Indian rupee Currency

Description

The Indian Rupee Currency was introduced as the official currency of the Republic of India in the year 1947. It is issued by the Reserve Bank of India, and one rupee consists of 100 paise. The code for the Indian Rupee is INR, and the symbol is ₹.

Coins in India are presently being issued in denominations of one rupee, two rupees, five rupees, and ten rupees. Also, currently, banknotes in India are issued in the denominations of Rs 10, Rs 20, Rs 50, Rs 100, Rs 200, Rs 500, and Rs 2000. The currency paper is composed of cotton and cotton rag. 

Economy 

• India boasts one of the fastest-growing economies globally.
• In 2020, India's GDP was estimated at over USD 1.6 trillion, making India the sixth-largest national economy by nominal GDP. 
• The country is heavily influenced by the service sector, which contributes more than 54% to its GDP. 
• India's exports include precious metals, gemstones, jewelry, mineral fuels, oils, vehicles, and pharmaceutical products.
• The country's imports primarily consist of fuels and mining products, electrical machinery, and equipment. 

History 

• India was among the first countries to issue coins around the 6th century BC. 
• Following the country's independence in 1947, the Indian rupee replaced all prior currencies used in the various autonomous states. 
• In 1957, the rupee was subdivided into 100 naye paise (where "naye" means "new" in Hindi), although this term was later dropped.
• The Indian rupee was pegged to the British pound from 1927-1946 and to the US dollar untill 1975. 

Trivia

• The term "Rupaya" is derived from the Sanskrit word "Rupya", meaning "wrought silver or a coin of silver".
• The "₹" symbol resembles both the Devanagari letter "₹" (ra) and the Latin capital letter "R", with a double horizontal line at the top. 
• The highest denomination note ever printed was the ₹10000 note in 1938 and again in 1954 by the Reserve Bank of India. Later, these notes were demonetized in 1946 and again in 1978.