Independent India
Later ‘India’ got independent on 15th August 1947 and was declared republic on 26th January 1950. But till 1950, no new coins and currency notes were issued. From 1950 onwards the circulation of new coins and notes by Government of India was started. New coins consisted the denominations of 1 rupee, ½ rupee or 8 annas, ¼ rupee or 4 annas, 2 annas, 1 anna and half anna. These coins continued till 1956.
In 1957, the metric or decimal system was introduced and now the rupee was reckoned equal to a hundred paise and finally the coins issued in the new system were- 1 rupee, 50 naye paise, 25 naye paise, 10 naye paise, 5 naye paise, 2 naye paise and 1 naya paisa. In 1964, the word ‘naya’ from the coin denominations was dropped and the coins that were issued since that year bear only the term ‘paisa’ and also a new coin of 3 paise, and in 1968, the new coin of 20 paise was introduced. In 1982, the 2 rupees coin and later 5 rupees are also introduced.
The currency notes issued by the Government of India consisted the denomination from rupee 1 to rupees 2, 5, 10,20,50,100,500,1000,5000 and 10000. In view of short life of circulation and high manufacturing cost, the production of rupee 1 and rupees 2 denomination was discontinued since 1994-1995. Also to curb black money, the Government of India discontinued the printing of higher denomination currency notes of 1000/-, 5000/-, 10,000/, and demonetized them from 15th January 1978, while the 1000/-denomination is re-released in October 2000. Also the Government of India introduced denomination of 200 and 2000 new notes recently. Here it is noticeable that the Government of India also issued notes for Persian Gulf with ‘Z’ prefix and for Hajj Pilgrims with ‘HA’ prefix which later got discontinued.
This is how the adopted ‘Medium’ as in the known history of nearly 2500 years changed its various forms from ‘Barter system’ to ‘Grains’, to ‘Pieces of Metal’, like ‘Gold’, ‘Silver’, ‘Copper’, ‘Lead’, ‘Bronze’, ‘Aluminum’, ‘Steel’, and various other metals to ‘Paper’ and now in the electronic form of ‘Credit Card’, ‘Debit Card’ ‘e-payment’ and had been the silent witness of our history.
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