The Reserve Bank of India was formally set up in 1935 and was empowered to issue Government of India notes. In 1862, the Victoria portrait series of bank notes and coins were issued in honour of Queen Victoria and later, many emperors followed suit. For security reasons, the notes of this series were cut in half one half was sent by post and upon confirmation of receipt, the other half was sent. Photo Source After the 1857 revolt, the British made the rupee the official currency of colonial India, with the head of King George VI replacing native designs on banknotes and coins. The oldest surviving banknote in India was issued by the Bank of Bengal – a Two Hundred and Fifty Sicca Rupees note dated September 3, 1812. Paper money was first issued in British India in the 18th century, with the Bank of Hindostan, General Bank in Bengal and the Bengal Bank becoming the first banks in India to issue paper currency. The British gold coins were termed carolina, the silver coins angelina, the copper coins cupperoon, and the tin coins tinny.

In 1717 AD, the English obtained permission from Mughal emperor Farrukh Siyar to coin Mughal money at the Bombay Mint. You May Also Like: 14 Fascinating and Perplexing Unsolved Mysteries of Indian History Despite many attempts to introduce the sterling pound in India, the rupaiya grew in popularity and was even exported as a currency to other British colonies. The silver coin remained in use during the remaining Mughal period.īy the time the British East India Company set itself up in India in the 1600s, Sher Shah’s silver rupiya had already become the popular standard currency in the country. He issued a coin of silver, weighing 178 grains, which was termed the r upiya and was divided into 40 copper pieces or paisa. Photo Source But the defining moment in the evolution of the rupee occurred when, after defeating Humayun, Sher Shah Suri set up a new civic and military administration. The commencement of the Mughal Empire from 1526 AD brought forth a unified and consolidated monetary system for the entire empire.

The currency – made in gold, silver and copper – was now referred to as tanka, with the lower valued coins being called jittals. The Delhi Sultanate also attempted to standardise the monetary system by issuing coins of different values. By the 12th century AD, the Turkish Sultans of Delhi had replaced the royal designs of Indian kings with Islamic calligraphy.

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