Asian Numismatic NEWS

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BANK OF BENGAL ,FARMAN,etc

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EAST India company 1862 bank note

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INDIA STOCK NOTE 1891 FOR 100 RUPEES ISSUED BY ALLAHABAD CIRCLE,[similar to USA,P-280 USA 1860-91]A VERY RARE uncatalogued bank note of'' India stock note 1891''; with a small hole cancellation; as all notes are cancelled due to an financial crisis of the world starting IN USA spreading to commonwealth and to INDIA. AN HISTORICAL PIECE .A MUST HAVE FOR RARE NOTES OF THE WORLD.
SIMILAR NOTE WAS ONLY ISSUED IN USA ONLY IN 1861-1890 with interest coupon attached.
INTEREST BEARING NOTES OF USA UNDER THE A CT OF 17-3-1861 [0897]
P 280 50$ eagle at center 7-3 / 10 % interest for 3 years coupons attached and printed with the bank note to be detached later as in INDIA STOCK NOTE OF 1890 WITH 4% INTEREST COUPON ATTACHED

1 rupee KRK menon,Ambegowkaer NO 1 and 2

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GANDHI,10 rupees;NEHRU 5 rupees rare

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In 1957, decimalisation occurred and the rupee was now divided into 100 Naye Paise (Hindi for new paisas). After a few years, the initial "Naye" was dropped. However many still refer to 25, 50 & 75 paise as 4, 8 and 12 annas respectively, not unlike the now largely defunct usage of "bit" in American English for 1/8 dollar. However the usage is in decline.
After Independence of India, the government brought out the new design Re. 1 note in 1949. Initially it was felt that the King's portrait be replaced by a portrait of Mahatma Gandhi. Finally however, the Lion Capital of Asoka was chosen. The new design of notes were largely along earlier lines. In 1953, Hindi was displayed prominently on the new notes. The economic crisis in late 1960s led to a reduction in the size of notes in 1967. High denomination notes, like Rs. 10,000 notes were demonetised in 1978.

The "Mahatma Gandhi Series" was introduced in 1996. Prominent new features included a changed watermark, windowed security thread, latent image and intaglio features for the visually handicapped.

George VI 5RS front face & sideface musham3@gmail.com,

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India has been one of the earliest issuers of coins in the world (circa 6th Century BC), along with the Chinese wen and Lydian staters. The origin of the word "rupee" is found in the word rūp or rūpā, which means "silver" in many Indo-Aryan languages such as Hindi. The Sanskrit word rupyakam means coin of silver. The derivative word Rūpaya was used to denote the coin introduced by Sher Shah Suri during his reign from 1540 to 1545 CE. The original Rūpaya was a silver coin weighing 175 grains troy (about 11.34 grams) [1]. The coin has been used since then, even during the times of British India. Formerly the rupee was divided into 16 annas, 64 paise, or 192 pies. In Arabia and East Africa the British India rupee was current at various times, including the paisa and was used as far south as Natal. In Mozambique the British India rupees were overstamped, and in Kenya the British East Africa company minted the rupee and its fractions as well as pice. It was maintained as the florin, using the same standard, until 1920. In Somalia the Italian colonial authority minted 'Rupia' to the exact same standard, and called the paisa 'besa'. Early 19th century E.I.C. rupees were used in Australia for a limited period. Decimalisation occurred in Ceylon in 1872, India in 1957 and in Pakistan in 1961.

Among the earliest issues of paper rupees were those by the Bank of Hindustan (1770-1832), the General Bank of Bengal and Bihar (1773-75, established by Warren Hastings), the Bengal Bank (1784-91), amongst others.

Historically, the rupee was a silver based currency. This had severe consequences in the nineteenth century, when the strongest economies in the world were on the gold standard. The discovery of vast quantities of silver in the U.S. and various European colonies resulted in a decline in the relative value of silver to gold. Suddenly the standard currency of India could not buy as much from the outside world. This event was known as "the fall of the Rupee."

