SOME FACTS ON INDIAN CURRENCY

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INDIAN CURRENCY

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1. First gold coins were introduced during the reign of the Guptas 390-550 AD.
2. Rupee was first minted in India during the reign of Sher Shah Suri around 1542 AD. It was a silver coin weighing around 179 gm and it replaced the gold coins.
3. In 1873,when the price of the silver fell in the world market, the silver coin lost its metallic value. The exchange value of the Indian Rupee was Rs.10 per Pound sterling till 1873.
4. Paper Currency in India was introduced in 1882 by the British Government.
5. With the establishment of the Reserve Bank of India in 1935, the Indian Rupee became an independent currency, although for exchange purposes it continued to be dependent on Sterling.
6. In 1947, India became a member of the International Monetary Fund (IMF) and exchange value of the Rupee came to be fixed by IMF standards.

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