NationMaster - Encyclopedia: Indian rupee

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). A Paisa (pl. ... India became independent on 15 August 1947 and was left with a legacy of non-decimal coinage. ... The RBI headquarters in Mumbai The RBI Regional Office in Mumbai The RBI heaquarters in Delhi. ... A mint is a facility which manufactures coins for currency. ... The India Government Mint operates four mints in the country for the production of coins. ... Hindi (à¤¹à¤¿à¤¨à¥à¤¦à¥€) is a language spoken mainly in North and Central India. ... The RBI headquarters in Mumbai The RBI Regional Office in Mumbai The RBI heaquarters in Delhi. ... ISO 4217 is the international standard describing three letter codes (also known as the currency code) to define the names of currencies established by the International Organization for Standardization (ISO). ... A Paisa is one-hundredth subdivision of currency, often rupees. ...

In most parts of India, the rupee is known as the rupee, roopayi, rupaye, rubai or one of the other terms derived from the Sanskrit rupyakam [1] (Devnagari: रूप्यकं), raupya meaning silver; rupyakam meaning (coin) of silver. However, in the Bengali, Oriya and Assamese languages, spoken in West Bengal, Tripura, Orissa, and Assam, the rupee is known as a Taka, symbol ৳, and is written as such on Indian banknotes. Sanskrit ( , for short ) is a classical language of India, a liturgical language of Hinduism, Buddhism, Sikhism, and Jainism, and one of the 23 official languages of India. ... Bengali or Bangla (IPA: ) is an Indo-Aryan language of the eastern Indian subcontinent, evolved from the Magadhi Prakrit, PÄli and Sanskrit languages. ... This article is in need of attention from an expert on the subject. ... Assamese ( ) (IPA: ) is a language spoken in the state of Assam in northeast India. ... , West Bengal (Bengali: à¦ªà¦¶à§à¦šà¦¿à¦®à¦¬à¦™à§à¦— PoshchimbÃ´Å‹go) is a state in eastern India. ... Tripura (Bengali: à¦¤à§à¦°à¦¿à¦ªà§à¦°à¦¾, Hindi: à¤¤à¥à¤°à¤¿à¤ªà¥à¤°à¤¾) is a state in North East India. ... , Orissa (Oriya: à¬“à¬¡à¬¼à¬¿à¬¶à¬¾), is a state situated on the east coast of India. ... Assam (Assamese: à¦…à¦¸à¦® Ã”xÃ´m) is a north eastern state of India with its capital at Dispur, a part of Guwahati. ... The Taka is the official currency of Bangladesh. ...

Numeral system

As is standard in Indian English, large values of Indian rupees are counted in terms of thousands, lakh (100 thousand, in digits 1,00,000), crore (100 lakhs, in digits 1,00,00,000) and arawb (100 crore, 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. The traditional, ancient Indian numbering system, used today in India, Pakistan, Bangladesh,Nepal and Myanmar (Burma), is based on a unique grouping of 2 decimal places, rather than the 3 decimal places commonplace in the West (China, Korea, and Japan, for instance, use 4). ... Indian English refers to the dialects or varieties of English spoken primarily in India, and/or by first generation Indian diaspora elsewhere in the world. ... A lakh (Hindi: à¤²à¤¾à¤–, Urdu: Ù„Ú©Ú¾, Bengali: , Tamil : à®‡à®²à®Ÿà¯à®šà®®à¯) is a unit in the Indian numbering system, widely used both in official and other contexts in Bangladesh, India, Sri Lanka, and Pakistan. ... The traditional, ancient Indian numbering system, used today in India, Pakistan, Bangladesh,Nepal and Myanmar (Burma), is based on a unique grouping of 2 decimal places, rather than the 3 decimal places commonplace in the West (China, Korea, and Japan, for instance, use 4). ... A crore is a unit in the Indian numbering system, still widely used in Bangladesh, India, Myanmar, Sri Lanka, and Pakistan. ... The ancient Indian numbering system, used today in India, Pakistan, Bangladesh, Nepal and Myanmar (Burma), is based on grouping by two decimal places, rather than the three decimal places commonplace in the West. ... British English (BrE, BE, en-GB) is the broad term used to distinguish the forms of the English language used in the United Kingdom from forms used elsewhere in the Anglophone world. ...

