India is one of the fastest growing economies in the world and the second largest country in the world by population. A currency is an important medium for business worldwide. There are so many important things about Indian currency which are unknown or lesser known to the general public. India is a home to more than 125 crore people and currency is used by everyone.
In this article, Factswala has compiled a list of important, lesser known, unknown, mind blowing, and interesting facts about Indian currency. So, let’s see!
8 Interesting and Important Facts About Indian Currency
1. Why Currency Have Numbers Printed On it in India
It is one of the most interesting facts about Indian currency. The Reserve Bank of India prints serial number to track each and every currency. It is easy to know how much they have printed, how much more currency requires, how much is wasted in a particular year, uniqueness of each printed currency and much more. It is the main reference number to locate the original location of printing and many other important things.
2. Currency Parts
There are three parts of each currency note, which are, 1. A Prefix 2. A Number (Serial Number) and 3. An Inset.
For example, if currency number is ‘5BP 635011’ and E printed as watermark then 5BP is prefix and 635011 is serial number. E is considered an inset.
3. Indian Currency Existed in 6th Century BC
It is one of the most interesting facts about Indian currency that, the currency was existed since the 6th century BC in form of coinage in India. From an ancient period to Mughal period, the currency was only available in form of coinage.
4. Paper Money First Used in 18th Century
In India, the first paper money was issued in the 18th century. There were three main banks in India which have issued these bank notes, which are, Bengal Bank, Bank of Hindostan, and General Bank in Bengal.
5. The Reserve Bank of India Inaugurated in 1935
The Reserve Bank of India was formally established in 1935 to issue bank notes, and coins. The first currency note was bearing King George VI’s portrait, which was a five rupee note. It is one of the lesser known facts about Indian currency and many people don’t know about this fact.
6. First Bank Note Printed After India’s Independence
The 1 rupee note was the first bank note issued by the Government of India after India’s independence. It is one of the most interesting facts about Indian currency.
7. 10,000 Rupees Note Was In Circulation
It is one of the most interesting facts about Indian currency. The Reserve Bank of India printed Rs. 10,000 note for the circulation and it was the highest denomination in it’s history. Later on, the bank note was demonetized by the Reserve Bank of India.
8. Small Denominations Till 2011
It is one of the most interesting and mind blowing facts about Indian currency. The denominations of 1 paise, 2 paise, 3 paise, 5 paise, 10 paise, 20 paise and 25 paise were circulations in India till 30th June, 2011. The Reserve Bank of India then withdrawn these denominations.
Article Title: 8 Interesting and Important Facts About Indian Currency
Article first published on November 12, 2016.