Sabse bada rupaiyah! Tracing the rupee's journey
Ahead of India’s 80th Independence Day, diving back into the era preceding 1947 exposes a monetary landscape that starkly contrasts with the one we know today. During this time, multiple currencies circled the country, each unique to the kingdoms and territories that issued them. From Maratha coins to currencies minted by princely states like Hyderabad, India’s monetary system was a patchwork of diverse coins and systems.
As the nation moved towards political integration and ultimately gained Independence, its currency system underwent a transformation. Gradually, various forms of money gave way to the rupee, while the formation of the Reserve Bank of India (RBI) in 1935 brought currency issuance under a central monetary authority. Even after Independence, the rupee found itself beyond the realm of mere coins and notes.
Today, it exists on our phone screens, swiftly moving through UPI and the central bank digital currency (CBDC). Simultaneously, physical currency is set for another change with the approval of the Centre for RBI trials of polymer banknotes in ₹10 and ₹20 denominations.
Written by urgent.news from The Economic Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
