India is home to 125 crore people. Though country is lacking far behind in terms of infra but economy of this country is within top 15. Recently after demonetization, India has been removed from list of developing nations. It is the big market of India and skilled manpower that is letting India better position. Ina country where digital divide is very wide, it is quite obvious that physical currency would be far more popular than the digital currency.
We have collected some interesting facts about Indian currency:
- Unique serial number for every currency note: RBI has serial number through which every serial note can be detected uniquely. How much of note is consumed per year? How many notes becomes waste is kept on tracking through numbers.
- Every currency note has three parts to detect. Prefix, Serial number and inset. These three are together used for the detection of note.
- In the sixth century BC, currency had been used in form of coins. This is the earliest time when currency system was working in Indian subcontinent.
- Paper based currency came when British came in India. It was bank of Hindustan, which had released the first currency note.
- Reserve bank of India had been set up in the year 1935 and first currency note published was of 5 rupees note. There was a portrait of King George fourth on that five rupees note.
- One rupee note had come after India’s independence.
- Highest denomination in the Indian currency note was of 10,000, which is not in market in anymore.
- Small denomination till 2011: though coins of 1 paise, 2 paise, 5 paise, 10 paise, 25 paise etc were eradicated from the market. Till 30th of June 2011, these coins were actually active in the Indian economy system.
These were some interesting things regarding currency and we will keep writing so that you can be better informed.