INFORMATION   ABOUT
INDIA   NATIONAL   CURRENCY
INDIAN   RUPEE

On 15^th August 1947, Government of India officially adopted Indian Rupee as National Currency of India and Reserve Bank of India (RBI) is responsible for management and circulation of India National Currency Indian Rupee.

P r e - I n d e p e n d e n c e
I n d i a   C u r r e n c y

In Pre-Independence India (from 1857 to 1947), India had rupee as currency but under British rule and that currency have images or portrait of reigning British Manarch:-

Under British Colonial rule, First official paper banknote currency was issues in 1861 by British Government of India after Paper Currency Act of 1861, which give British Government sole right to issue notes and also ending private bank issues currency.

Before 1861, presidency and private banks issues there own notes:-

Under British Colonial rule, Reserve Bank of India ( RBI ) act 1934, was a foundational law that established India's Central bank on 1^st April 1935 which is known as Reserve Bank of India (RBI) and it take over note issuance and in January 1938, Reserve Bank of India (RBI) issues five rupees note which have portrait of King George VI.

A f t e r    I n d e p e n d e n c e
I n d i a   C u r r e n c y

After Independent on 15^th August 1947, India immediately retain British currency after replacing King George VI's portrait with National symbol of Lion Capital of sarnath on coins and in 1949, Reserve Bank of India (RBI) introduced one rupee note as nation's first legal money with Lion Capital of Sarnath in water mark window:-

In 1950, Indian Government launched first coins as republic, by keeping same Annas system that is used in Pre-Independence India.

In September 1955, India Coinage Act was amended to adopt a Metric (Decimal) system for coinage, according to which main unit of currency was divided into 100 equal subunits which make calculations easier by using base-10.

India Coinage Act of 1955 came into effect on 1^st April 1957, Anna currency system was removed by Indian Government after consultation with Reserve Bank of India (RBI) and then new metric system came into effect on 1^stApril 1957 by new system, one rupee was divided into 100 Naya Paise (New Paise).

‘Naya Paisa’ (New Paisa) name initially given to distinguish from old ‘pice’ and ‘pies’ and this Naya Paisa (New Paisa) name dropped on 1^st June 1964, when they become simply Paisa:-

Mahatma gandhi
on
India Currency
and
Mahatma Gandhi Series

Mahatma Gandhi, first featured on Indian currency in 1969 to commemorate his 100^th birthday:-

By 1990_s for security, Reserve Bank of India (RBI) and Government of India needed a human face because it is considered that human face was harder to forge or copy than symbols.

As for Government of India and Reserve Bank of India (RBI), ideal person was Mahatma Gandhi:-

Mahatma Gandhi is ideal for currency because Mahatma Gandhi lead India to independencs through non-violent civil disobedience (Satyagraha) against British rule. Mahatma Gandhi advocate truth (Satya) and non-violence(Ahimsa). Mahatma Gandhi promoted self-reliance(Swadeshi), simple living and social reforms like fighting untouchability extra. Due to which, Mahatma Gandhi become inspiring nation and global figure for peace and non-violence.

So, in 1990_s for security reason, Reserve Bank of India (RBI) and Government of India consider Mahatma Gandhi ideal for currency and in 1996 Government of India and Reserve Bank of India (RBI) launched Mahatma Gandhi series:-

Note :-

Two time Mahatma Gandhi Series of currency release by Government of India and Reserve Bank of India ( RBI ) one in 1996 and another in 2016.

Process , Selection
and
Reason
of
India   Currency   Sign

India Currency is represented by Re for singular rupee and Rs for plural and Indian Rupee distinguish internationally by International Organization for Standardization (ISO) currency code INR.

Other Countries such as Pakistan, Sri Lanka, Nepal, Mauritius and Seychelles also use Rupees abbreviations Rs or symbol Rs for representing their currency.

So, to distinguish Indian Currency from other countries Government of India require a different and unique sign to represent Indian Currency.

On 5^th March 2009, Ministry of Finance announced a open Nationwide competition to create sign for Indian rupee. Government of India conducted nationwide open competition in 2010. Out of which Union Council of Ministers approved design of Uday Kumar:-

Udaya Kumar is from Tamil Nadu, was a postgraduate student in Visual Communication at Indian Institute of Technology ( IIT ) Bombay at the time when Udaya Kumar created winning design and later Uday Kumar became Associate Professor in Department of Design at IIT Guwahati.

On 15^th July 2010, Government of India presented publicly and officially adopted sign of India National Currency Indian Rupee which is a mixture of Devanagari letter "र" (ra) which come from word "rupaiy" and two horizontal parallel lines called "equals to" sign (=) which represent balanced economy. Overall Currency sign (₹) signifies Indian identity and economic strength.
India National Currency Indian Rupee sign:-

First ₹1, ₹2, ₹5 and new bimetallic ₹10 coins with Indian Rupee Symbol start in 8^th July 2011.

First ₹10 note with Indian Rupee Symbol start on 23^rd September 2011.

Demonetisation
and
New   Mahatma   Gandhi   Series

On 8^th November 2016, demonetisation of ₹500 and ₹1000 notes take place by announcement on television broadcast by then -
Prime Minister- Narendra Madi:-

So, on 8^th November 2016, demonetisation of ₹500 and ₹1000 notes of Mahatma Gandhi Series occure and New Mahatma Gandhi Series of ₹500 and ₹2000 were issues.