TOPICS
A)HISTORICAL BACKGROUND
B)ECONOMIC TERMS
C)RBI & GOVERNMENT ROLE to ISSUEING CURRENCY.
D)PRINTING & MINTING PLACE
E)SYMBOL OF INDIAN RUPEE
F)IMPORTANT MCQ.
HISTORICAL BACKGROUND
🔴Indo-greeks were the first to issue coins attributable to the king and also the first to issue gold coins in india.
🔴rupee coin was first minted in india during the rule of sher shah suri (silver coin)in 1542 AD.
🔴the decimal currency system was started in india from 1st april 1957.
🔴the first one paisa coin under the decimal system was issued in march 1962.
🔴the first one rupee coin under the decimal system was issued in july 1962.
🔴china was the first country to introduced paper currency.
🔴paper currency in india was first started in the year 1862 by the british government.
🔴in british era, private banks such as the bank of bengal, the bank of bombay, the bank of madras printed first paper money until 1861.
🔴paper currency act of 1861➡️act gives right to the government to the monopoly to print currency.
🔴the government of india printed currency till 1935.
🔴RBI was established in 1935, after that RBI took the responsibility of printing money.
🔴the ₹5 note was the first paper currency issued by RBI in january 1938.
▪️it had the portrait of George vi
▪️within the same year currency notes of Rs10 Rs 100, Rs 1000, Rs1000 were issued.
🔴pulp containing cotton and balsan material is used for making for indian currency.
ECONOMIC TERMS
🔴what is DEVALUATION ?
➡️devaluation means lowering of the value of one currency in comparison of some foreign currency.
Suppose before, 1 US dollar = 40 indian rupee
Now, 1 US dollar = 76 indian rupee
That's means the value of currency has dropped in india.
◾️in india, devaluation has been resorted to 4times
💠FIRST DEVALUATION : in june 1949(by 30.5%)
Finance Minister :Dr.john Mathai.
💠SECOND DEVALUATION :in june 1966(by 57%)
Finance minister : sachindra chaudhry
💠Third DEVALUATION : on july1, 1991(by 9%)
Finance Minister :Dr.Manmohan singh.
💠Fourth DEVALUATION : on july 3,1991(by 11%)
Finance Minister :Dr. Manmohan singh.
🔴what is DEMONETIZATION of currency?
➡️Demonetization of currency means discontinuity of the particular currency from circulation and replacing it with a new currency.
◾️reason behind the Demonetization
➡️there are multiple reasons why a country demonetizes its currency, some reasons include
to check the inflation, to curb the corruption and to promote cashless transaction.
◾️NO OF TIMES DEMONETIZED
💠₹1000 & ₹500 currency notes were demonetized on november 8, 2016.
💠in 1946 ₹1000 & ₹ 10000 notes were banned.
💠in 1978₹1000, ₹10000 &₹5000 banknotes were demonetized.
🔴there are now only three monetary aggregates, viz M1, M2, M3
◾️M1: coins and notes + demand deposits +other deposits with RBI.
◾️M2 : M1 + time liabilities portion of saving deposits with bank + certificates of deposits issued by banks + terms deposits maturing within a year.
◾️M3 : M2 + terms deposit with banks with maturity over 1 year + call/ term borrowing of the banking system.
RBI & GOVERNMENT ROLE TO ISSUEING CURRENCY
🔴according to RBI act 1934, section 22, RBI has the sole right to issue bank notes of all denominations.
🔴the present currency system is based on minimum reserve system of note issue.
◾️it was adopted in1957.
◾️under the minimum reserve system ₹ 200 crore (gold should be ₹ 115 crore and the balance in rupee securities is maintained ).
🔴RBI is responsible for the design, production &management of the currency of india, with the goal of ensuring an adequate supply of clean & genuine notes.
🔴Banknotes above one rupee signed by RBI GOVERNOR.
🔴the responsibility for coinage vests with the Government of India on the basis of the coinage act 2011
◾️RBI acts as an agent of Government which merely distributes the coins in the market.
◾️one rupee bank note or coin signed by FINANCE SECRETARY.
PRINTING & MINTING PLACE
🔴coins are minted at four place viz Mumbai, kolkata, Hyderabad, Noida.
🔴Notes are printed at 4printing presses, located at ➡️Nashik, Dewas, Mysore, salboni.
◾️first printing press for bank notes in india was established at Nashik(1928).
◾️second printing press for bank notes in india was established at Dewas(1974).
Symbol of indian rupee
on 5 march 2009, indian government announced a contest to create a sign for the indian rupee.
🔴the final selected symbol was designed by D UDAYA KUMAR, a post graduate of IIT Bombay.
🔴the symbol of indian rupee came into vaguron july 15 2010.
🔴the indian rupee symbol is based on both roman script and Devanagari script.
IMPORTANT MCQ
🔴in how many languages, the amount of a banknotes is written on it ➡️17 language.
🔴the star series notes are currently issued in ₹5, ₹10, ₹20, ₹50, ₹100.
🔴on which denomination notes, the portrait of parliament house been printed ➡️₹50.
🔴when did india become a member of International Monetary Fund (IMF).➡️1947.
