Rupee
Rupee is the common name for the currencies of
The Indian rupees (₹) and Pakistani rupees (Rs. ) are subdivided into one hundred paise (singular paisa) or pice. The Nepalese rupee (रू) subdivides into one hundred paisa (singular and plural) or four sukaas. The Mauritian, Seychellois, and Sri Lankan rupees subdivide into 100 cents.
Etymology
The Hindustani word rupayā (रुपया) is derived from the Sanskrit word rūpya (रूप्य), which means "wrought silver, a coin of silver",[1] in origin an adjective meaning "shapely", with a more specific meaning of "stamped, impressed", whence "coin". It is derived from the noun rūpa (रूप) "shape, likeness, image".
History
The history of the rupee traces back to
Arthashastra, written by Chanakya, chief adviser to the first Maurya emperor Chandragupta Maurya (c. 340–290 BCE), mentions silver coins as rūpyarūpa, other types including gold coins (rūpya-suvarṇa), copper coins (tāmrarūpa) and lead coins (sīsarūpa) are mentioned. Rūpa means form or shape, example, rūpyarūpa, rūpya – wrought silver, rūpa – form.[5][6][7] This coinage system continued more or less across the Indian subcontinent well till 20th century.
In the intermediate times there was no fixed monetary system as reported by the Da Tang Xi Yu Ji.[8]
During his reign from 1538/1540 to 1545,
The European powers started minting coinage as early as mid-17th century, under patronage of Mughal Empire. The British gold coins were termed Carolina, the silver coins Anglina, the copper coins Cupperoon and tin coins Tinny. The coins of Bengal were developed in the
The 1911 accession to the throne of the King-Emperor
In India, the "Anna Series" was introduced on 15 August 1950. This was the first coinage of the Republic of India. The King's Portrait was replaced by the Ashoka's Lion Capital. A corn sheaf replaced the Tiger on the one Rupee coin. The monetary system was retained with one Rupee consisting of 16 Annas. The 1955 Indian Coinage (Amendment) Act, that came into force with effect from 1 April 1957, introduced a "Decimal series". The rupee was now divided into 100 'Paisa' instead of 16 Annas or 64 Pice. The "Naye Paise" coins were minted in the denominations of 1, 2, 5, 10, 20 and 50 Naye Paise. Both the Anna series and the Naye Paise coins were valid for some time. From 1968 onwards, the new coins were called just Paise instead of Naye Paise because they were no longer naye(new).
With high inflation in the sixties, small denomination coins which were made of bronze, nickel-brass, cupro-nickel, and aluminium-bronze were gradually minted in aluminium only. This change commenced with the introduction of the new hexagonal 3 paise coin. A twenty paise coin was introduced in 1968 but did not gain much popularity. Over a period, cost-benefit considerations led to the gradual discontinuance of 1, 2 and 3 paise coins in the 1970s. Stainless steel coinage of 10, 25 and 50 paise, was introduced in 1988 and of one rupee in 1992. The very considerable costs of managing note issues of Rs 1, Rs 2, and Rs 5 led to the gradual coinisation of these denominations in the 1990s.
East Africa, Arabia, and Mesopotamia
In East Africa,
The rise in the price of silver immediately after the
The Indian rupee was the official currency of Dubai and Qatar until 1959, when India created a new Gulf rupee (also known as the "external rupee") to hinder the smuggling of gold.[14] The Gulf rupee was legal tender until 1966, when India significantly devalued the Indian rupee and a new Qatar-Dubai riyal was established to provide economic stability.[14]
Straits Settlements
The
Tibet
Until the middle of the 20th century, Tibet's official currency was also known as the Tibetan rupee.[15]
Denominations
The original silver rupee,
Decimalisation occurred in India in 1957 and in Pakistan in 1961. Since 1957 an Indian rupee is divided into 100 paise. The decimalised paisa was originally officially named naya paisa meaning the "new paisa" to distinguish it from the erstwhile paisa which had a higher value of 1⁄64 rupee. The word naya was dropped in 1964 and since then it is simply known as paisa (plural paise).
The most commonly used symbol for the rupee is "₨". India adopted a new symbol (₹) for the Indian rupee on 15 July 2010. In most parts of India, the rupee is known as rupaya, rupaye, or one of several other terms derived from the Sanskrit rūpya, meaning silver.
