7/31/2019 Indian Currency Called

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What is the Indian currency called?The Indian currency is called the Indian Rupee (INR) and the coins are called paise. One Rupeeconsists of 100 paise.What are the present denominations of bank notes in India? At present, notes in India are issued in the denomination of Rs.5, Rs.10, Rs.20, Rs.50, Rs.100,Rs.500 and Rs.1000. These notes are called bank notes as they are issued by the Reserve Bank ofIndia (Reserve Bank). The printing of notes in the denominations of Re.1 and Rs.2 has beendiscontinued as these denominations have been coinised. However, such notes issued earlier are stillin circulation. The printing of notes in the denomination of Rs.5 had also been discontinued; however,it has been decided to reintroduce these notes so as to meet the gap between the demand andsupply of coins in this denomination.What are the present available denominations of coins in India? Coins in India are available in denominations of 10 paise, 20 paise, 25 paise, 50 paise, one rupee,two rupees and five rupees. Coins up to 50 paise are called 'small coins' and coins of Rupee one andabove are called 'Rupee Coins'.Can bank notes and coins be issued only in these denominations? Not necessarily. The Reserve Bank can also issue notes in the denominations of one thousandrupees, five thousand rupees and ten thousand rupees, or any other denomination that the CentralGovernment may specify. There cannot, though, be notes in denominations higher than ten thousandrupees in terms of the current provisions of the Reserve Bank of India Act, 1934. Coins can be issuedup to the denomination of Rs.1000.Currency ManagementWhat is the role of the Reserve Bank in currency management? The Reserve Bank manages currency in India. The Government, on the advice of the Reserve Bank,

decides on the various denominations. The Reserve Bank also co-ordinates with the Government inthe designing of bank notes, including the security features. The Reserve Bank estimates the quantityof notes that are likely to be needed denomination-wise and places the indent with the variouspresses through the Government of India. The notes received from the presses are issued and areserve stock maintained. Notes received from banks and currency chests are examined. Notes fit forcirculation are reissued and the others (soiled and mutilated) are destroyed so as to maintain thequality of notes in circulation. The Reserve Bank derives its role in currency management on the basisof the Reserve Bank of India Act, 1934.What is the role of Government of India?The responsibility for coinage vests with Government of India on the basis of the Coinage Act, 1906as amended from time to time. The designing and minting of coins in various denominations is alsoattended to by the Government of India.