INDIAN RUPEE

Indian Rupee: the currency of India, commonly known as "रुपया" (Rupiya). The word Rupiya is derived from the sanskrit word Rupya, which means coin of silver. Nowadays, the Indian rupee is one of the most recognisable and tradeable currencies. The Reserve Bank of India (RBI) undertakes printing, circulation of the Indian rupee, and other finance-related activities.

Currently, the currency of India has two forms: banknotes and coins. For the printing of notes, there are four printing presses in India, of which two (Mysore and Salboni) are owned by Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL), and two (Nashik and Dewas) are under the control of the Security Printing and Minting Corporation of India (SPMCIL). The Central Industrial Security Force (CISF) is in charge of all the presses and maintains extreme security.

For coin minting, there are also four mints in India (Kolkata, Mumbai, Hyderabad, and Noida), and each one of them has its own symbol minted on coins below the date of minting, by which we can judge from which mint the coin is minted (diamond for Mumbai, star for Hyderabad, dot for Noida, and if there is no symbol, it is for Kolkata).

Currently, the RBI has issued banknotes of six denominations and coins of five denominations. Today, the Indian rupee is the world's fifteenth most traded currency by value. So far, 18 countries have decided to open Vostro accounts to trade in Indian rupees. These countries include: Malaysia, Mauritius, Myanmar, the United Kingdom, Russia, New Zealand, Sri Lanka, Oman, Seychelles, Singapore, Tanzania, Uganda, Botswana, Fiji, Germany, Guyana, Israel, and Kenya. The symbol of Indian rupee is designed by a fellow IITian D. Udaya Kumar in 2010, for his contribution he was awarded ₹2,50,000 by Indian Government.  

Thank You,                                                                                                                                        Sarthak P. Khode 😊