Ṭaṅka is an ancient Sanskrit word for money. While the two-paise coin was called a taka in
The issuance of the Indian currency is controlled by the Reserve Bank of India, and issuance of Pakistani currency is controlled by State Bank of Pakistan.
Currently in India (from 2010 onwards), the 50 paise coin (half a rupee) is the lowest valued legal tender coin. Coins of 1, 2, 5, and 10 rupees and banknotes of 5, 10, 20, 50, 100, 200, 500, and 2000 rupees are commonly in use for cash transaction.
Large denominations of rupees are traditionally counted in
, udpadhas, and anks. Terms beyond crore are not generally used in the context of money; for example, an amount would be called ₨ 1 lakh crore (equivalent to 1 trillion) instead of ₨ 10 kharab.Symbol
The symbol ₹ is the
In Unicode
The
- U+20A8 ₨ RUPEE SIGN
- U+20B9 ₹ INDIAN RUPEE SIGN
No other rupee symbols or abbreviations have dedicated code points. Most are written as
Abbreviation
In Latin script, "rupee" (singular) is abbreviated as 'Re'.[citation needed] and "rupees" (plural) as '₨'. The Indonesian rupiah is abbreviated 'Rp'. In 19th century typography, abbreviations were often superscripted: or . In Brahmic scripts, rupee is often abbreviated with the grapheme for the first syllable, optionally followed by a circular abbreviation mark or a Latin abbreviation point: रु૰ (Devanagari ru.),[17][18] રૂ૰ (Gujarati ru.),[18] රු (Sinhala ru), రూ (Telugu rū).
Language | Word | Transliteration | Abbrev. | Unicode |
---|---|---|---|---|
Gujarati | રૂપિચો, રૂપિયા | rūpiyo, rūpiyā | રૂ૰ | U+0AB0 ર GUJARATI LETTER RA + U+0AC2 ૂ GUJARATI VOWEL SIGN UU + U+0AF0 ૰ GUJARATI ABBREVIATION SIGN |
Kannada | ರೂಪಾಯಿ | rūpāyi | ರೂ | U+0CC4 ೄ KANNADA VOWEL SIGN VOCALIC RR |
Malayalam | രൂപ | rūpāa | രൂ | ( U+0D30 ര MALAYALAM LETTER RA ) + ( U+0D42 ൂ MALAYALAM VOWEL SIGN UU ) |
Tamil | ரூபாய் | rūbāy | ரூ | ( U+0BB0 ர TAMIL LETTER RA ) + ( U+0BC2 ூ TAMIL VOWEL SIGN UU ) |
Telugu | రూపాయి | rūpāyi | రూ | ( U+0C30 ర TELUGU LETTER RA ) + ( U+0C42 ూ TELUGU VOWEL SIGN UU ) |
Sinhala | රුපියල | rupiyala | රු | (U+0DBB ර SINHALA LETTER RAYANNA) + (U+0DD4 ු SINHALA VOWEL SIGN KETTI PAA-PILLA) |
Value
The history of the rupees can be traced back to
At the end of the 19th century, the Indian silver rupee went onto a
Country | Currency | Symbol | ISO 4217 code |
Minor unit | Rupees per U.S. dollar (As of 15 May 2023)[21] |
Established | Preceding currency |
---|---|---|---|---|---|---|---|
India | Indian rupee | ₹ | INR | Paisa = 1⁄100 rupee | 82.23556 | 1540 | no modern predecessor |
Indonesia | Indonesian rupiah | Rp | IDR | Sen = 1⁄100 rupiah | 14,803.215 | 1949 | Netherlands Indies gulden
|
Maldives | Maldivian rufiyaa | Rf, MRf, MVR, .ރ or /- | MVR | Laari = 1⁄100 rufiyaa | 15.406232 | 1945 | Ceylonese rupee |
Mauritius | Mauritian rupee | ₨, रु | MUR | Cent = 1⁄100 rupee | 45.671789 | 1876 | Indian rupee, pound sterling, Mauritian dollar |
Nepal | Nepalese rupee | रू | NPR | Paisa = 1⁄100 rupee | 131.63432 | 1932 | Nepalese mohar |
Pakistan | Pakistani rupee | ₨ | PKR | Paisa = 1⁄100 rupee | 295.64616 | 1947 | Indian rupee (prior to partition) |
Seychelles | Seychellois rupee | SR, SRe | SCR | Cent = 1⁄100 rupee | 13.405025 | 1976 | Mauritian rupee |
Sri Lanka | Sri Lankan rupee | ₨, රු, ௹ | LKR | Cent = 1⁄100 rupee | 313.09518 | 1885 | Indian rupee, pound sterling, Ceylonese rixdollar |
See also
- Rupee (The Legend of Zelda), a fictional currency
- The Revised Standard Reference Guide to Indian Paper Money
References
- ^ "Etymology of rupee". etymonline.com. 20 September 2008. Retrieved 20 September 2008.