During British rule, and the first decade of independence, the rupee was subdivided into 16 Annas. Each Anna was subdivided into either 4 pices, or 12 pies.

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bank of china CHEQUES OF CALCUTTA BRANCH

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Bank of China，or Bank of China Limited in full, is one of China’s four state-owned commercial banks. Its businesses cover commercial banking, investment banking and insurance. Members of the group include BOC Hong Kong, BOC International, BOCG Insurance and other financial institutions. The Bank provides a comprehensive range of high-quality financial services to individual and corporate customers as well as financial institutions worldwide. In terms of tier one capital, it ranked 18th among the world’s top 1,000 banks by The Banker magazine in 2005.

The Bank is mainly engaged in commercial banking, including corporate and retail banking, treasury business and financial institutions banking. Corporate banking is built upon credit products, to provide customers with personalized and innovative financial services as well as financing and financial solutions. Retail banking serves the financial needs of the Bank’s individual customers, focusing on providing them with such services as savings deposit, consumer credit bankcard and wealth management business. Treasury business includes domestic and foreign-currency trading and investment, fund management, wealth management, value-secured debt business, domestic and overseas financing and other fund operation and management services. Financial institution banking refers to services offered to banks, securities brokerages, fund companies and insurance companies worldwide ranging from clearing, inter-bank lending to agent and custodian services. As a Chinese financial institution with a history of almost a hundred years, the Bank is well known for its continuous business innovations, introducing many brand new products and services in the domestic banking industry, while paying regard to the need for prudence in its operations. It is widely recognized and commended by its peers and customers in international settlement, foreign exchange, trade finance, etc.

Over the past century, Bank of China played an important role in China’s financial history. It was established in 1912 pursuant to the approval of Mr. Sun Yatsen. In the following 37 years until the founding of the People’s Republic of China in 1949, the Bank served as the central bank, international exchange bank and specialized foreign trade bank successively. As the pillar of the country’s financial industry, Bank of China was committed to serving the public and developing the domestic financial sector. During these volatile years, the Bank strived to expand its presence in the market by prudent operation and aggressive reform, leading the market in many areas of its operations for a long period. Having branched out into overseas market, the Bank opened a brilliant chapter in China’s modern and contemporary banking history.

In 1949, Bank of China became the state-designated specialized foreign exchange bank and substantially contributed to development of foreign trade and the national economy. In 1994 and following the entrenchment of the reform of the financial sector, Bank of China was converted into a wholly state-owned commercial bank. Together with the other three wholly state-owned commercial banks, it constituted pillars of the country’s financial industry.

In 2003, it was named by the State Council as one of the pilot banks for joint-stock reform of wholly state-owned commercial banks. In order to develop itself into an internationally competitive modern joint-stock commercial bank with abundant capital, strict internal control, secure operations, and sound service and performance, Bank of China further improved corporate governance mechanism, strengthened risk management and internal control, integrated management processes and business processes, promoted human resource management reform, accelerated product and service innovation, and steadily pushed ahead joint-stock reform. On August 26, 2004, Bank of China Limited was formally incorporated in Beijing as a state-controlled joint stock commercial bank, turning a new chapter in its history and signaling a huge step forward in becoming a modern joint stock commercial bank with good corporate governance practices.

Bank of China is the most internationalized commercial bank in China. BOC London Branch, the first overseas branch of the Chinese banks, was established in 1929. From then on, the Bank successively opened branches in global financial centers, and has built up its network in 27 countries and regions. Currently, it had over 10000 domestic operations and over 600 overseas operations. In 1994 and 1995, Bank of China became the note issuing bank in Hong Kong and Macao respectively. It was the first among Chinese banks to recruit international experts and to introduce modern business management concepts into its operations with a view to become a premiere international bank.

On July 14, 2004, Bank of China became the sole banking partner of Beijing 2008 Olympic Games. The Bank will offer efficient and quality financial services to domestic and foreign customers. It will promote the Olympic spirits and contribute to the success of this magnificent sports event, thereby improving its corporate image and its value to the community.

