Interesting Facts About Indian Rupee Symbol

Today we are going to talk about Indian rupee Currency Symbol. The Indian rupee is known as the official currency of India. The Indian rupee is divided into 100 paise. And by 2019, 1 Indian Rupee is the lowest value used in the series. In 2010, a new Indian rupee symbol was officially adopted. So let us gather some more information about Indian rupee Currency Symbol.

Indian Rupee Currency

Interesting Facts About Indian Rupee Symbol

The issue of Indian rupee is controlled by the Reserve Bank of India. The Reserve Bank manages the Indian currency in our country and acquires its role in managing the Indian rupee under the Reserve Bank of India Act 1934. The symbol of Indian Currency ₹ is a metaphor for Indian morality. The symbol of the Indian rupee is a combination of the Devanagari "Ra" and the Roman capital "R" which runs two parallel horizontal stripes at the top representing the national flag and also symbolizes "equal to".

The Indian rupee symbol, conceived and designed by Udaya Kumar, a postgraduate in design from the Indian Institute of Technology, Bombay, has been selected from thousands of concept entries received by the Ministry of Residence through open competition among resident Indian citizens. The process of establishing and implementing that new identity for the rupee symbol is underway through various digital technologies and computer applications.

In November, 2016, the Government of India announced the ban on ₹ 500 and ₹ 1,000 notes. And since then, these notes have been invalidated. Shortly afterwards, in addition to the new ₹ 500 notes, a series of new ₹ 2000 notes are also in circulation. And during that time a ₹ 1000 note has been suspended by the Indian government.

Following the banknote ban on 25 August 2017, a new ₹ 200 note was added to the Indian currency structure to fill the gap due to high demand for this note. And then in July 2018, the Reserve Bank of India introduced a new creation series of ₹ 100 notes. 

The immediate predecessor of the Indian rupee is the rūpiya. During his short reign between 1540 and 1545, it was first adopted by Sher Shah Suri, a silver coin weighing 178 grains in northern India, and adopted by the Mughal Empire and then standardized. Then during the 20th century Pāṇini mentioned the rupee. The Committee was appointed by the Government of India on 29 April 1898 to investigate the status of the Indian Currency Committee.

Silver coins are referred to as rūpiya in economics written by Chanakya, the prime minister of the first Maurya emperor Chandragupta Maurya. Other types of rūpiya coins include gold coins, copper coins and lead coins. The history of the Indian rupee and its symbol dates back to ancient India in the 6th century BC and ancient India was one of the world's leading coin issuers.

Subdivisions of Indian Rupee During 20th Century

1. Value (in anna) : 16 anna
Popular name : 1 rupee
Value (in paise) : 100 paise

2. Value (in anna) : 8 anna
Popular name : 1 ardharupee / 1 athanni (dheli)
Value (in paise) : 50 paise

3. Value (in anna) : 4 anna
Popular name : 1 pavala / 1 chawanni
Value (in paise) : 25 paise

4. Value (in anna) : 2 anna
Popular name : 1 beda / 1 dawanni
Value (in paise) : 12.5 paise

5. Value (in anna) : 1 anna
Popular name : 1 ekanni    
Value (in paise) : 6.25 paise

6. Value (in anna) : 1⁄2 anna
Popular name : ​1 paraka / 1 taka / 1 adhanni
Value (in paise) : 3.12 paise (approx.)

7. Value (in anna) : ​1⁄4 anna    
Popular name : 1 kani (pice) / 1 paisa (old paise)
Value (in paise) : 1.56 paise (approx.)

8. Value (in anna) : ​1⁄8 anna    
Popular name : 1 dhela
Value (in paise) : 0.78 paise (approx.)

9. Value (in anna) : ​1⁄12 anna
Popular name : 1 pie
Value (in paise) : 0.52 paise (approx.)