Explain the history of Indian Currency.
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Indian currency has a large history. currency is the medium of exchange to satisfy the basic needs of life.
in earlier India there was no use of currency and instead there was mutual system known as barter system for exchanging of goods and services. but this created a problem that not everybody needs the product that the opposite person is selling. this is known as double coincidence of want.
after this under the Mughal rulers occurrences system of silver gold and copper coins came into effect.
later the Indian currency came into effect in the form of notes and coins. however Indian currency is without use of its own without the inscribed values in it.
Indian currency has a large history. currency is the medium of exchange to satisfy the basic needs of life.
in earlier India there was no use of currency and instead there was mutual system known as barter system for exchanging of goods and services. but this created a problem that not everybody needs the product that the opposite person is selling. this is known as double coincidence of want.
after this under the Mughal rulers occurrences system of silver gold and copper coins came into effect.
later the Indian currency came into effect in the form of notes and coins. however Indian currency is without use of its own without the inscribed values in it.
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4
The Indian rupee (sign: ₹; code: INR) is the official currency of India. The rupee is subdivided into 100 paise (singular paisa), though as of 2018, coins of denomination of 50 paise or half rupee is the lowest value in use. The issuance of the currency is controlled by the Reserve Bank of India.[3] The Reserve Bank manages currency in India and derives its role in currency management on the basis of the Reserve Bank of India Act, 1934.
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