Money is an important part of our lives. Basically, we earn to live and not live to earn. Money has gained a prominent part of human life as things will stop functioning if one doesn’t have money.
Well, we all use the money for our needs but there are several unknown things which probably we never knew about currency. Every country’s currency is different and its own unique features and facts.
In this article, we will disclose some important and interesting facts about the Indian currency notes which many of them are not aware.
Yes, it will be strange to know but there were 5,000 and 10,000 rupees notes used in India between 1954 and 1978. However, the Indian currency notes were demonetized in 1946 and again in 1978.
The 18th century marked the introduction of the first paper currency to the Indians. Private banks like Bank of Bengal, Bank of Hindustan, Bank of Bombay and Bank of Madras were among the first ones to print the paper currency. Later, under the Paper Currency Act of 1861, the government of India was granted the monopoly to print the notes.
After the Independence in 1947, our neighbouring newly formed country Pakistan used the Indian rupees as their currency because of the monetary body there. Until Pakistan could print their own currency in 1948, they used Indian currency notes with a stamp of ‘Pakistan’ on it.
You won’t believe this but yes there were zero rupees notes also. An NGO named 5th Pillar in 2007 introduced zero rupees notes to curb corruption in the country. These notes looked like the usual Rs 50 bank notes in India. Zero rupee notes are paid in protest by angry citizens to government functionaries who solicit bribes. These notes are very much in use and are distributed in thousands every month.
The Reserve Bank Of India plays a major role in taking care of the torn notes by exchanging them. Yes, you can exchange a torn note or any with more than 51 per cent of its torn part for a fresh new one at the RBI. Now that’s a big relief!
So, folks, these were some amazingly interesting facts about the Indian currency which you might be hearing for the first time.