74 - ALL ABOUT INDIAN CURRENCY

GK BY - SANJAY UTTAM

ALL ABOUT INDIAN CURRENCY !!!

1)      The Indian currency is called “the Indian Rupee” (INR).
2)      The coins are called “Paise'' (One Rupee consists of 100 paise).
3)      Coins up to 50 paise are called “Small coins”
4)      Coins of Rs.1 and above are called 'Rupee Coins'.
5)      At present, notes in India are issued in the denomination Rs.5,       Rs.10, Rs.20, Rs.50, Rs.100, Rs.500 and Rs.1000. These notes are called bank notes
    6)      Banknotes which have become dirty and limp due to excessive use are called ”Soiled banknotes”.

     7)      Your double numbered banknote cut into two pieces but on which both the numbers are intact is also Called “Soiled banknotes”
     8)      Banknotes which are torn, disfigured, burnt, washed, eaten by white ants, etc are called “Mutilated banknotes”.

Note:--
All our banks are authorised to accept our soiled banknotes across their counters and pay us the exchange value. They are expected to offer this service even to non-customers.
All our designated branches of commercial banks are authorised to adjudicate and pay us the value in respect of mutilated banknotes, in terms of the Reserve Bank of India (Note Refund) Rules, 1975.
The RBI has also authorised all our commercial bank branches to treat certain banknotes in ‘two pieces’ as soiled banknotes and pay the exchange value to us.

>>>>Who, When, How much Coins and Notes to be issued?
 
       9)      Coins can be issued up to the denomination of Rs.1000. (One thousand rupees)
      10)   Notes can be issued up to the denomination of Rs.10,000 (Ten thousand rupees)
      11)   The Government of India decides upon the quantity of coins to be minted.
      12)   The process of issuing paper currency was started in the 18th century.
     13)   The government of India printed currency until the RBI was established in 1935, which then took up this responsibility.
      14)   Every banknote (Except, One rupee note or coin) issued/Printed by Reserve Bank of India under RBI Act, 1934 (One rupee notes are printed by Government of India.)
     15)   The Right to mint One Rupee Notes and One Rupee Coins are given to Government of India under the Coinage Act and has a signature of the Finance Secretary.
     16)   Every note must be signed by Reserve bank of India (except, One rupee note will have signature of the Finance Secretary.

>>>>>> What things are there on Banknotes or Coins?

      17)   There are 15 Languages in any INDIAN Banknotes.
      18)   The Newly Introduced Indian Rupee symbol is based on – Roman    &     Devnagri Script.
      19)   India currency notes are made up of pulp containing cotton, balsam with special dyes and blended with the textile fibers. Or you can say that Currency notes are made of a special paper made of cotton and cotton rag (Not paper) which gives it the crispiness.
      20)   Cupro-Nickel metal is used to make old coins in India.
      21)   Ferritic Stainless Steel (FSS) metal is used to make new coins in India.
      22)   India prints 2,000 crore currency notes every year and 40 per cent of the cost goes towards import of paper and ink. It mainly imports paper from countries like Germany, Japan and the UK.

Note:---
 
India is divided into many different states and most of the states have their own state language.
For this reason, the Indian Currency has a "Language Panel" with the denomination of the note in 15 different regional languages.
Besides these 15 languages, the other 2 languages are "HINDI", the national language, and "ENGLISH". So that makes it to 17 languages.

>>>>>: Where Currency notes are Printed?

      23)   Currency Note Press in Nashik,
      24)   The Bank Note Press in Dewas,
      25)   The Bharatiya Note Mudra Nigam (P) presses at Salboni and Mysore
      26)   The Watermark Paper Manufacturing Mill in Hoshangabad.
Points Regarding: Which Acts related Currency and Banknotes?
      27)   The coins issued under the authority of Section 6 of The Coinage Act, 2011
     28)   One Rupee notes issued under the Currency Ordinance, 1940 are also legal tender and included in the expression Rupee coin for all the purposes of the Reserve Bank of India Act, 1934.
      29)   Every banknote issued by Reserve Bank of India under RBI Act, 1934
    30)   In terms of Section 25 of RBI Act, 1934 the design of our banknotes is required to be approved by the Central Government on the recommendations of the Central Board of the Reserve Bank of India.
      31)   Notes are exchange under Reserve Bank of India (Note Refund) Rules, 1975
      32)   The One Rupee notes issued under the Currency Ordinance, 1940.

>>>>>Other Facts about Banknotes and Coins?

     33)   The First One Rupee Notes were issued on 30th November, 1917 bearing photo of King George V. The Government of India redesigned Re.1 note in 1949 by replacing King’s portrait with the Lion Capital of Ashoka. Then the portrait of Mahatma Gandhi
    34)   One Rupee Notes were printed till 1994 and then stopped due to higher cost and for freeing capacity for higher denomination notes printing.
      35)   Reserve Bank issued banknotes in January 1938 when the First Five Rupee banknote was issued bearing the portrait of George VI. Within the same year, currency notes of Rs 10; Rs 100; Rs 1,000; and Rs 10,000 were issued.
      36)   Bank notes in the Mahatma Gandhi Series were first introduced in 1996
      37)   10,000 rupees is the highest denomination RBI has printed in its history. 1,000 rupees and 10,000 rupees notes were in circulation between 1938 and 1946 but were eventually demonetized
    38)   1,000 rupees, 5,000 rupees and 10,000 rupees notes were reintroduced in 1954 and demonetized in 1978.
       39)   Major difference between the one rupee note and other notes are that all RBI notes have the statement “I promise to pay the bearer a sum of xxx rupees” but one rupee note does not have this statement.