For example, the amount INR 1,25,84,729.25 is spoken as one crore twenty-five lakhs eighty-four thousand seven hundred twenty-nine rupees and twenty-five paise (see Indian numbering system). The traditional, ancient Indian numbering system, used today in India, Pakistan, Bangladesh,Nepal and Myanmar (Burma), is based on a unique grouping of 2 decimal places, rather than the 3 decimal places commonplace in the West (China, Korea, and Japan, for instance, use 4). ...

History

India was one of the earliest issuers of coins (circa 6th century BC). The first "rupee" is believed to have been introduced by Sher Shah Suri (1486-1545), based on a ratio of 40 copper pieces (paisa) per rupee. 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) and the Bengal Bank (1784-91), amongst others. It has been suggested that this article or section be merged into Rupee. ... Sher Shah Suri Sher Shah Suri (1486 â€“ 1545) (Pashto/Persian: - Å Ä«r-Å Äh á¹¢Å«rÄ«) also known as Sher Khan and as The Lion King, was founder of the Sur Dynasty of northern Indian rulers. ... Warren Hastings (December 6, 1732 - August 22, 1818) was the first governor-general of British India, from 1773 to 1786. ...

During British rule, and the first decade of independence, it was subdivided into 16 annas. Each anna was subdivided into 4 paise (also written pice) or 12 pies. Until 1815, the Madras Presidency also issued a currency based on the fanam, with 12 fanams equal to the rupee. An Anna (Hindustani ana) was a currency unit formerly used in India, equal to 1/16 rupee. ... A Paisa is one-hundredth subdivision of currency, often rupees. ... A Pie was a monetary unit formerly used in India. ... Madras Presidency, also known as Madras Province and known officially as Presidency of Fort St. ... The fanam was a currency issued by the Madras Presidency until 1815. ...

Historically, the rupee, derived from the Sanskrit word raupya, which means silver, was a silver coin. This had severe consequences in the nineteenth century, when the strongest economies in the world were on the gold standard. The discovery of vast quantities of silver in the U.S. and various European colonies resulted in a decline in the relative value of silver to gold. Suddenly the standard currency of India could not buy as much from the outside world. This event was known as "the fall of the rupee." Sanskrit ( , for short ) is a classical language of India, a liturgical language of Hinduism, Buddhism, Sikhism, and Jainism, and one of the 23 official languages of India. ... Alternative meaning: Nineteenth Century (periodical) (18th century — 19th century — 20th century — more centuries) As a means of recording the passage of time, the 19th century was that century which lasted from 1801-1900 in the sense of the Gregorian calendar. ... The gold standard is a monetary system in which the standard economic unit of account is a fixed weight of gold. ... For other uses, see United States (disambiguation) and US (disambiguation). ... Relative value is the attractiveness measured in terms of risk, liquidity, and return of one instrument relative to another, or for a given instrument, of one maturity relative to another. ...

In 1898, the rupee was tied to the gold standard through the British pound by pegging the rupee at a value of 1 shilling 4 pence (i.e., 15 rupees = 1 pound). In 1920, the rupee was increased in value to 2 shillings (10 rupees = 1 pound). However, in 1927, the peg was once more reduced, this time to 1 shilling 6 pence (13⅓ rupees = 1 pound). This peg was maintained until 1966, when the rupee was devalued and pegged to the U.S. dollar at a rate of 7.5 rupees = 1 dollar (at the time, the rupee became equal to 11.4 British pence). This peg lasted until the U.S. dollar devalued in 1971. For details of notes and coins, see British coinage and British banknotes. ... This article is about coinage. ... For the NBA basketball player with the nickname see Penny Hardaway A variety of low value coins, including an Irish 2p piece and many U.S. pennies. ... The United States dollar is the official currency of the United States. ...

The Indian rupee replaced the Danish Indian rupee in 1845, the French Indian rupee in 1954 and the Portuguese Indian escudo in 1961. Following independence in 1947, the Indian rupee replaced all the currencies of the previously autonomous states. Some of these states had issued rupees equal to those issued by the British (such as the Travancore rupee). Other currencies included the Hyderabad rupee and the Kutch kori. The rupee was the currency of Danish India. ... Known as FIr it was introduced by the french domination in india --61. ... The escudo was the currency of Portuguese India between 1958 and 1961. ... The rupee was the currency of the State of Travancore. ... Hyderabad state OS Rs. ... The kori was the currency of Kutch until 1947. ...

