7 Must Know Facts On Indian Rupee

The Indian currency is called the Indian Rupee (INR) and the coins are called paise. The design resembles both the Devanagari letter "₹" (ra) and the Latin capital letter "R", with a double horizontal line at the top.

Here 5 interesting facts on Indian Rupee

1) "I promise to pay" on bank note

The promissory clause printed on the banknotes i.e., "I promise to pay the bearer the sum of Rupees ..." is a statement which means that the banknote is a legal tender for the specified amount.

2) Highest Denomination

The highest denomination note ever printed by the Reserve Bank of India was the Rs 10000 note in 1938 and again in 1954. These notes were demonetized in 1946 and again in 1978.

3) Indian Coins

Coins in India are presently being issued in denominations of 50 paise, one rupee, two rupees, five rupees and ten rupees. Coins up to 50 paise are called 'small coins' and coins of Rupee one and above are called 'Rupee Coins'.

Coins in the denomination of 1 paise, 2 paise, 3 paise, 5 paise, 10 paise, 20 paise and 25 paise have been withdrawn from circulation with effect from June 30, 2011 and are, therefore, no more legal tender.

4) Currency paper is composed of cotton and cotton rag

5) The Reserve Bank based on the demand requirement indicates the volume and value of banknotes to be printed each year to the Government of India which get finalized after mutual consultation.

6) The Reserve Bank estimates the demand for banknotes on the basis of the growth rate of the economy, inflation rate, the replacement demand and reserve stock requirements by using statistical models/techniques.

7) Notes are printed at four printing presses located at Nashik, Dewas, Mysore and Salboni. Coins are minted at the four mints at Mumbai, Noida, Kolkata and Hyderabad.

Source:RBI
Goodreturns.in