INR (Indian Rupee)

What is INR?

The full form of INR is the Indian Rupee which is the currency of India. It is the International Organization for Standardization currency code for Indian rupee and its symbol is₹. It got its name rupee from the rupiya which was a silver coin started by Sher Shah Suri. Indian Rupee comes in the form of coins and banknotes. You can find coins of one, 2, 5, and 10 rupees and above that only notes are available.

RBI Role in Currency Management

RBI is taking care of the Indian currency through the Reserve Bank of India Act 1934. Denominations of different notes are decided by the government. RBI and the government decide the designs of the notes in which security features are also included. RBI has the aim of providing quality notes to be used by the public.

Role of Government in Currency Management

The government of India has the role of approving the design of banknotes as per the Central Board of RBI. The government of India also approves the design of coins on the basis of instructions given in the Coinage Act 2011.

Number of languages that appear on the banknotes

There are 15 languages that can be found on Indian bank notes. These languages are −

• Assamese

• Bengali

• Gujarati

• Kannada

• Kashmiri

• Konkani

• Malayalam

• Marathi

• Nepali

• Oriya

• Punjabi

• Sanskrit

• Tamil

• Telugu

• Urdu

Issuance of currency notes to the public

There are 19 offices of RBI from where the notes are sent to different banks and they can be used by the public. These offices are located in −

• Ahmedabad

• Bangalore

• Belapur

• Bhopal

• Bhubaneswar

• Chandigarh

• Chennai

• Guwahati

• Hyderabad

• Jaipur

• Jammu

• Kanpur

• Kolkata

• Lucknow

• Mumbai

• Nagpur

• New Delhi

• Patna

• Thiruvananthapuram

Besides these, a currency chest is located in Kochi along with numerous other currency chests. Printing press sends these banknotes to these offices The RBI offices that receive the minted coins include Hyderabad, Kolkata, Mumbai, and New Delhi. These coins are then issued to other offices. These offices send the coins to chests and small coin depots. Currency chests and small coin depots send these notes and coins to different banks and the public can take them out through cheques, bank drafts, ATMs, etc.

Currency Chests

Some authorized, selected, scheduled banks have been given the right to establish currency chests which help in the distribution of notes and coins. Currency chests are the places where notes and coins are stored. Till March 31, 2023, there were 2,838 currency chests.

Small Coin Depot

There are some banks that have been authorized to establish small coin depots where coins are to be stored. Till March 31, 2023, there were 2293 small coin depots.

Denomination of banknotes in circulation

The denominations of notes that are in circulation are ₹10, ₹20, ₹50, ₹100, ₹200, ₹500, and ₹2000. The printing of ₹2 and ₹5 have been stopped and they are now available in the form of coins. The notes of ₹2 and ₹5 that are still in circulation are legal.

Which material is used to make the currency paper?

Pure cotton is used to make the currency paper.

Bank notes and coins that return from circulation

There are many notes that return from circulation. These notes are sent to the issue offices. If they are fit for recirculation, they are sent to the issuing office. Unfit bank notes are destroyed. Coins are not returned from circulation. The only coins that are withdrawn are sent back.

Places where notes and coins are minted or printed

There are four currency presses where Indian bank notes are printed. Two of them are under the government of India and the other two are under RBI. These printing presses are located in Nasik, Dewas, Mysuru, and Salboni. The places where coins are minted are Mumbai, Hyderabad, Kolkata, and Noida.

Conclusion

Indian Rupee or INR is used to make purchases and sales as India has a cash-based economy. RBI and the government of India take care of printing banknotes and minting coins and their distribution. The printing of notes includes 15 languages along with many other things. Pure cotton is used to make the paper of the notes.

FAQs

FAQ 1: How many languages are available in a printed note?

Ans: A printed note consists of 15 languages

FAQ 2: How many printing presses are there to print notes?

Ans: There are 4 printing presses to print notes.

FAQ 3: How many currency chests are available to distribute notes?

Ans: By the end of March 2023, there were 2838 currency chests.

FAQ 4: How many small coin depots are available in India?

Ans: By the end of March 2023, there were 2,293 small coin depots.

FAQ 5: Are the notes out of circulation destroyed?

Ans: Yes, they are destroyed if they are not fit to be reused.