INR Full Form – What is INR Full Form?

What is INR Full Form?

The INR full form is Indian Rupee. INR is the official currency of India (also known as the Republic of India). All variations of INR are approved and controlled by the Reserve Bank of India(RBI). Currently 1 US dollar = 81.76 INR.

Based on the Reserve Bank of India Act of 1934, the RBI manages currency in India and performs its role in currency management. Since 2010, INR has been referred to as “₹” instead of Rs. Udaya Kumar designed and conceptualized it. The lowest value used in the nation is one rupee coin, but one Rupee was demonized in 2019.

INR Full Form -History

The currency of any country comprises a rich history. Currency plays a major role in the economy of a country. Check out the history of the Indian rupee and its various types-

• The earliest silver coin was introduced in 1540 by Sher Shah Suri whereas the earliest rupee made of paper was issued in 1770 by the Bank of Hindustan, General Bank of Bengal, and Bihar and Bengal Bank. However, the RBI that regulates the INR was established in 1935, and the first note issued was the Rs. 5. Ever since then, the currency has evolved.
• Due to the British Parliament Act of 1861, the British introduced a series of notes in India. This included Rs 10, Rs 20, Rs 50, Rs 100, and Rs 1000. These notes were called the Victoria Portrait series. However, due to forgeries, these notes were withdrawn in 1867. Following this, in 1923, notes containing the portrait of George V were introduced. These notes continued until the establishment of the RBI.
• In 1947, when India became independent, the value of the 1 INR was the same as 1 USD. There are usually two arguments to this situation. The most common one is that, in 1947, before the independence of India from the British, as the value of 1 Pound was more, the value of INR was also more. During that time, 1 Pound was about 13.37 Indian Rupees, and so the value of 1 USD was about 4.16 Indian Rupees.
• Another reason is that, back then in 1947, there was no proper metric system and because of this, all currencies had the same rate. However, in the official record, the value of 1 INR was never equal to 1 USD. The value of INR has been reduced because of several reasons. Some of the reasons for the recent denomination of 1 INR include multiple economic crises, World Bank loans, etc.

Types of INR

INR is the official currency of India. It is essential to know the types of INR to have a better understanding of the economy and financial status of India. The various types of INR in coins and rupees are listed below.

INR Coins

• One Rupee
• Two Rupee
• Five Rupee
• Ten Rupee

INR Notes

• One Rupee
• Two Rupee
• Five Rupee
• Ten Rupee
• Twenty Rupee
• Fifty Rupee
• One Hundred Rupee Note
• Two Hundred Rupee Note
• Five Hundred Rupee Note
• Two Thousand Rupee Note

INR Full Form – Security Issues

Duplication of the Indian Rupee can be a serious security issue and can cause deterioration of the economy. The implementation of security features is essential for the safekeeping of the originality of the Indian Rupee. Check out the security issues that need to be kept in mind for better understanding.

• Insert security thread
• Use Identification marks
• Watermarking
• Use of optically variable ink
• Fluorescence

INR Full Form – Key Points

Check out the key points of the Indian Rupee (also known as INR). INR includes various types of coins and notes. Check out the important points to remember regarding Indian Rupee.

• The INR, also known as Rupees, derived its name from the 16th-century silver coin “rupiya”.
• The Indian economy was primarily cash-based causing the circulation of forged notes by criminals.
• To influence successful exchange rates, the RBI works the USD/INR currency market.
• Indian notes of Rs. 500 and Rs. 1000 were demonetized to curb the underground economy by the Government of India.
• Some of the micro-printed texts on the new INR series include “Bharata” and “ RBI”.

As a citizen of India, it is the responsibility of everyone to know about the INR. Like the full form of INR, this article has more such information. You can use this to improve your knowledge or when you are preparing for the banking examination.

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