In 1957, decimalisation occurred and the rupee was divided into 100 naye paise (Hindi for "new paise"). In 1964, the initial "naye" was dropped. Many still refer to 25, 50 and 75 paise as 4, 8 and 12 annas respectively, not unlike the usage of "bit" in American English for ⅛ dollar. Year 1957 (MCMLVII) was a common year starting on Tuesday (link displays the 1957 Gregorian calendar). ... For the system of library classification, see Dewey Decimal Classification. ... The bit is a unit of money worth 1/8 of a Spanish dollar (peso). ...

International use

With Partition, the Pakistani rupee came into existence, initially using Indian coins, and Indian currency notes simply overstamped with Pakistan. In previous times, the Indian rupee was regarded as an official currency of other countries, including Kuwait, Bahrain, Qatar, the Trucial States (now the UAE), and Malaysia. The Gulf rupee, also known as the Persian Gulf rupee (XPGR), was introduced by the Indian government as a replacement for the Indian rupee for circulation exclusively outside the country with the Reserve Bank of India [Amendment] Act, May 1, 1959. This creation of a separate currency was an attempt to reduce the strain put on India's foreign reserves by gold smuggling. After India devalued the rupee on June 6, 1966, those countries still using it - Oman, Qatar and what is now the United Arab Emirates (known as the Trucial States until 1971) - replaced the Gulf rupee with their own currencies. Kuwait and Bahrain had already done so in 1961 and 1965 respectively. The Pakistani rupee (PKR) is the currency of Pakistan. ... This article is under construction. ... The Pakistani rupee (PKR) is the currency of Pakistan. ... UAE redirects here; for other uses of that term, see UAE (disambiguation) The United Arab Emirates is an oil-rich country situated in the south-east of the Arabian Peninsula in Southwest Asia, comprising seven emirates: Abu Dhabi, Ajman, Dubai, Fujairah, Ras al-Khaimah, Sharjah and Umm al-Quwain. ... UAE redirects here; for other uses of that term, see UAE (disambiguation) The United Arab Emirates is an oil-rich country situated in the south-east of the Arabian Peninsula in Southwest Asia, comprising seven emirates: Abu Dhabi, Ajman, Dubai, Fujairah, Ras al-Khaimah, Sharjah and Umm al-Quwain. ... The Gulf Rupee, also known as the Persian Gulf Rupee (XPGR), was introduced by the Indian government as a replacement for the Indian Rupee for circulation exclusively outside the country with the Reserve Bank of India [Amendment] Act, 1 May 1959. ... is the 121st day of the year (122nd in leap years) in the Gregorian calendar. ... Year 1959 (MCMLIX) was a common year starting on Thursday (link will display full calendar) of the Gregorian calendar. ... is the 157th day of the year (158th in leap years) in the Gregorian calendar. ... Year 1966 (MCMLXVI) was a common year starting on Saturday (link will display full calendar) of the 1966 Gregorian calendar. ...

The Indian rupee is also linked with the Bhutanese Ngultrum. The Indian rupee is also accepted in towns of Nepalese side of Nepal-India border and some Indian shops in the United Kingdom. The ngultrum is the currency of Bhutan, subdivided into 100 chertrums. ...

Coins

East India Company, -1862

The three Presidencies established by the British East India Company (Bengal, Bombay and Madras) each issued their own coinages up to 1835. All three issued rupees together with fractions down to ⅛ and ¹⁄₁₆ rupee in silver. Madras also issued 2 rupees coins. The British East India Company, sometimes referred to as John Company, was the first joint-stock company (the Dutch East India Company was the first to issue public stock). ... Bengal, known as Bango ( Bengali:বঙ্গ), Bangla (বাংলা), Bangodesh (বঙ্গদেশ), or Bangladesh (বাংলাদেশ) in Bengali, is a region in the northeast of South Asia. ... Bombay Presidency was a former province of British India. ... Madras Presidency, also known as Madras Province and known officially as Presidency of Fort St. ...

Copper denominations were more varied. Bengal issued 1 pie, ½, 1 and 2 paise. Bombay issued 1 pie, ¼, ½, 1, 1½, 2 and 4 paise. In Madras, there were copper coins for 2, 4 pies, 1, 2 and 4 paisa, with the first two denominated as ½ and 1 dub or ¹⁄₉₆ and ¹⁄₄₈ rupee. Note that Madras also issued the Madras fanam until 1815. The fanam was a currency issued by the Madras Presidency until 1815. ...