Bank of China has received wide recognition from its peers, customers and authoritative media for the credit and performance it achieved in past years. It has been awarded “Best Bank in China” and “Best Domestic Bank in China” by Euromoney for eight times; it has been included in the Fortune Global 500 for 16 consecutive years; in addition, it was awarded “Best Domestic Bank in China” by The Asset, awarded “Best Trade Finance Bank in China” and “Best Foreign Exchange Bank in China” by Global Finance, and awarded “the Top 10 Product Service Enterprises in China” by Far Eastern Economic Review; since BOC Hong Kong was restructured and listed in the Hong Kong stock market, it has been the winner of many significant awards, including “Best IPO Investor Relation Award” issued by the Investor Relations Magazine and “ Best Transactions” and “Best Privatization Award” issued by Asian Finance.

In the past century, Bank of China was deeply relied on by customers thanks to its sound operation, strong capacity, advanced products and rich experience. It has built up a splendid brand and established a long-term stable cooperative relationship with its customers. Being customer-centered and market-oriented, Bank of China will improve corporate governance in pursuit of sound benefits, and develop into a leading international bank. Depending on strong capacity, worldwide network, advanced products and rich experience, it is dedicated to offering customers with a full range of high-quality banking services.

BANK OF CHINA OPENED ITS BRANCH IN CALCUTTA CLOSED IN 1941

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Company History:

Bank of China (BOC) is that country's oldest bank, and also one of its four largest banks, with assets of more than $433 billion--which also places it in the top 20 banks worldwide. BOC's function as the country's foreign exchange specialist for more than 40 years has made it the country's most international bank, with 580 branches and subsidiaries in 26 countries. At home, Bank of China is backed up by a network of more than 12,000 branch offices. Altogether, the bank employs nearly 193,000 people. Although BOC remains under Chinese government control, its subsidiary Bank of China (Hong Kong) Limited is the first Chinese-held bank to list on a foreign stock exchange. BOC offers a full range of traditional banking services, including commercial, private, and investment banking, foreign currency deposit and exchange services, as well as assets management and insurance services. BOC also holds note-issuing privileges in Hong Kong and Macau. Since the start of the 2000s, BOC has been undergoing a steady restructuring of its operations in order to shrug off the poor reputation of the Chinese banking industry in general as it prepares its own initial public offering (IPO). The bank's listing is slated for 2005 if it meets its restructuring targets--and the arrival of foreign banking competition after China's entry into the World Trade Organization.

Domestic Bank in the 1910s

Although China was the first civilization to introduce paper currency--in the 12th century--the country remained without a modern banking system until after the First Opium War in 1842. With China brought under colonial influence, the country opened up to foreign banks. In part by providing loans to the ruling Qing dynasty, the foreign banks quickly dominated China's economy.

Growing nationalist sentiment against the Qing government at the end of the century led to the first attempts to establish Chinese banks, beginning with the formation of the Imperial Bank of China in Shanghai in 1897. The Qing government responded by authorizing the creation of a new Chinese-owned bank in Beijing. The Bank of the Board of Revenue, as it was called, was created in 1905 and was jointly held by private citizens and the government. In 1908, the bank changed its name, to Da Qing Bank. At that time, the Qing government authorized the bank to issue money and oversee the treasury. Da Qing also coordinated the government's debts.

The Qing dynasty was overthrown during the republican revolution of 1911. The new provisional government, led by Sun Yatsen, authorized Da Qing Bank to change its name, to Bank of China. Now the Sun government's central bank, BOC became headquartered in Shanghai. In the meantime, the overthrow of the Qing dynasty and the Chinese monarchy led to the emergence of a large number of new domestic banks. These remained rather small, dwarfed by the more established foreign competitors.

