INR: Indian Rupee
INR Full Form
INR full form stands for Indian Rupee. The Indian Rupee is the official currency of India. The rupee is divided into 100 paise (singular: paisa), although by 2019, the 1 rupee coin has the least difference.
Currency is issued regularly by the Reserve Bank of India. It manages the currency in India and has a role to play in the management of the currency under the Reserve Bank of India Act, 1934. The first series of coins with new rupee denominations came into effect on July 8, 2011.
- The history of the Indian rupee traces back to ancient India in the 6th and 6th centuries BC. Ancient India was one of the earliest issuers of coins in the world.
- Historically, the rupee was a silver coin. This had serious consequences in the 19th century when the world’s strongest economies were on the gold standard.
- India was not influenced by the Royal Order of the Council of 1825, which sought British Sterling coins in the British colonies.
- In 1835, British India adopted a mono-metallic silver standard based on the rupee coin.
- The discovery of large quantities of silver in the United States and several European colonies led to the panic of 1873, which resulted in a decline in the value of silver over gold, leading to the depreciation of the standard Indian currency decreased.
- This incident was known as the “fall of the rupee”. Long depression in Britain led to bankruptcy, rising unemployment, stagnation in public works, and a major trade crisis until 1897.
What Is The Full Form Of INR?
INR full form stands for Indian Rupee. The Indian rupee symbol “₹” was adopted by the Government of India in 2010. The first series of coins with new rupee denominations came into effect on July 8, 2011.
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