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The History of Indian money

The History of Indian money

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The History of Indian money

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  1. The History of Indian money and How it has Changed Rupee has a long history of struggle, exploration, and wealth that goes back to the 6th century BC in ancient India. The Paper Currency Act of 1861 made it so that only the government could issue notes in all of British India. The word "Rupee" comes from the Sanskrit words "Rupya," which means "shaped," "stamped," "impressed," or "coin," and "raupya," which means "silver." The history of the rupee that we carry around in our pockets is strange or confusing. Starting in the 6th century BC in ancient India, there was a long history of war, exploration, and wealth. The British brought paper money to the subcontinent in the 19th century. The Paper Currency Act of 1861 made it so that only the government could issue notes in all of British India. Here are some interesting facts about how Indian money has changed over time to become what it is today. Ancient Indians, Chinese, and Lydians from the Middle East were the first people in the world to make coins. In the sixth century BC, the Republic Kingdoms of ancient India called Puranas, Karshapanas, or Panas made the first Indian coins. These coins are made of silver and have different designs on them. For example, the coins from Saurashtra have a bull with a hump, the coins from Dakshin Panchala have a Swastika, and the coins from Magadha have a bunch of different symbols. Then, the Mauryas made "Punch Marked Coins," which were made of silver, gold, copper, or lead. The Indo-Greek Kushan kings brought the Greek practise of putting portraits on coins. By the 12th century AD, the Indian kings' designs had been replaced by Islamic calligraphy by the Turks who ruled Delhi. Gold, silver, and copper coins called Tanka were used as money. Coins with less value were called Jittals.

  2. From 1526, the Mughal Empire unified the money system for the whole empire. During this time, the rupee changed when Sher Shah Suri defeated Humayun and made a 178-gram silver coin called the rupiya. It was divided into 40 copper pieces called paisa, and silver coins were still used throughout the Mughal era. During the 1600s, when the British East India Company was in charge, Mughal money was still widely used. In 1717, however, Farrukh Siyar, the Mughal Emperor, gave the British or the English permission to make Mughal money at the Bombay mint. Then, gold coins from Britain were called Carolina, silver coins were called Angelina, copper coins were called cupperoon, and tin coins were called tinny.

  3. In the 18th century, the Bank of Hindostan General Bank in Bengal and the Bengal Bank were the first banks in India to give out paper money. This was also the first time that paper money was given out in British India. This is the first 250 Sicca Rupees note from the Bank of Bengal. It was made on September 3, 1812.

  4. With the Coinage Act of 1835, all the coins in the country will be the same. The Mughal empire ended in 1858, and the British crown took control of 100 princely states. The pictures on the coins were then changed to portraits of the Monarch of Great Britain Supremacy. The native designs on banknotes and coins were changed by King George VI. However, after the revolt of 1857, the Rupee became the official currency of colonial India. In 1862, a set of bank notes and coins with portraits of Queen Victoria were made to honour her. The Reserve Bank of India was finally set up in 1935, and it was given the power to print Government of India notes. It also made 10,000 rupee bills, which were taken away after Independence. In January 1938, the RBI printed its first paper money, a 5 rupee note with a picture of King George VI.

  5. India got its independence in 1947, and when it became a republic in the 1950s, it went back to the design of its original Rupee coin. The Lion capital at Sarnath was chosen as the symbol for the paper money, which took the place of the George VI series of bank notes. So, the first note that the newly independent India printed was a one rupee note. Do you know how the 1 rupee note came to be? Under the British Raj, a one-rupee bill came out on November 30, 1917. During the First World War, Britain was the most powerful country. Back then, one rupee was worth one silver coin. But because of the war, things got worse, and a silver rupee coin could no longer be made. Because of this, a one-rupee bill was printed for the first time, and it had a picture of George V on it. The value of this one rupee note, which was printed in England, was much less than that of other notes. In 1969, the Reserve Bank of India made a series of Rs 5 and Rs 10 notes with designs to honour the 100th anniversary of Mahatma Gandhi's birth.

  6. And it's amazing that the picture of the Sailing Boat, also called a "Dhow," has been on the back of the Ten Rupee note for more than 40 years. In 1959, special bills worth 10 and 100 rupees were made for Indian Haj Pilgrims so they could exchange them for Saudi Arabian currency. Even in 1917 and 1918, the Nizam of Hyderabad let them print and distribute their own money. Due to a lack of metal during World War I, the princely states of Morvi and Dhrangadhra made money called Harvala that they could not lose.

  7. During World War II, there wasn't enough metal to make coins, so 36 Princely States, mostly in Gujarat, Rajasthan, Sind, Baluchistan, and the Central provinces, used paper tokens instead. In 1996, a series of paper notes named after Mahatma Gandhi came out. We always see a smiling picture of Mahatma Gandhi on our notes, and this hasn't changed.

  8. Some people say that Picture of Mahatma Gandhi is a cartoonish drawing, but this is not the case. In fact, this picture was taken by an unknown photographer in 1946, and it has been cut up and used everywhere since then. The Picture is given below: Lord Frederick William Pethick-Lawrence and Mahatma Gandhi stood next to each other. He was a great politician and the leader of the movement in Great Britain to give women the right to vote. This picture was taken at what used to be called the Viceroy House but is now called Rashtrapati Bhavan. The Mahatma Gandhi series of bank notes, which came out in 1996, uses this picture.

  9. In November 2001, Rs 5 notes were printed with a picture of Mahatma Gandhi on the front. The back of the note shows the process of farm mechanisation, or the progress in agriculture. In June 1996, a Rs 10 note was made with a picture of Gandhi on the front and a picture of India's animals on the back, which represents the country's diversity. Before 1981, the Rs 10 bill had a lion's head on the front, which was our symbol, and an Indian art peacock, which is our national bird, on the back.

  10. In August 2001, Rs 20 bills were printed with a picture of Gandhi on the front and palm trees and the Port Blair lighthouse as seen from the Megapode Resort in Port Blair on the back. Earlier, in 1983–1984, the Buddhist wheel was printed on the back of a Rs 20 bank note. In March 1997, Rs 50 was printed with a picture of Mahatma Gandhi on one side and the Indian Parliament on the other. In June 1996, Rs 100 bills were printed with a picture of Mahatma Gandhi on the front and the Himalaya Mountains on the back.

  11. In October 1997, a Rs. 500 bill was made with a picture of Mahatma Gandhi on the front and a picture of the Salt Satyagraha, or Dandi March, on the back. The Salt Satyagraha was part of Gandhi Ji's larger Civil Disobedience Movement, which he started on March 12, 1930, to stop the British from controlling the salt market in India. Gandhi Ji and his followers marched from his Sabarmati Ashram near Ahmedabad to the Dandi, a coastal village in Navsari dist Gujarat, where they made salt without paying taxes to the British Government. Gandhi broke the Salt Law on April 5, 1930, by doing this. In November 2000, Rs 1000 was printed with a picture of Gandhi on the front and a picture of India's economy on the back. The picture on the back shows Grain Harvesting, which is the agricultural sector, an oil rig, which is the manufacturing sector, a space satellite dish, which is the science and research sector, a girl working on a computer, which represents inclusive technology. After 2000, a table shows information about Indian currency notes:

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