All three Presidencies issued gold mohurs and fractions of mohurs, including ¹⁄₁₆, ⅛, ¼ and ½ in Bengal, ¹⁄₁₅ (a gold rupee) and ⅓ (pancia) in Bombay and ¼, ⅓ and ½ in Madras. A mohur is a gold coin that was formerly minted by several governments including British India, the Moghul Empire, Nepal, and Afghanistan. ...

In 1835, a single coinage for the EIC was introduced. It consisted of copper ¹⁄₁₂, ¼ and ½ anna, silver ¼, ½ and 1 rupee and gold 1 and 2 mohurs. In 1841, silver 2 annas were added, followed by copper ½ pice in 1853. The coinage of the EIC continued to be issued until 1862, even after the Company had been taken over by the Crown.

Regal Issues, 1862-1947

In 1862, coins were introduced which are referred to as Regal issues. They bore the portrait of Queen Victoria and the designation "India". Denominations were ¹⁄₁₂ anna, ½ pice, ¼ and ½ anna (all in copper), 2 annas, ¼, ½ and 1 rupee (silver) and 5 and 10 rupees and 1 mohur (gold). The gold denominations ceased production in 1891 while no ½ anna coins wereissued dated later than 1877. Victoria Queen of the United Kingdom of Great Britain and Ireland, Empress of India Victoria (Alexandrina Victoria) (24 May 1819–22 January 1901) was a Queen of the United Kingdom, reigning from 20 June 1837 until her death. ...

In 1906, bronze replaced copper for the lowest three denominations and in 1907, a cupro-nickel 1 anna was introduced. In 1918 and 1919, cupro-nickel 2, 4 and 8 annas were introduced, although the 4 and 8 annas coins were only issued until 1921 and did not replace their silver equivalents. Also in 1918, the Bombay mint struck gold sovereigns and 15 rupee coins identical in size to the sovereigns as an emergency measure due to the First World War. Three Gold Sovereigns with a Krugerrand A Gold Sovereign is a British gold coin, first issued in 1489 for Henry VII, generally with a value of one pound sterling. ... Ypres, 1917, in the vicinity of the Battle of Passchendaele. ...

In the early 1940s, several changes were implemented. The ¹⁄₁₂ anna and ½ pice ceased production, the ¼ anna was changed to a bronze, holed coin, cupro-nickel and nickel-brass ½ anna coins were introduced, nickel-brass was used to produce some 1 and 2 annas coins, and the composition of the silver coins was reduced from 91.7% to 50%. The last of the regal issues were cupro-nickel ¼, ½ and 1 rupee pieces minted in 1946 and 1947.

Independent Issues, Predecimal, 1950-1957

Indias first coins after independence were issued in 1950. They were 1 pice, ½, 1 and 2 annas, ¼, ½ and 1 rupee denominations. The sizes and compositions were the same as the final Regal issues, except for the 1 pice, which was bronze but not holed.

Independent Issues, Decimal, 1957-

The first decimal issues of India consisted of 1, 2, 5, 10, 25 and 50 naye paise and 1 rupee. The 1 naya paisa was bronze, the 2, 5 and 10 naye paise were cupro-nickel and the 25 and 50 naye paise and 1 rupee were nickel. In 1964, the word naya(e) was removed from all the coins. Between 1964 and 1967, aluminium 1, 2, 3, 5 and 10 paise were introduced. In 1968, nickel-brass 20 paise were introduced, replaced by aluminium coins in 1982. Between 1972 and 1975, cupro-nickel replaced nickel in the 25 and 50 paise and the 1 rupee. In 1982, cupro-nickel 2 rupees coins were introduced. In 1988, stainless steel 10, 25 and 50 paise were introduced, followed by 1 rupee coins in 1992. Also in 1992, the 5 rupee coin was introduced.

The coins commonly in circulation are 25 and 50 paise, 1, 2 and 5 rupees. 5, 10, and 20 paise coins, although valid, have become increasingly rare in regular usage.