BOC remained a central component of the Sun government through the troubled decades ahead. In 1928, BOC took on a new facet as the government's international exchange bank. This position was solidified with the opening of a branch office in London in 1929, marking the first time a Chinese bank had opened an office outside of China. BOC quickly extended its foreign network, and by the end of the 1940s had opened 34 branches outside of China, including a number of branches in Britain-dominated Hong Kong.

The arrival to power of the Communist government under Mao marked a new era for BOC as well. Foreign banks were forced to exit the country. At the same time, the domestic banking sector was brought entirely under government control and reformed into four primary bodies. BOC, which remained one of the country's four prominent banking operations, was then specialized as the government's foreign exchange bank, responsible for foreign trade and international banking operations.

BOC remained China's most public banking face as the country plunged into some three decades of political and economic isolation from the rest of the world. At the end of the 1970s, however, the Chinese government became determined to end its attempt at self-sufficiency, and instead initiated a thaw in its international relations--and a gradual relaxation of its economic policies.

BANK OF CHINA OPENED ITS BRANCH IN CALCUTTA IN 1937

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BANK OF CHINA OPENED ITS BRANCH IN CALCUTTA IN 1937 CLOSED IN 1941 BUT ITS TRANSACTIONS WERE CONTINUED TILL 1950?

History of BOC's expansion outside (mainland) China
Tokyo branch.
New York branch.
Bank of China building in Singapore.

1917 BOC opened a branch in Hong Kong.
1929 BOC opened its first overseas branch in London. The branch managed the government's foreign debt, became a center

for the bank's management of its foreign exchange, and acted as an intermediary for China's international trade.
1931 BOC opened a branch in Osaka.
1936 BOC opened a branch in Singapore to handle remittances to China of overseas Chinese. It also opened an agency in New

York.
1937 At the outbreak of hostilities with Japan, Japanese forces blockaded China's major ports. BOC opened a number of

branches overseas to facilitate the gathering of remittances and the flow of military supplies. BOC opened branches in

Batavia, Penang, Kuala Lumpur, Haiphong, Hanoi, Rangoon, Bombay, and Calcutta. It also opened sub-agencies in Surabaya,

Medan, Dabo, Xiaobo, Batu Pahat, Baichilu, Mandalay, Lashio, Ipoh, and Seremban.
1941 and 1942 The Japanese conquest of South East Asia forced BOC to close all overseas its branches, agencies, sub-

branches and sub-agencies, except London, New York, Calcutta, and Bombay.
1942 BOC set up six new overseas branches, including those at Sydney, (Australia), Liverpool, and Havana, and possibly

Karachi.
1946 BOC reopened its branches and agencies in Hong Kong, Singapore, Haiphong, Rangoon, Kuala Lumpur, Penang, and

Jakarta. It moved the Hanoi agency to Saigon. At the suggestion of the Allied Forces Headquarters, it liquidated the branch

in Osaka and opened a sub-branch in Tokyo.
1947 BOC opened agencies in Bangkok, Chittagong, and Tokyo.
1950 Some of the branches of Bank of China joined the bank headquartered in Beijing — i.e., Hong Kong, Singapore,

London, Penang, Kuala Lumpur, Jakarta, Calcutta, Bombay, Chittagong, Karachi, and Jakarta — while others — New York, Tokyo,

Havana, Bangkok, and one other, possibly Panama — opted to remain with the Bank of China headquartered in Taipei. In 1971,

this bank took the name International Commercial Bank of China.
1963 The Burmese government nationalized all banks, foreign and domestic, including the Bank of China's Rangoon branch.

Bank of china bonds before civilwar in china

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Republic of China along with the "Big Four" banks of the period: the Central Bank of China, Farmers Bank of China and Bank of Communications. Although it initially functioned as the Chinese central bank, in 1948 the People's Bank of China replaced it in that role. Subsequently, BOC became a purely commercial bank.