A)HISTORICAL BACKGROUND
B)ECONOMIC TERMS
C)RBI & GOVERNMENT ROLE to ISSUEING CURRENCY.
D)PRINTING & MINTING PLACE
E)SYMBOL OF INDIAN RUPEE
F)IMPORTANT MCQ.
HISTORICAL BACKGROUND
🔴Indo-greeks were the first to issue coins attributable to the king and also the first to issue gold coins in india.
🔴rupee coin was first minted in india during the rule of sher shah suri (silver coin)in 1542 AD.
🔴the decimal currency system was started in india from 1st april 1957.
🔴the first one paisa coin under the decimal system was issued in march 1962.
🔴the first one rupee coin under the decimal system was issued in july 1962.
🔴china was the first country to introduced paper currency.
🔴paper currency in india was first started in the year 1862 by the british government.
🔴in british era, private banks such as the bank of bengal, the bank of bombay, the bank of madras printed first paper money until 1861.
🔴paper currency act of 1861➡️act gives right to the government to the monopoly to print currency.
🔴the government of india printed currency till 1935.
🔴RBI was established in 1935, after that RBI took the responsibility of printing money.
🔴the ₹5 note was the first paper currency issued by RBI in january 1938.
▪️it had the portrait of George vi
▪️within the same year currency notes of Rs10 Rs 100, Rs 1000, Rs1000 were issued.
🔴pulp containing cotton and balsan material is used for making for indian currency.
ECONOMIC TERMS
🔴what is DEVALUATION ?
➡️devaluation means lowering of the value of one currency in comparison of some foreign currency.
Suppose before, 1 US dollar = 40 indian rupee
Now, 1 US dollar = 76 indian rupee
That's means the value of currency has dropped in india.
◾️in india, devaluation has been resorted to 4times
💠FIRST DEVALUATION : in june 1949(by 30.5%)
Finance Minister :Dr.john Mathai.
💠SECOND DEVALUATION :in june 1966(by 57%)
Finance minister : sachindra chaudhry
💠Third DEVALUATION : on july1, 1991(by 9%)
Finance Minister :Dr.Manmohan singh.
💠Fourth DEVALUATION : on july 3,1991(by 11%)
Finance Minister :Dr. Manmohan singh.
🔴what is DEMONETIZATION of currency?
➡️Demonetization of currency means discontinuity of the particular currency from circulation and replacing it with a new currency.
◾️reason behind the Demonetization
➡️there are multiple reasons why a country demonetizes its currency, some reasons include
to check the inflation, to curb the corruption and to promote cashless transaction.
◾️NO OF TIMES DEMONETIZED
💠₹1000 & ₹500 currency notes were demonetized on november 8, 2016.
💠in 1946 ₹1000 & ₹ 10000 notes were banned.
💠in 1978₹1000, ₹10000 &₹5000 banknotes were demonetized.
🔴there are now only three monetary aggregates, viz M1, M2, M3
◾️M1: coins and notes + demand deposits +other deposits with RBI.
◾️M2 : M1 + time liabilities portion of saving deposits with bank + certificates of deposits issued by banks + terms deposits maturing within a year.
◾️M3 : M2 + terms deposit with banks with maturity over 1 year + call/ term borrowing of the banking system.
RBI & GOVERNMENT ROLE TO ISSUEING CURRENCY
🔴according to RBI act 1934, section 22, RBI has the sole right to issue bank notes of all denominations.
🔴the present currency system is based on minimum reserve system of note issue.
◾️it was adopted in1957.
◾️under the minimum reserve system ₹ 200 crore (gold should be ₹ 115 crore and the balance in rupee securities is maintained ).
🔴RBI is responsible for the design, production &management of the currency of india, with the goal of ensuring an adequate supply of clean & genuine notes.
🔴Banknotes above one rupee signed by RBI GOVERNOR.
🔴the responsibility for coinage vests with the Government of India on the basis of the coinage act 2011
◾️RBI acts as an agent of Government which merely distributes the coins in the market.
◾️one rupee bank note or coin signed by FINANCE SECRETARY.
PRINTING & MINTING PLACE
🔴coins are minted at four place viz Mumbai, kolkata, Hyderabad, Noida.
🔴Notes are printed at 4printing presses, located at ➡️Nashik, Dewas, Mysore, salboni.
◾️first printing press for bank notes in india was established at Nashik(1928).
◾️second printing press for bank notes in india was established at Dewas(1974).
Symbol of indian rupee
on 5 march 2009, indian government announced a contest to create a sign for the indian rupee.
🔴the final selected symbol was designed by D UDAYA KUMAR, a post graduate of IIT Bombay.
🔴the symbol of indian rupee came into vaguron july 15 2010.
🔴the indian rupee symbol is based on both roman script and Devanagari script.
IMPORTANT MCQ
🔴in how many languages, the amount of a banknotes is written on it ➡️17 language.
🔴the star series notes are currently issued in ₹5, ₹10, ₹20, ₹50, ₹100.
🔴on which denomination notes, the portrait of parliament house been printed ➡️₹50.
🔴when did india become a member of International Monetary Fund (IMF).➡️1947.
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