The coins are minted at the four locations of the India Government Mint. â€œAluminumâ€ redirects here. ... The Emblem of India The Emblem of India is an adaptation from the Sarnath Lion Capital of Ashoka. ... The 630 foot high, stainless-clad (type 304L) Gateway Arch defines St. ... â€œAluminumâ€ redirects here. ... For other uses, see Hexagon (disambiguation). ... The 630 foot high, stainless-clad (type 304L) Gateway Arch defines St. ... The Emblem of India The Emblem of India is an adaptation from the Sarnath Lion Capital of Ashoka. ... Black Rhino from Howletts Wild Animal Park For other uses, see Rhinoceros (disambiguation). ... Sansad Bhavan, The Parliament of India The Parliament of India (or Sansad) is bicameral. ... The Emblem of India The Emblem of India is an adaptation from the Sarnath Lion Capital of Ashoka. ... Cupronickel is an alloy of copper, nickel and strengthening impurities, such as iron and manganese. ... Categories: Math stubs | Polygons ... The Emblem of India The Emblem of India is an adaptation from the Sarnath Lion Capital of Ashoka. ... Indian National Flag Flag ratio: 2:3 The National Flag of India was adopted in its present form during an ad hoc meeting of the Constituent Assembly held on the 22 July 1947, a few days before Indias independence from the British on 15 August, 1947. ... The Emblem of India The Emblem of India is an adaptation from the Sarnath Lion Capital of Ashoka. ... The India Government Mint operates four mints in the country for the production of coins. ...

Banknotes

British India, 1861-1947

In 1861, the Government of India introduced its first paper money, 10 rupees notes. These were followed by 20 rupees notes in 1864, 5 rupees in 1872, 10,000 rupees in 1899, 100 rupees in 1900, 50 rupees in 1905, 500 rupees in 1907 and 1000 rupees in 1909. In 1917, 1 and 2½ rupees notes were introduced.

The Reserve Bank of India began note production in 1938, issuing 2, 5, 10, 100 and 1000 rupees notes, while the Government continued to issue 1 rupee notes. The RBI headquarters in Mumbai The RBI Regional Office in Mumbai The RBI heaquarters in Delhi. ...

Independent Issues, 1949-

After independence, new designs were introduced to remove the portrait of the King. The government continued to issue the 1 rupee note, while the Reserve Bank issued other denemoniations, including the 5000 and 10,000 rupees notes introduced in 1949. In the 1970s, 20 and 50 rupees notes were introduced but denominations higher than 100 rupees were demonetized in 1978. In 1987, the 500 rupees note was reintroduced, followed by the 1000 rupees in 2000.

Currently Circulating Notes

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. Image File history File links 5rupees. ... â€œGandhiâ€ redirects here. ... Image File history File links 10rupees. ... Black Rhino from Howletts Wild Animal Park For other uses, see Rhinoceros (disambiguation). ... Genera and Species Loxodonta Loxodonta cyclotis Loxodonta africana Elephas Elephas maximus Elephas antiquus â€ Elephas beyeri â€ Elephas celebensis â€ Elephas cypriotes â€ Elephas ekorensis â€ Elephas falconeri â€ Elephas iolensis â€ Elephas planifrons â€ Elephas platycephalus â€ Elephas recki â€ Stegodon â€ Mammuthus â€ Elephantidae (the elephants) is a family of pachyderm, and the only remaining family in the order Proboscidea... For other uses, see Tiger (disambiguation). ... Image File history File links 20Rupees. ... Genera Many; see list of Arecaceae genera Arecaceae (also known as Palmae or Palmaceae), the palm family, is a family of flowering plants, belonging to the monocot order Arecales. ... Image File history File links 50Rupees. ... Sansad Bhavan, The Parliament of India The Parliament of India (or Sansad) is bicameral. ... Image File history File links 100Rupees. ... Perspective view of the Himalaya and Mount Everest as seen from space looking south-south-east from over the Tibetan Plateau. ... Scenes on the eve of the Salt Satyagraha, Gandhis famous 240 mile march on foot to the sea at Dandi. ... Image File history File links 500Rupees. ... A thousand rupee note from India. ... The economy of India is the third largest in the world as measured by purchasing power parity (PPP). ... â€œGandhiâ€ redirects here. ... , Nashik (Marathi: ) ( ) or Nasik (Marathi: ) is a city in Indias Maharashtra state. ... Dewas is a city in western Madhya Pradesh state of central India. ... Salboni is a town and a Police station in Paschim Medinipur in the Indian state of West Bengal. ... , For other uses, see Mysore (disambiguation). ... Hoshangabad is a city in the Malwa region of Madhya Pradesh state, central India. ...