After the Chinese civil war ended in 1949, the Bank of China effectively split into two operations. Part of the bank relocated to Taiwan with the Kuomintang (KMT) government. It was privatised in 1971 to become the International Commercial Bank of China (中國國際商業銀行). It has subsequently merged with the Taiwan Bank of Communications (Chiao Tung Bank, 交通銀行) to become the Mega International Commercial Bank (兆豐國際商業銀行). The Mainland operation is the current entity known as the Bank of China.

It is the second largest lender in China overall, and the 5th largest bank in the world by market capitalization value[2]. Once 100% owned by the central government, via Central Huijin Investment and National Council for Social Security Fund (SSF), an IPO of its shares took place in June 2006, the free float is at present over 26%.

It is the most international of China's banks, with branches on every inhabited continent. Outside of mainland China, BOC also operates in 27 countries including:

Bank of china bond backside used in calcutta rare

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the history of the Bank of China

„Bank of China“(BOC) is China’s oldest bank (founded in 1912) and one of the four largest banks of the country. By amounting assets of approximately $433 billion, it is also one of the Top 20 richest banks in the world. The BOC has gained wide reputation as being expert in foreign exchange dealing since 40 years and thus is seen as the most international bank of the country, having more than 580 branches and offices in 26 countries. Within the country, the bank operates a network consisting of 12.000 branches and nearly 200.000 employees.

Although the BOC itself is subordinate to the control of the Chinese government, it’s Hong Kong subsidiary company „Bank of China (Hong Kong) Limited“acts as first Chinese bank that got listed on the foreign stock exchange. It strives for building up the BOC to a market-and consumer-oriented institution for banking services of world-class, and this shall be reached by means of a stable corporate structure, which shall able to secure excellent services for a long time to come

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Samudra manthan; or The churning of the ocean of milk is one of the most famous episodes in the Puranas and is celebrated in a major way every twelve years in the festival known as Kumbha Mela. The story appears in the Srimad Bhagavatam, the Mahabharata and the Vishnu Purana.
The story of Samudra Manthan
Kurma Avatar of Vishnu, below Mount Mandara, with Vasuki wrapped around it, during Samudra manthan, the churning of the ocean of milk. ca 1870.

Once Indra, the King of Gods, while riding on an elephant came across a sage named Durvasa who offered him a special garland. Indra accepted the garland but put in on the trunk of the elephant. The elephant was irritated by the smell and it threw the garland on the floor. This enraged the sage as the garland was a dwelling of Sri (fortune) and was to be treated as prasada. Durvasa Muni cursed Indra and all devas to be bereft of all strength, energy, and fortune.

In battles that followed this incident, Devas were defeated and Asuras (demons) led by king Bali, gained control of the universe. Devas sought help from Lord Vishnu who advised them to treat asuras in a diplomatic manner. Devas formed an alliance with asuras to jointly churn the ocean for the nectar of immortality and to share it among them. However, Lord Vishu told Devas that he would arrange that they alone obtain the nectar.

Churning the Milky Ocean

The churning of the Ocean of Milk was an elaborate process. Mount Mandaranchal was used as the dasher (churning tool), and Vasuki, the king of serpents, became the churning rope. The gods held the tail of the snake, while the demons (Asuras) held its head, and they pulled on it alternately causing the mountain to rotate, which in turn churned the ocean. However, once the mountain was placed on the ocean, it began to sink. Vishnu in his second incarnation, in the form of a turtle Kurma, came to their rescue and supported the mountain on his back.

Note that the Mahabharata version of the story differs in many respects from the one in the various Puranas such as Bhagawat, Brahma-vaivarta, and Agni. For example, in Mahabharata, it was not Vishnu who took the Kurma avatara, but the Akupara, the king of tortoises, who did it on request from Devas and Asuras.

Halahal =kalakuta

During the Samudra Mathan by the gods and demons, a pot of poison, Halahala, also came out of the ocean. This terrified the gods and demons because the poison was so toxic that it might have destroyed all of creation. On the advice of Vishnu, gods approached Shiva for help and protection. Out of compassion for living beings, Shiva drank the poison. It was so potent that it changed the color of Shiva's neck to blue. For this reason, he is also called Neelakantha (the blue-necked one, nīla = "blue", kantha = "throat").

