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History Of Indian Rupees

History of Indian rupees, know about evolution of Indian rupees.
understanding of Indian rupees, History of Indian Rupees
hostory of indian rupees

History Of Indian Rupees:

Every Indian is using rupees but very few know the history of Indian rupees. Here you will come to know the history of Indian rupees.
Ancient India, presently modern states of Pakistan and north-western India, was one of the earliest issuers of coins in the world(circa 6th century BC), [1] along with theChinese wen and Lydian Staters. The origin of the word “rupee” is found in the Sanskrit rupya “shaped; stamped, impressed; coin”.
The derivative word rupaya[citation needed] was used to denote the coin introduced by Sher Shah Suri during his reign of 1540 to 1545. The original rupaya was a silver coinweighing 175 grains troy (about -11.34 grams)
[2].The silver coin remained in use –during the Mughal period as well as in British India.
Among the earliest issues of paper rupees were those by the Bank of Hindustan (1770-1832), the General Bank of Bengal and Bihar(1773-75,established by Warrenhastings), the Bengal Bank (1784-91), amongst others. Formerly the rupee was divided into 16 annas, 64 paise, or 192 pies. In Arabia and East Africa the British India rupeewas current at various times, including the paisa and was used as far south as Natal. In Mozambique the British India rupees were over stamped, and in Kenya the British East Africa company minted the rupee and its fractions as well as pice. It was maintained as the florin, using the same standard, until 1920. In Somalia the Italian colonialauthority minted ‘Rupia’ to exactly the same standard, and called the paisa ‘besa’. Early 19th century E.I.C. rupees were used in Australia for a limited period. Decimalization occurred in Ceylon (Srilanka) in 1872, India in 1957 and in Pakistan in 1961.
Historically, the rupee was a silver based currency. This had severe consequences in the 19th century, when the strongest economies in the world were on the gold standard.
The discovery of vast quantities of silver in the U.S. and various European colonies resulted in a decline in the relative value of silver to gold. Suddenly the standard currency of India could not buy as much from the outside world. This event was known as “the fall of the Rupee.” During British rule, and the first decade of independence, the rupee was subdivided into 16 annas. Each anna was subdivided into either 4 pices, or 12 pies.
In 1957, decimalization occurred and the rupee was now divided into 100 naye paise (Hindi for new paisas). Afte a few years, the intital “Naye ”was dropped However many still refer to 25, 50,and 75 paise as 4, 8 and 12 annas respectively, not unlike the now largely defunct usage of “bit”` in American English for 1/8 dollar. However the usage is in decline. 
History of Indian rupees, know about evolution of Indian rupees.

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History of Indian rupees, know about evolution of Indian rupees.


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