Currency in the most specific use of the word refers to money.
Currency is anything that is used in any circumstances, as a
medium of exchange.
Currencies need not be physical objects.
Currency is a system of money (monetary units) in common
use, especially in a nation.
Currency evolved from two basic innovations, both of which had
occurred by 2000 BC. Originally money was a form of receipt, representing
grain stored in temple granaries in Sumer in ancient Mesopotamia, then
These factors led to the metal itself being the store of value: first
silver, then both silver and gold, and at one point also bronze. Now we
have copper coins and other non-precious metals as coins.
It began as a means for merchants to exchange heavy coinage for
receipts of deposit issued as promissory notes by wholesalers' shops.
Currency use is based on the concept of lex monetae; that a
sovereign state decides which currency it shall use.
Currently, the International Organization for Standardization
has introduced a three-letter system of codes (ISO 4217) to
define currency. In general, the three-letter code uses the
ISO 3166-1 country code for the first two letters and the first
letter of the name of the currency.
The Indian rupee is the official currency of the Republic of
The first series of coins with the rupee symbol was
launched on 8 July 2011.
The Indian Rupee sign (INR) is the currency sign: INR for
the Indian Rupee, the official currency of India. Designed
by D. Udaya Kumar, it was presented to the public by the
Government of India on 15 July 2010.
Before its adoption, the most commonly used symbols for
the rupee were Rs, Re or, if the text was in an Indian
language, an appropriate abbreviation in that language
On 5 March 2009, the Indian government announced a
contest to create a sign for the Indian rupee. During the 2010
Union Budget, Finance Minister Pranab Mukherjee said that
the proposed sign should reflect and capture the Indian ethos
and culture. The new sign is a combination of the Devanagari
letter " " (ra) and the Latin capital letter "R" without its
vertical bar (similar to the R rotunda).
Major banks have also started printing cheques with
the new Indian rupee sign, where the traditional “₨” sign
was used. In the budget speech on 28 February 2011, the
finance minister, Pranab Mukherjee, announced that the sign
will be incorporated in future coin issues.
Historically, the Hindi word rūpiya is derived form Sanskrit
word rūpya, which means "wrought silver, a coin of
The silver coin remained in use during the Mughal period,
Maratha era as well as in British India.
Since the silver crisis of 1873, a number of nations
adopted the gold standard; however, India remained on
the silver standard until it was replaced by a basket of
commodities and currencies in the late 20th century.
The three Presidencies established by the British East India
Company (Bengal, Bombay and Madras) each issued their
own coinages until 1835.
The first decimal-coin issues in India consisted of 1, 2, 5, 10,
25 and 50 naye paise, and 1 rupee.
After independence, in year 2010 and 2011 for the first
time ever 75, 150 and 1000 coins were minted in India to
commemorate Platinum Jubilee of Reserve Bank of India,
150th birth anniversary of Rabindra Nath Tagore and 1000
years of Brihadeeswarar Temple, respectively.
The design of banknotes is approved by the central
government, on the recommendation of the central board
of the Reserve Bank of India.
The current series of banknotes (which began in 1996) is
known as the Mahatma Gandhi series.
Banknotes are issued in the denominations of 5, 10, 20, 50,
100, 500 and 1000.
Exchanges for Currency
Exchanges engaged in currency futures in India
NSE-Started in Aug, 2008
MCX-SX- Started in October, 2008
BSE-Started in October, 2008
USE-Started in 31st Aut,2010