Ratnas

All kinds of herbs were cast into the ocean and fourteen Ratnas (gems or treasures) were produced from the ocean and were divided between asuras and gods. These were

Lakshmi, the Goddess of Fortune and Wealth -Vishnu's consort
Kaustubha, the most valuable jewel in the world
Parijata, the divine flowering tree with blossoms that never fade or wilt
Varuni, goddess and creator of alcohol
Dhanvantari, the doctor
Chandra, the moon
Kamadhenu, the wish-granting divine cow
Kalpavriksha, the wish-granting tree
Airavata, the elephant of Indra
Apsaras, various divine nymphs like Rambha, Menaka, Punjikasthala, etc.
Uchhaishravas, the divine 7-headed horse
Sharanga, the bow of Vishnu
Shankha Vishnu's conch
Amrita the nectar of immortality.

This list varies from Purana to Purana and is also slightly different in the epics, the Ramayana and Mahabharata

The nectar of immortality

Finally, Dhanvantari, the heavenly physician, emerged with a pot containing amrita, the heavenly nectar of immortality. Fierce fighting ensued between devas and asuras for the nectar. To protect the nectar from asuras, devas hid the pot of nectar at four places on the earth - Prayag (Allahabad), Haridwar, Ujjain and Nasik. At each of these places, a drop of the nectar spilled from the pot and it is believed that these places acquired mystical power. A Kumbh Mela is celebrated at the four places every twelve years for this reason.

However, the Asuras eventually got hold of the nectar and started celebrating. Frightened, devas (demigods) appealed to Vishnu, who then took the form of Mohini. As a beautiful and enchanting damsel, Mohini distracted the asuras, took the amrita, and distributed it among the Adityas, who drank it. One asura, Rahu, disguised himself as a deva and drank some nectar. Due to their luminous nature, the sun god Surya and the moon god Chandra noticed the switching of sides. They informed Mohini. But before the nectar could pass his throat, Mohini cut off his head with her divine discus, the Sudarshana Chakra. The head, due to its contact with the amrita, remained immortal. To gain revenge on the sun and moon for exposing this, the immortal head occasionally swallows the sun or the moon, causing eclipses. Then, the sun or moon passes through the opening at the neck, ending the eclipse.

The story ends with the rejuvenated Adityas defeating the asuras.

Symbolism of Samudra manthan

The story represents the spiritual endeavor of a person to achieve self-realisation through concentration of mind, withdrawal of senses, control of desires and practice of austerities and asceticism.

