Home and Abroad
Concept: Indian and Foreign Currencies
What is currency?
- A currency is the system of money used in a country. It is approved by the country's government and used by that country's people for buying and selling goods.
- Every country in this world has its currency, consisting of banknotes and coins.
The main unit of Indian currency is called the rupee, and the subunit is called the paisa. The currency of India includes banknotes called the rupee and coins called the paisa.
- In India, banknotes are printed by printing presses owned by the government of India.
- The Reserve Bank of India manages the Indian currency.
- On the currency notes, the note's value is mentioned in both numerals and words. Each note also has a unique serial number consisting of alphabets and numerals.
- Since India is a diverse country, so the value of the notes is also described in several regional languages like Bangla, Assamese, Tamil, Telegu, Urdu, Marathi, etc.
- All Indian currencies have Gandhiji’s portrait printed on them.
- Many historical monuments are also printed on the back of Indian currency notes.
- The subunit of Indian currency is called the paisa.
- There are four government mints in India where the coins are made—Kolkata, Hyderabad, Mumbai, and Noida.
- All coins are made of different metal alloys.
- The denominations of coins available in India are 10 rupees, 5 rupees, 2 rupees, 1 rupee, 50 paise, 25 paise, and 10 paise.
- However, from 2011, all the denominations below 25 paise were prohibited for use.
Currencies of some neighbouring countries of India:
- The Pakistani currency is used in the Islamic Republic of Pakistan.
- The main unit of currency is the Pakistani rupee, whereas the subunit is the paisa.
- The currency notes have the portrait of Mohammad Ali Jinnah.
- Pakistani currency is managed by the State Bank of Pakistan.
- Almost all Pakistani coins have crescent and star illustrations on them.
- The value of the currency notes is written in Urdu and English.
- The Bangladeshi currency is used in the Islamic Republic of Bangladesh.
- The main unit of currency is the Bangladeshi taka, whereas the subunit is poisha.
- The currency notes have the portrait of Sheikh Mujibur Rahman.
- The Bangladeshi currency is managed by the Bangladesh Bank.
- Most coins have illustrations of rohu and hilsa fish, plough and Sheikh Mujib.
- The value of the currency notes is mentioned in Bengali and English.
3. Sri Lanka:
- The Sri Lankan currency is used in the Republic of Sri Lanka.
- The main unit of currency is the Sri Lankan Rupee, whereas the subunit is the cent.
- The Sri Lankan currency notes illustrate coconut trees, elephants, and other local flora and fauna.
- The currency is managed by the Central Bank of Sri Lanka.
- The values of the currency notes are mentioned in Sinhalese, Tamil and English.
- The coins have illustrations of the Armorial Ensign.
Currencies of foreign countries:
1. United States of America:
- The main unit of currency is dollars, whereas the subunit is the penny or cent.
- The currency notes have portraits of notable leaders of America like George Washington, Abraham Lincoln, etc.
- This currency is managed by the Federal Reserve of America.
- The cent coins have illustrations of notable figures too.
- Values of the currency notes are mentioned in English.
2. United Kingdom:
- The main unit of currency is the Pound sterling, whereas the subunit is the penny.
- The notes have the portrait of Queen Elizabeth II.
- This currency is managed by the Bank of England.
- The values of the currency notes are mentioned in English.
- The coins have illustrations of the Queen and several native British and Irish flowers.
Some important foreign currencies:
- Euro is used in the European Union countries like France, Germany, Spain, Belgium, The Netherlands etc.
- The main unit of currency is the euro, whereas the subunit is the cent.
- This currency is managed by the European Central Bank.
- The currency notes have portraits of many famous European landmarks.
- The values of the currency notes are mentioned in Arabic and English.
- This currency is managed by the Central Bank of the United Arab Emirates.
- The dirham bills have falcon watermarks.
- Dirham notes have a variety of portraits like dhow boats, gazelle etc.
- Coins have illustrations like a coffee pot, palm tree, falcon, etc.
Currencies and their symbols:
Bank: An institution that deals with different aspects of money.
Mint: A place where coins and notes are made under the approval of the government.
Alloy: It is a mixture of different metals. Alloys are tougher than metals.
Flora and fauna: The term flora and fauna denote the plants and animals of a particular habitat.
Armorial Ensign: Flag banners and symbols carried on shields are known as Armorial Ensigns.
Did You Know?
- The Chinese currency is called the renminbi, and the subunit of the renminbi is called the yuan.
- The Nepalese currency is known as the Nepalese rupee, and the subunit of the Nepalese rupee is known as the paisa.
- The Malaysian currency is known as the Malaysian ringgit, and the subunit of ringgit is sen.
- Udaya Kumar, a post-graduate in Design from the Indian Institute of Technology Bombay, designed the symbol of the Indian Rupee (₹). It was chosen through an open competition conducted by the Ministry of Finance and adopted by our government on July 15, 2010.