried the emblem of the Lion Capital in Sarnath.

Gateway of India (RBI monetary museum) http://indianexpress.11/23/2016 An overview of the evolution of paper currency in India | The Indian Express   Government of India= Rupee one (RBI monetary museum) New notes were introduced in 1953 which carried texts in Hindi and had images of iconic architectural pieces in India like the Tanjore temple and the Gateway of India.com/article/research/demonetisation­five­hundred­one­thousand­rupees­500­1000­new­2000­rupees­an­overview­of­the­evolution­of­pap… 7/19 . Rupees ៗ�ve thousand.

Rupees ten (RBI monetary museum) http://indianexpress. Gandhi series.   Gandhi series.11/23/2016 An overview of the evolution of paper currency in India | The Indian Express Economic constraints of the 1960s led to the issue of smaller notes.com/article/research/demonetisation­five­hundred­one­thousand­rupees­500­1000­new­2000­rupees­an­overview­of­the­evolution­of­pap… 8/19 .Rupees twenty (RBI monetary museum) A new Mahatma Gandhi series notes were introduced once again in 1996 with newer security features. the portrait of Mahatma Gandhi was printed on the new notes. From now and later again in the early 1970s. Gandhi continues to be printed on all notes of the Indian currency including the most recent introduction of Rs 2000 and Rs 500.

Rupees one thousand (RBI monetary museum) http://indianexpress.11/23/2016 An overview of the evolution of paper currency in India | The Indian Express   Gandhi series.Rupees ៗ�ve hundred (RBI monetary museum) Gandhi series.com/article/research/demonetisation­five­hundred­one­thousand­rupees­500­1000­new­2000­rupees­an­overview­of­the­evolution­of­pap… 9/19 .

000 and Rs 10.com/article/research/demonetisation­five­hundred­one­thousand­rupees­500­1000­new­2000­rupees­an­overview­of­the­evolution­of­pa… 10/19 . Rs 5.11/23/2016 An overview of the evolution of paper currency in India | The Indian Express   New note of rupees two thousand The last time old currencies were withdrawn in India was in 1978 when notes of Rs 1.1000 per month UNSW is turning Human playing cards on this can lead to Long Term waste into human potential website! Wealth Creation. © The Indian Express Online Media Pvt Ltd FROM AROUND THE WEB why Prakash Raj loves Investing Rs. UNSW International jungleerummy ABM MyUniverse® http://indianexpress.000.000 were removed and before that in 1946 when the British government withdrew higher denomination notes in the aftermath of the Second World War.

.  truly.. no shopkeepers r accepting?  what  people  like  me  would  buy  with  Rs.. ME Name Email Post            I agree on T&C BALU   B today is 19 11 2016. rs.000  notes?  queues  in  banks  r unending.  100  rupees  notes  r  not available. whether i wld go to my bread and butter or stand in long queues ? without proper  exercise. there r millions­crores of people of my  category.5 stars from 2 ratings  3 comments Latest Write a comment.2.. 2000 denomination notes r available.  the  govt.  it http://indianexpress.  just  imagine  our  sufferings/difficulties  . still.. L&T leads Raj is addicted to these Guide for your dream car Nikkei Asian Review days? Axis Bank jungleerummy   Students at this uni are Singapore's Most Unique Want to See How Celebrities joining forces to create a Buildings Really Live? See Inside culture of innovation Singapore Tourism Board These Homes That Are UNSW International Currently on the Market Mansion Global by Dow Jones Recommended by TAGS: Narendra Modi Give your rating:  Average: 2.11/23/2016 An overview of the evolution of paper currency in India | The Indian Express Indian shares gain as US rally Which game is actor Prakash An extensive Car Buying cheers investors. what's the use..com/article/research/demonetisation­five­hundred­one­thousand­rupees­500­1000­new­2000­rupees­an­overview­of­the­evolution­of­pa… 11/19 .. new five hundred denomination of INR has not available in 1715 banks!! i am a small middle working class family.  of  the  order  come  with  such  demonetization.

  must take immediate steps to curb the situation.... otherwise. politicians. must ensure that the needful is done. 7 days ago  (0) ·   (0)  Reply (0)  Talk of the town 214 140 UPSC no. wins PM Modi. of the order  must  bring  immediately  new  rupees  five  hundred  denomination  in  full  circular and available in all banks.  although  the  demonetization  is good for the health of this great Nation.  what  about  daily  wage  earning members? even today also in mumbai. I have handled all the currency notes.  can  keep  a  vigilant  eye  all  the  time  on  black money. the govt. 50 denomination notes be launched and circulate through bank so that people of this country already suffering will get a sigh of relief.  it  is  high  time. 50 and Rs. rs.  it 'stabbed'  back  of  small  people  of  this  country.  of  the  order  come  with  such  demonetization. Incidentally. poor people r struggling for their day­to­day­routines.  the  govt. queues r lengthy . November 28 opposition united in protests #Discover http://indianexpress.  10.3.  by  adroit  limits  to  circulation  of  of  different  value 4995 currency  notes  ­  Rs/1  to  Rs. 7 days ago  (0) ·   (0)  Reply (0)  S Subramaniam   SS Since  majority  of  125­30  Crores  of  India's  population  are  poor  it  is  suggested  that 2830 that the only5% of high­end notes may be printed.  the  GOI  can. assures loses top rank to Tina Dabi.   4 days ago  (0) ·   (0)  Reply (0)  இன்னம் ரான்    இ In  the  long  term. Rs. however.  500  notes  would  make  the  situation  most  worst. naya Bharat. 100 and rs.&4. 2 Athar Aamir Khan Naya saal.com/article/research/demonetisation­five­hundred­one­thousand­rupees­500­1000­new­2000­rupees­an­overview­of­the­evolution­of­pa… 12/19 .. except the Sl no 2.  situation  would  turn  from  bad  to  worse. We were top poor to save a few each as collector ­keeps. unavailbility of Rs. thank you.  the  govt.000/­.. bureaucrats r not at all affected.11/23/2016 An overview of the evolution of paper currency in India | The Indian Express proper  exercise. richmen. this aspect should be taken on the top of the priority and the govt. 2000 is in circular but for no use when no shopkeeper / vendor accepting.  truly. crowd . rs. slams critics who ‘dare to her heart speak in favour of the corrupt’ 111 93 Pak has set up committee to woo J­K: Army launches massive Indians opposed to Modi’s assault along LoC a day after killing ‘extremist policies’: Sartaj Aziz of soldiers 79 73 Demonetisation: Opposition calls Demonetisation LIVE: PM holds for countrywide protest on meeting with top ministers.100.

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