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. ATMs usually give Rs. 100 and Rs. 500 notes, but not Rs. 1000 notes. Therefore, Rs. 1000 notes are analogous to the higher valued notes of the United States dollar and the euro. â€œCash machineâ€ redirects here. ... â€œUSDâ€ redirects here. ... For other uses, see Euro (disambiguation). ...

In recent years, the banknotes were slightly modified to include see through registration on the left side of obverse. In addition, the year is now printed on the reverse. EURion constellation was added to Rs. 100. The revised Rs. 10, 20 were issued in 2006, and Rs. 50, 100, 1000 in 2005. Security printing is the field of the printing industry that deals with the printing of items such as banknotes, passports, stock certificates, postage stamps and identity cards. ... The small circles or dots constituting the EURion constellation are clearly visible on the centre-left of 10 euro banknotes. ...

Language panel

The language panel on Indian rupee banknotes display the denomination of the note in all the national languages of India. Image File history File links Size of this preview: 662 Ã— 600 pixelsFull resolution (817 Ã— 740 pixel, file size: 139 KB, MIME type: image/jpeg) This image depicts a unit of currency. ... Image File history File links Size of this preview: 662 Ã— 600 pixelsFull resolution (817 Ã— 740 pixel, file size: 139 KB, MIME type: image/jpeg) This image depicts a unit of currency. ... Image File history File links Languagepanel. ... Image File history File links Languagepanel. ... Indian constitution recognizes 22 languages as National languages 1. ...

Security features

Convertibility

Officially, the Indian rupee has a market determined exchange rate. However, the RBI trades actively in the INR/USD currency market to impact effective exchange rates. Thus, the currency regime in place for the Indian rupee with respect to the US dollar is a de facto controlled exchange rate. This is sometimes called a dirty or managed float. Other rates such as the INR/EUR and INR/JPY have volatilities that are typical of floating exchange rates.^[1] It should be noted, however, that unlike China, successive administrations (through RBI, the central bank) have not followed a policy of pegging the INR to a specific foreign currency at a particular exchange rate. RBI intervention in currency markets is solely to deliver low volatility in the exchange rates, and not to take a view on the rate or direction of the Indian rupee in relation to other currencies.^[2] The United States dollar is the official currency of the United States. ... The Government of India (Hindi: à¤à¤¾à¤°à¤¤ à¤¸à¤°à¤•à¤¾à¤° [1]BhÄrat SarkÄr), officially referred to as the Union Government, and commonly as Central Government, was established by the Constitution of India, and is the governing authority of a federal union of 28 states and 7 union territories, collectively called the Republic of... The RBI headquarters in Mumbai The RBI Regional Office in Mumbai The RBI heaquarters in Delhi. ...

RBI also exercises a system of capital controls in addition to the intervention (through active trading) in the currency markets. On the current account, there are no currency conversion restrictions hindering buying or selling foreign exchange (though trade barriers do exist). On the capital account, foreign institutional investors have convertibility to bring money in and out of the country and buy securities (subject to certain quantitative restrictions). Local firms are able to take capital out of the country in order to expand globally. But local households are restricted in their ability to do global diversification. However, owing to an enormous expansion of the current account and the capital account, India is increasingly moving towards de facto full convertibility.

Chronology

Year 1991 (MCMXCI) was a common year starting on Tuesday (link will display the 1991 Gregorian calendar). ... Remittance advertising in Oxford Street, London with Russian slogans. ... For the band, see 1997 (band). ... The East Asian financial crisis was a period of economic unrest that started in July 1997 in Thailand and affected currencies, stock markets, and other asset prices in several Asian countries, many considered East Asian Tigers. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... A prime minister is the most senior minister of a cabinet in the executive branch of government in a parliamentary system. ... This article is about the Prime Minister of India. ... P. Chidambaram is the finance minister of India in the Congress-led UPA government (2004-2009). ... The RBI headquarters in Mumbai The RBI Regional Office in Mumbai The RBI heaquarters in Delhi. ...

Currency bill tracking

In 2007, a Currency bill tracking project (TrackGandhi) was started to track the spread and usage of Rupee banknotes. Currency bill tracking is the process (usually facilitated by any one of a number of websites set up for the purpose) of tracking the movements of banknotes, similar to how ornithologists track migrations of birds by ringing them. ... Track Gandhi is a website which is launched in 2007. ...

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