Coins in the denomination of 1 paise 2 paise 3 paise 5 paise 10 paise 20 paise and 25 paise were also issued and circulating but have been. Coins are being issued in denominations of fifty paise one rupee two rupees five rupees and ten rupees. Indian currency is composed of both metallic coins and paper currency notes.
This percentage will vary according to the availability of gold and foreign currency. Here the note issue on a percentage basis will be backed by gold and other securities such as foreign currency say 40 with gold and 60 with foreign currency. Coins upto 50 paise are called small coins and coins of rupee one and above are called rupee coins.
Coins in india are presently being issued in denominations of 10 paise 20 paise 25 paise 50 paise one rupee two rupees and five rupees. Paisa though as of 2019 coins of denomination of 1 rupee is the lowest value in use the issuance of the currency is controlled by the reserve bank of india the reserve bank manages currency in india and derives its role in currency management on the basis of. Inr is the official currency of india the rupee is subdivided into 100 paise singular.
The indian rupee sign. The first set of indian notes to be issued by the british government of india featured queen victoria s portrait and were issued in denominations of rupees 10 20 50 100 and 1000. After the paper currency act was enacted in 1861 ce currency notes in india began to be officially issued by the government of india.
Initially it used to keep 40 per cent of gold reserves in. The rbi follows a minimum reserve system in the note issue. The reserve bank has the sole right to issue currency notes except one rupee notes which are issued by the ministry of finance.
Rbi as currency issuing authority of india. Rbi can issue notes upto the value of rs. The indian rupee symbol was created by d.
The total number of languages on a currency note including hindi and english is seventeen.
Issue of currency notes and coins in india. Under section 22 of the reserve bank of india act rbi has sole right to issue currency notes of various denominations except one rupee notes. The one rupee note is issued by ministry of finance and it bears the signatures of finance secretary while other notes bear the signature of governor rbi. With the enactment of the reserve bank of india rbi act 1934 on 6th march 1934 effective from 1st april 1935 under section 22 of rbi act rbi was conferred the sole right of issue and management of currency notes not exceeding inr ten thousand denomination currency notes except one rupee notes which are issued by the union ministry of finance but are circulated through rbi. The number of languages on the language panel of a currency note is fifteen.
The number of languages on the language panel of a currency note is fifteen. With the enactment of the reserve bank of india rbi act 1934 on 6th march 1934 effective from 1st april 1935 under section 22 of rbi act rbi was conferred the sole right of issue and management of currency notes not exceeding inr ten thousand denomination currency notes except one rupee notes which are issued by the union ministry of finance but are circulated through rbi. The one rupee note is issued by ministry of finance and it bears the signatures of finance secretary while other notes bear the signature of governor rbi.
Under section 22 of the reserve bank of india act rbi has sole right to issue currency notes of various denominations except one rupee notes.