The Devas and Asuras represent the positives and negatives respectively of one's personality. The participation of both the Devas and the Asuras signifies that when one is seeking bliss through spiritual practice, one has to integrate and harmonise both the positive and negative aspects and put both the energies to work for the common goal.
The ocean of milk is the mind or the human consciousness. The mind is like an ocean while the thoughts and emotions are the waves in the ocean.
Mandhara, the mountain symbolises concentration. The word Mandhara is made up of two words Mana (mind) and Dhara (a single line) which means holding the mind in one line. This is possible only by concentration.
Mount Mandhara was upheld by Lord Vishnu as a Kurma (tortoise). The tortoise here symbolises the withdrawal of the senses into oneself (just as a tortoise withdraws its head into its shell) as one practices mental concentration and meditation or contemplation.
Vasuki symbolises desire. Vasuki used in the churning of the ocean denotes that the Devas and the demons held desire (to seek immortality) as a rope and churned the mind with the help of concentration and withdrawal of the senses. Desire, if not controlled will overpower and destroy an individual.
The Halahala poison symbolises suffering and pain (counter-reaction of the mind and body) that one undergoes at the beginning of spiritual sadhana (practice). When the mind is subjected to intense concentration, the first thing that comes out of the process is intense suffering and great inner turmoil. These must be resolved otherwise further progress is not possible.
Lord Shiva symbolises the ascetic principle. His role in this story as the consumer of poison suggests that one can deal with the early problems of spiritual life by cultivating the qualities of Lord Shiva, namely, courage, initiative, willingness, discipline, simplicity, austerity, detachment, compassion, pure love and asceticism.
The various precious objects that come out of the ocean during the churning stand for the psychic or spiritual powers (Siddhis) which one gains as s/he progresses spiritually from stage to stage. The seeker should be careful about these powers as they can hamper her/his progress unless s/he uses them judiciously, not for selfish gains but for others' welfare. This is the reason why the Gods and demons distributed these objects as they did not want to lose sight of their original aim which was to gain immortality.
Dhanvantari symbolises health and signifies that immortality (longevity, to be correct) or spiritual success can be achieved only when the body and the mind are in a perfect state of health.
Mohini symbolises delusion of the mind in the form of (or originating from) pride. It is the pride of achievement to which the asuras or the demons succumbed and thus lost sight of their goal. Pride and egoism are the last hurdles one has to overcome in spiritual life before experiencing self-realisation.
The Amrit symbolises the ultimate achievement of the goal of self-realistion.
Lakshmi represents universal enrichment which comes as an automatic by-product of the internal self-realization or Amrita

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British India, 1861-1947

In 1861, the Government of India introduced its first paper money, 10 rupee notes. These were followed by 20 rupee notes in 1864, 5 rupees in 1872, 10,000 rupees in 1899, 100 rupees in 1900, 50 rupees in 1905, 500 rupees in 1907 and 1000 rupees in 1909. In 1917, 1 rupees notes were introduced.

The Reserve Bank of India began note production in 1938, issuing 2, 5, 10, 100, 1000 and 10000 rupee notes, while the Government continued to issue 1 rupee notes.

Independent Issues, 1949-

After independence, new designs were introduced to remove the portrait of the King. The government continued to issue the 1 rupee note, while the Reserve Bank issued other denominations, including the 5000 and 10,000 rupee notes introduced in 1949. In the 1970s, 20 and 50 rupee notes were introduced but denominations higher than 100 rupees were demonetized in 1978. In 1987, the 500 rupee note was introduced, followed by the 1000 rupees in 2000.

RUPEE value basket from silver to GOLD,musham,

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Historically, the rupee, derived from the Sanskrit word raupya, which means silver, was a silver coin. This had severe consequences in the nineteenth century, when the strongest economies in the world were on the gold standard. The discovery of vast quantities of silver in the U.S. and various European colonies resulted in a decline in the relative value of silver to gold. Suddenly the standard currency of India could not buy as much from the outside world. This event was known as "the fall of the rupee."

In 1898, the rupee was tied to the gold standard through the British pound by pegging the rupee at a value of 1 shilling 4 pence In 1920, the rupee was increased in value to 2 shillings 10 rupees = 1 pound. However, in 1927, the peg was once more reduced,13⅓ rupees = 1 pound. This peg was maintained until 1966, when the rupee was devalued and pegged to the U.S. dollar at a rate of 7.5 rupees = 1 dollar at the time, the rupee became equal to 11.4 British pence. This period lasted until the U.S. dollar devalued in 1971.

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India was one of the earliest issuers of coins (circa 6th century BC). The first "rupee" is believed to have been introduced by Sher Shah Suri (1486-1545), based on a ratio of 40 copper pieces (paisa) per rupee. Among the earliest issues of paper rupees were those by the Bank of Hindustan (1770-1832), the General Bank of Bengal and Bihar (1773-75, established by Warren Hastings) and the Bengal Bank (1784-91), amongst others.

During British rule, and the first decade of independence, it was subdivided into 16 annas. Each anna was subdivided into 4 paise (also written pice) or 12 pies. Until 1815, the Madras Presidency also issued a currency based on the fanam, with 12 fanams equal to the rupee.
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