The Indian rupee (Hindi: रुपया) is the currency of India. The issuance of the currency is controlled by the Reserve Bank of India. The most commonly used symbols for the rupee are Rs, ₨ and रू. The ISO 4217 code for the Indian rupee is INR. The modern rupee is subdivided into 100 paise (singular paisa). India has been one of the earliest issuers of coins in the world (circa 6th Century BC). Among the earliest issues of paper rupees were those by the Bank of Hindustan (1770-1832), the General Bank of Bengal and Bihar (1773-75, established by Warren Hastings), the Bengal Bank (1784-91), amongst others.
The current series, which began in 1996, is called the Mahatma Gandhi series. Currency notes are printed at the Currency Note Press, Nashik, Bank Note Press, Dewas, Bharatiya Note Mudra Nigam (P) Limited presses at Salboni and Mysore and at the Watermark Paper Manufacturing Mill, Hoshangabad.
These notes are truly work of art:

Modern Indian Rupee Notes

Each banknote has its amount written in 17 languages (English & Hindi on the front, and 15 others on the back) illustrating the diversity of the country
Secutiry Features of INR:
- Watermark — White side panel of notes has Mahatma Gandhi watermark.
- Security thread — All notes have a silver security band with inscriptions visible when held against light.
- Latent image — Higher denominational notes display note’s denominational value in numerals when held horizontally at eye level.
- Microlettering — Numeral denominational value is visible under magnifying glass between security thread and watermark.
- Fluorescence — Number panels glow under ultra-violet light.
- Optically variable ink — Notes of Rs. 500 and Rs. 1000 have their numerals printed in optically variable ink. Number appears green when note is held flat but changes to blue when viewed at angle.
- Back-to-back registration — Floral design printed on front and back of note coincides when viewed against light.
Here are pictures of older Rupee issued by respective colonial rulers:

British Indian Rupee (1917)

Portuguese Indian Rupee (1924)

French Indian Rupee (1938)
BTW, did you know that the Indian rupee is also accepted in towns of Nepalese side of Nepal-India border and some Indian shops in the United Kingdom.
As of today, the economy of India, when measured in USD exchange-rate terms, is the twelfth largest in the world, with a GDP of US $1.25 trillion (2008). It is the third largest in terms of purchasing power parity. India is the second fastest growing major economy in the world, with a GDP growth rate of 9.4% for the fiscal year 2006–2007. However, India’s huge population results in a per capita income of $4,542 at PPP and $1,089 at nominal (revised 2007 estimate).
In the period 2000-2007, the Rupee stopped declining and stabilized ranging between 1 USD = INR 44-48. However in the mid-2007, the rupee has started gaining strength and for the first time in more than a decade broke the 1 USD = INR 40 barrier. As of today for 1USD you get around INR 38.5.
| Year |
Value of one Rupee (units per US$) |
| 1970 |
7.576 |
| 1975 |
8.409 |
| 1980 |
7.887 |
| 1985 |
12.369 |
| 1990 |
17.504 |
| 1995 |
32.427 |
| 1996 |
35.433 |
| 1997 |
36.313 |
| 1998 |
41.259 |
| 1999 |
43.055 |
| 2000 |
45.000 |
| 2006 |
48.336 |
| 2007(Oct) |
38.48 |
Tip, especailly for those who will in future deal with INR (business or travel): As is standard in Indian English, large values of Indian rupees are counted in terms of thousands, lakh (100 thousand = 105 rupees, in digits 1,00,000), crore (100 lakhs = 107 rupees, in digits 1,00,00,000) and arawb (100 crore = 109 rupees, in digits 1,00,00,00,000). The use of million or billion, as is standard in American or British English, is far less common.
For a Indian audience/readership, the correct grouping would be:
INR 2,31,51,423.10 ( Two Crore Thirty-One Lakh Fifty-One Thousand Four Hundred Twenty-Three rupees and ten paisa).
For US/Europe and most of the world audience/readership, the correct grouping would be:
INR 23,151,423.10 ( Twenty-Three Million, One-Hundred-Fifty-One Thousand, Four Hundred Fifty-Three rupees and ten paisa).
In 2007, a Currency bill tracking project (TrackGandhi) was started to track the spread and usage of Rupee banknotes. There you go with a small introduction to Indian Rupee. Also, it is my B’Day today ….
Related posts on my blog: