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  2. 2.  Currency in the most specific use of the word refers to money.  Currency is anything that is used in any circumstances, as a medium of exchange.  Currencies need not be physical objects.  Currency is a system of money (monetary units) in common use, especially in a nation. 2
  3. 3. Early currency Currency evolved from two basic innovations, both of which had occurred by 2000 BC. Originally money was a form of receipt, representing grain stored in temple granaries in Sumer in ancient Mesopotamia, then Ancient Egypt. Coinage These factors led to the metal itself being the store of value: first silver, then both silver and gold, and at one point also bronze. Now we have copper coins and other non-precious metals as coins. Paper money It began as a means for merchants to exchange heavy coinage for receipts of deposit issued as promissory notes by wholesalers' shops. 3
  4. 4.  Currency use is based on the concept of lex monetae; that a sovereign state decides which currency it shall use.  Currently, the International Organization for Standardization has introduced a three-letter system of codes (ISO 4217) to define currency. In general, the three-letter code uses the ISO 3166-1 country code for the first two letters and the first letter of the name of the currency. 4
  5. 5. U.S Dollar European Union U.K Pound Japanese yen Australian Dollar 5
  6. 6.  The Indian rupee is the official currency of the Republic of India.  The first series of coins with the rupee symbol was launched on 8 July 2011.  The Indian Rupee sign (INR) is the currency sign: INR for the Indian Rupee, the official currency of India. Designed by D. Udaya Kumar, it was presented to the public by the Government of India on 15 July 2010.  Before its adoption, the most commonly used symbols for the rupee were Rs, Re or, if the text was in an Indian language, an appropriate abbreviation in that language 6
  7. 7. On 5 March 2009, the Indian government announced a contest to create a sign for the Indian rupee. During the 2010 Union Budget, Finance Minister Pranab Mukherjee said that the proposed sign should reflect and capture the Indian ethos and culture. The new sign is a combination of the Devanagari letter " " (ra) and the Latin capital letter "R" without its vertical bar (similar to the R rotunda). Major banks have also started printing cheques with the new Indian rupee sign, where the traditional “₨” sign was used. In the budget speech on 28 February 2011, the finance minister, Pranab Mukherjee, announced that the sign will be incorporated in future coin issues. 7
  8. 8. Historically, the Hindi word rūpiya is derived form Sanskrit word rūpya, which means "wrought silver, a coin of silver“. The silver coin remained in use during the Mughal period, Maratha era as well as in British India. Since the silver crisis of 1873, a number of nations adopted the gold standard; however, India remained on the silver standard until it was replaced by a basket of commodities and currencies in the late 20th century. 8
  9. 9. The three Presidencies established by the British East India Company (Bengal, Bombay and Madras) each issued their own coinages until 1835. The first decimal-coin issues in India consisted of 1, 2, 5, 10, 25 and 50 naye paise, and 1 rupee. After independence, in year 2010 and 2011 for the first time ever 75, 150 and 1000 coins were minted in India to commemorate Platinum Jubilee of Reserve Bank of India, 150th birth anniversary of Rabindra Nath Tagore and 1000 years of Brihadeeswarar Temple, respectively. 9
  10. 10. Indian Banknotes  The design of banknotes is approved by the central government, on the recommendation of the central board of the Reserve Bank of India.  The current series of banknotes (which began in 1996) is known as the Mahatma Gandhi series.  Banknotes are issued in the denominations of 5, 10, 20, 50, 100, 500 and 1000. 10
  11. 11. Exchanges for Currency Trading Exchanges engaged in currency futures in India NSE-Started in Aug, 2008 MCX-SX- Started in October, 2008 BSE-Started in October, 2008 USE-Started in 31st Aut,2010 11
  12. 12. Convertibility & Exchange rates 12
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