INR Full Form Name: INR Meaning
Full
Form of INR :
Indian
Rupee
INR
Full Form is Indian Rupee. Every
country has a specific currency and an abbreviation for that currency. The
Indian currency is termed as INR or in other words Indian Rupee. In fact,
INR is the official ISO code given to the Indian currency. It came into use
after gaining independence in 1947. Prior to that, the money had the British
Sovereign’s picture printed on the notes and coins to display the British rule
and hold over India.
Often
INR is denoted by the prefix ‘Rs.’ Followed by the number of the value of the
currency. However, the recent discovery or replacement for INR is ‘₹’. The
Indian Rupee used to be represented as “Rs.” in earlier times. However, the new
Rupee symbol that is in use now is “`”This new code was officially adopted in
the year 2010. The symbol was taken from Devanagari consonant, which denotes
‘ra’.
DIFFERENT
FORMS OF INR
Indian
Rupee is available in two forms. They are Coins and Notes. Indian rupee is the
note form of the currency and the smaller denominations in coins are called
“paise”. The “Coin” form of the Indian Rupee has the denominations of 1 Rupee,
2 Rupees, 5 Rupees, and 10 Rupees. In the past, there were coins of the value
of 5 paisa, 10 paisa, 20 paisa, 25 paisa, 50 paisa. Recently, RBI (Reserve Bank
of India) removed those denominations from the Indian financial system. One
Indian Rupee is made up of 100 paise.
However,
over the period of time, all the lower denomination coins, now including the 25
paise one have been discontinued and only available and running currency in the
market is coins of 50 paise, 1 rupee, 2 rupees, 5rupees and 10 rupees. The
“Notes” form of the Indian Rupee has the denominations of 10 Rupees, 20 Rupees,
50 Rupees, 100 Rupees, 500 Rupees and 1000 Rupees. Sher Shah Suri initially
created Indian Rupee during the middle ages and the value of 1-INR was 40
pieces of copper.
It
was in 1770 that paper currencies came into existence. The Indian currency is
managed by Reserve Bank, based on the India Act 1934. The Indian currency has
seen a lot of change since it was first introduced and the coin forms have also
changed. Now they no more mint coins of copper, etc and only paise are
available. In olden days, the currency was available in ½, 1 and 2 annas and
the 25 and 50 paise were available as ¼ and ½ rupee coins.
PRESENT
DAY CURRENCY
As
noted before, Indian Rupee or the currency has seen a lot of transformation
over the years. There are many commemorative coins minted to mark various
occasions. There were coins of Nehru, Gandhi, Goddess, family planning,
literacy awareness, etc. These commemorative coins are used in the market, yet
they are mostly a collector’s item and many rare coin collection enthusiasts
make it a point to add these coins to their album as memories.
The
rupee note of various denominations is safeguarded by the Reserve Bank of India
by using different security measures. Some of the important features are
Watermark, Micro-lettering, Latent image, Security thread, optically variable
ink, Identification mark and Intaglio printing amongst others. The series of
notes, especially 500 and 1000 rupees denomination have a watermark of Mahatma
Gandhi in the watermark window with lines crossing over the picture in
multi-direction.
When
the note is held at eye level, the latent image of the note’s denomination in
numeral is visible on the right side of Mahatma Gandhi’s image in a vertical
band. Micro-lettering is between the vertical band and Gandhi’s portrait and 5
and 10 rupee notes have the words “RBI” written whereas rupees 20 and above
have the denomination value printed. This is better viewed using a magnifying
glass.
Intaglio
printing means raised or embossed printing and the left side of note contain
Mahatma Gandhi’s portrait, Ashoka Pillar emblem, Reserve Bank seal and promise
and guarantee clause. The right side has the signature of the RBI Governor.
These features can be easily felt by touch.
VALUE
OF INR IN GLOBAL MARKET
India
is seen as a rising economy and thus, Indian Rupee has a good standing against
many important currencies of the world. The Reserve Bank of India has full
control over the fluctuating rate of the rupee with respect to different
currencies. According to the current market, the Indian Rupee is around 66 to 67
per US Dollar ($), 75 to 76 against Euro (€) and 96 to 97 against British Pound
Sterling (£). It is barely 61 paise against 1 Japanese Yen (¥)
The
value of rupee is determined by the demand in global market. Foreign direct
investment in the form of factory, land or interest in Indian companies as
joint ventures etc can help in boosting the price of the rupee in the market.
Other factors that can influence the rate of rupee are the export-import of the
country and the trading in Forex market.
Commodities
like oil and gas can also influence the value of the Rupee since India imports
almost 70% of oil from various countries. Government policies and effect of
global sanctions, various agreements and any bilateral treaties that are signed
can make the demand for the currency go up or down, thus fluctuating the rate
of exchange in the global market.
THE
ORIGIN OF INR
The
Government of India has the sole authority to imprint the coins and notes. The
design and denomination of the currency are also decided by the Government.
There are 4 authorized Government mints where the notes and coins are made –
Mumbai, Alipore (Kolkata), Cherlapally & Saifabad (Hyderabad) and NOIDA
(UP). Small coins are those till the value of 50 paise. Others are called
“Rupee coins” and start with the lowest denomination of 1 rupee. As per the
Government norms, coins can be issued up to the value of 1000 rupees.
Coins
and notes received from the mints are distributed for circulation in the market
through the Regional Issuing offices and sub-offices of the Reserve Bank of
India. These offices are situated in all the major cities of India like
Ahmedabad, Belapur (Navi Mumbai), New Delhi, Jammu, Patna, Mumbai, Nagpur,
Trivandrum, Chennai, Guwahati, Bhopal, Bhubaneshwar, Bangalore, Lucknow, Kolkata,
Kanpur, Chandigarh, and Jaipur. These office counters issue the currency
directly to the public as well as send them to currency chests and coin depots.
In
order to facilitate easy obtain of coins, there are coin dispensing machines
installed in certain Regional offices of the RBI. There are single window
counters in many of RBI offices where the public can get packed pouches of
coins in various denominations. Reserve Bank has started the facility of mobile
counters in important commercial and market areas in order to exchange soiled
or torn notes in favor of coins.
IMPORTANCE
OF INR
When
you purchase anything anywhere in the world, it is always in exchange for some
monetary payment. In India, the purchasing power lies in the Indian Rupee. All
payments to residents of India are to be made in Indian Rupees as per law.
However, when there are transactions with any foreign parties and the payment
is remitted in foreign currency, it invariably gets converted to INR before
being deposited in your bank account. In this case, the money obtained in
foreign currency is converted to INR as per that day’s current market exchange
rate of currency.
The
rupee has got a tremendous purchase power and without money, it is impossible
to survive in this world as money has got the importance of being a means of
survival for an individual. Every place we go be it market, institutions or
hospitals, money is required everywhere to make the life move forward. As far
as selling and buying of currency is involved, the buying rate is always higher
than the selling rate. The value of Indian Rupee also varies from day to day
and therefore the US$ that ticked at 47 rupees a few years ago has crossed the
60 mark.