Indian paper money or paper currency as we commonly refer to it as; have been minted in many different varieties.
The earliest known Indian paper money was issued in the year 1861 under the rule of the British.
These notes were issued in 5, 10, 50, 100, 500, 1000, and 10,000 Rupee denominations.
All of these notes were minted in different years.
Later on in the year 1917, 1 rupee and 2 1/2 rupee notes were issued and introduced into the markets.
In 1938, the Reserve Bank of India started issuing their own banknote production and all of these notes had the portrait of the prevailing king.
After achieving independence in the year 1947, India started designing notes with new designs and the portrait of the king was replaced with these motifs.
There were numerous motifs printed since then and all of them showcased the changing socio-cultural beliefs.
The Government of India (GOI) continued with the issue of 1 rupee notes and the Reserve Bank of India issued other denominations including the 20, 50, 5000, and 10,000 rupee variety.
Later on in 1978, the paper money that had a denomination higher than Rs 100 was demonetized.
As the value of money kept increasing day by day, the Reserve Bank of India (RBI) had to again introduce the 500 Rupee note in 1987.
Moreover, the 1 Re and 2 Re notes had lost their value and as the coins of the same value were still prevailing, these notes were discontinued in 1995.
Then, in 2000, RBI started minting the 1,000 Rupee notes.
Since 1996, RBI started issuing banknotes with the portrait of Mahatma Gandhi.
These series of notes were commonly known as the Mahatma Gandhi series and they replaced all other banknotes that were minted in various designs.
The current Mahatma Gandhi series banknotes have the new rupee sign incorporated on 10, 100, 500, and 1,000 Re denominations.
The GOI has decided to stop printing 10 Rupee notes from now onwards.
At present, India is planning to introduce polymer notes in the country and they have begun by conducting field trials for the 10 Re notes in five cities, which are Cochin, Bhubaneshwar, Shimla, Mysore, and Jaipur as all these places have varied climatic conditions.
If the polymer notes turn out to be successful, then this will help in checking for counterfeiting and they will have a longer life as compared to the present paper notes.
So, all we can do is just hope for the best!
The earliest known Indian paper money was issued in the year 1861 under the rule of the British.
These notes were issued in 5, 10, 50, 100, 500, 1000, and 10,000 Rupee denominations.
All of these notes were minted in different years.
Later on in the year 1917, 1 rupee and 2 1/2 rupee notes were issued and introduced into the markets.
In 1938, the Reserve Bank of India started issuing their own banknote production and all of these notes had the portrait of the prevailing king.
After achieving independence in the year 1947, India started designing notes with new designs and the portrait of the king was replaced with these motifs.
There were numerous motifs printed since then and all of them showcased the changing socio-cultural beliefs.
The Government of India (GOI) continued with the issue of 1 rupee notes and the Reserve Bank of India issued other denominations including the 20, 50, 5000, and 10,000 rupee variety.
Later on in 1978, the paper money that had a denomination higher than Rs 100 was demonetized.
As the value of money kept increasing day by day, the Reserve Bank of India (RBI) had to again introduce the 500 Rupee note in 1987.
Moreover, the 1 Re and 2 Re notes had lost their value and as the coins of the same value were still prevailing, these notes were discontinued in 1995.
Then, in 2000, RBI started minting the 1,000 Rupee notes.
Since 1996, RBI started issuing banknotes with the portrait of Mahatma Gandhi.
These series of notes were commonly known as the Mahatma Gandhi series and they replaced all other banknotes that were minted in various designs.
The current Mahatma Gandhi series banknotes have the new rupee sign incorporated on 10, 100, 500, and 1,000 Re denominations.
The GOI has decided to stop printing 10 Rupee notes from now onwards.
At present, India is planning to introduce polymer notes in the country and they have begun by conducting field trials for the 10 Re notes in five cities, which are Cochin, Bhubaneshwar, Shimla, Mysore, and Jaipur as all these places have varied climatic conditions.
If the polymer notes turn out to be successful, then this will help in checking for counterfeiting and they will have a longer life as compared to the present paper notes.
So, all we can do is just hope for the best!