- ^ ISBN 81-7755-257-0.
- ^ Turner, Sir Ralph Lilley (1985) [London: Oxford University Press, 1962–1966.]. "A Comparative Dictionary of the Indo-Aryan Languages". Includes three supplements, published 1969–1985. Digital South Asia Library, a project of the Center for Research Libraries and the University of Chicago. Retrieved 26 August 2010.
rū'pya 10805 rū'pya 'beautiful, bearing a stamp' ; 'silver'
- ^ Turner, Sir Ralph Lilley (1985) [London: Oxford University Press, 1962–1966.]. "A Comparative Dictionary of the Indo-Aryan Languages". Includes three supplements, published 1969–1985. Digital South Asia Library, a project of the Center for Research Libraries and the University of Chicago. Retrieved 26 August 2010.
rūpa 10803 'form, beauty'
- ISBN 9788120605497.
- ISBN 9788120829732.
- ^ Rajaram Narayan Saletore. Early Indian Economic History. N.M Tripathi. p. 614.
- ^ Trübner’s Oriental Series DA TANG XIYU JI Great Tang Dynasty Records of the Western World, translated by Samuel Beal TWO VOLUMES Kegan, Paul, Trench, Teubner & Co. London • 1906 [First Edition ‐ London • 1884]
- ^ etymonline.com (20 September 2008). "Etymology of rupee". Retrieved 20 September 2008.
- ^ "Mughal Coinage". Archived from the original on 5 October 2002.
Sher Shah issued a coin of silver which was termed the Rupiya. This weighed 178 grains and was the precursor of the modern rupee. It remained largely unchanged till the early 20th Century
- ^ Mughal Coinage Archived 16 May 2008 at the Wayback Machine at RBI Monetary Museum. Retrieved 4 May 2008.
- ^ Mohammad Idris (2004). Foreign Trade Under Mughals. Shree Publishers & Distributors. p. 55.
- ^ Mughal Coinage at Reserve Bank of India Monetary Museum. Retrieved 1 December 2019.
- ^ ISBN 978-1-4344-6210-7.
... The Indian rupee was the principal currency until 1959, when it was replaced by a special gulf rupee to halt gold smuggling into India ...
- S2CID 4086078.
... The currency in general use was what was known at the Tibetan rupee ...
- ^ See, for example https://www.hindi.co/ginatee/numbers_saNkhyaaENn.html, https://omniglot.com/language/numbers/urdu.htm
- ^ Deka, Rabin (25 January 2010). "Additions to Deva-Nagariscript and Bengali script" (PDF). This proposal contains two attestations with a solid dot instead of a circle. Deka also points out that रु. is printed with a shorter head bar when used as the abbreviation for rupee.
- ^ a b Pandey, Anshuman (7 October 2009). "L2/09-331 Proposal to Deprecate Gujarati Rupee Sign" (PDF). Retrieved 25 October 2019.
- ISBN 0873497988.
- ^ "Equivalent of 0.343762855 troy ounce of silver in U.S. dollar". xe.com. 2 October 2006. Retrieved 2 October 2006.
- ^ "Xe: Currency Exchange Rates and International Money Transfer". www.xe.com. Retrieved 15 May 2023.
Sources and external links
- Chisholm, Hugh, ed. (1911). . Encyclopædia Britannica. Vol. 23 (11th ed.). Cambridge University Press. p. 855.