India National Currency

National Currency of India

The Indian currency is called the Indian Rupee (INR) and the coins are called paise. One Rupee consists of 100 paise. The word Rupee came from the Sanskrit word "raupya" which means silver coin.

The one rupee note (and coin) is the only denomination that is truly Legal Tender. The one rupee note is produced by the Government of  India. All other higher denomination notes are bank promissory notes issued by the Reserve Bank of  India. On these notes, if you read the promise carefully, you can see that the Reserve Bank Governor promises to pay the holder of the note so many Indian Rupees. The Indian Rupee (one rupee) is the only legal tender currency and that is being produced by the Government of India. All other notes are produced by the Reserve Bank of India.

The present denominations of bank notes in India are issued in the denomination of Rs.10, Rs.20, Rs.50, Rs.100 and Rs.500. These notes are called bank notes as they are issued by the Reserve Bank of  India (Reserve Bank).

INDIAN CURRENCY SYMBOL

The Indian currency symbol for rupee (INR) is the legal tender symbol implemented for the Indian rupee, which is the prescribed currency of the country.The Indian rupee symbol was chosen via a public contest among the inhabitants of the country. The Government of India supplied the blueprint to the common people on July 15, 2010. The blueprint of the Indian rupee symbol is a blend of (Ra), the Devanagari alphabet and "R", the Latin upper case letter.

The symbol, conceptualised and designed by Udaya Kumar, a post graduate in Design from Indian Institute of Technology Bombay, has been chosen from thousands of concept entries received by the Ministry of Finance through an open competition among resident Indian nationals. The process of establishing and implementing this new identity is underway through various digital technology and computer applications.