Official Currency
The official currency of India is the Indian Rupee.
Key Facts
- Official Currency: The official currency of India is the Indian Rupee.
- Currency Symbol: The currency symbol for the Indian Rupee is ₹.
- Subunit: The subunit of the Indian Rupee is the paisa, with 1 Rupee being equal to 100 paisa.
- Banknotes: The commonly used banknotes in India are ₹10, ₹20, ₹50, ₹100, ₹200, and ₹500. Banknotes of ₹1, ₹2, and ₹5 are rarely used.
- Coins: The frequently used coins in India are ₹1, ₹2, ₹5, and ₹10.
Currency Symbol
The currency symbol for the Indian Rupee is ₹.
Subunit
The subunit of the Indian Rupee is the paisa, with 1 Rupee being equal to 100 paisa.
Banknotes
The commonly used banknotes in India are ₹10, ₹20, ₹50, ₹100, ₹200, and ₹500. Banknotes of ₹1, ₹2, and ₹5 are rarely used.
Coins
The frequently used coins in India are ₹1, ₹2, ₹5, and ₹10.
Historical Evolution of the Indian Rupee
The history of the Indian Rupee can be traced back to ancient India, where various forms of coins were used for trade and commerce. The term “rupee” is derived from the Sanskrit word “rupya,” which means “wrought silver.” The modern Indian Rupee was introduced in 1861, replacing the various regional currencies that were in use at that time. The Rupee has undergone several changes over the years, including the adoption of a decimal system in 1957 and the introduction of new banknotes and coins.
Economic Significance of the Indian Rupee
The Indian Rupee is the official currency of India, the world’s second-most populous country. It is also widely used in neighboring countries such as Nepal and Bhutan. The Rupee is a major currency in terms of trading volume, ranking among the top 15 currencies globally. The stability and strength of the Rupee are crucial for the Indian economy, as they impact international trade, investment, and overall economic growth.
Conclusion
The Indian Rupee is a symbol of India’s economic and financial strength. Its stability and value are essential for maintaining a healthy economy and fostering growth. The Rupee’s international recognition and usage reflect India’s growing importance in the global economy.
References
FAQs
What is the currency code of India?
The currency code of India is INR, as per the ISO 4217 standard.
What is the symbol for the Indian Rupee?
The symbol for the Indian Rupee is ₹.
What is the subunit of the Indian Rupee?
The subunit of the Indian Rupee is the paisa, with 1 Rupee being equal to 100 paisa.
What are the commonly used banknotes in India?
The commonly used banknotes in India are ₹10, ₹20, ₹50, ₹100, ₹200, and ₹500.
What are the frequently used coins in India?
The frequently used coins in India are ₹1, ₹2, ₹5, and ₹10.
When was the Indian Rupee introduced?
The modern Indian Rupee was introduced in 1861, replacing the various regional currencies that were in use at that time.
What is the significance of the Indian Rupee?
The Indian Rupee is the official currency of India, the world’s second-most populous country. It is also widely used in neighboring countries and is a major currency in terms of trading volume. The stability and strength of the Rupee are crucial for the Indian economy.
What is the future of the Indian Rupee?
The future of the Indian Rupee is expected to be stable and positive. India’s growing economy and increasing global influence are likely to contribute to the strength of the Rupee.