Рупийдің тарихы: валютаның түрлері мен эволюциясы

History of the many currencies named rupee

[[File:MauryanCoin. JPG|right|thumb|250px|Silver coin of the Maurya Empire, known as Rūpyarūpa, with symbols of wheel and elephant. 3rd century BC. The term in Indian subcontinent was used for referring to a coin. As an adjective it means "shapely", with a more specific meaning of "stamped, impressed", whence "coin". It is derived from the noun rūpa "shape, likeness, image". Arthashastra, written by Chanakya, prime minister to the first Maurya emperor Chandragupta Maurya (c. 340–290 BC), mentions silver coins as rūpyarūpa, other types including gold coins (suvarṇarūpa), copper coins (tāmrarūpa) and lead coins (sīsarūpa) are mentioned [This claim is disputed]. Rūpa means form or shape, example, rūpyarūpa, rūpya – wrought silver, rūpa – form. In the intermediate times there was no fixed monetary system as reported by the Great Tang Records on the Western Regions. Sher Shah Suri, during his five year rule from 1540 to 1545, set up a new civic and military administration and issued a coin of silver, weighing 178 grains, which was also termed Rupiya. The Mughal rulers issued coins honouring the Hindu deities in 1604–1605. The coins depicting Ram and Sita were issued in both silver and gold; minting ended right after Akbar's death in 1605. The silver coin remained in use during the Mughal period, Maratha era, as well as in British India. Among the earliest issues of paper rupees include the Bank of Hindostan (1770–1832), the General Bank of Bengal and Bihar (1773–75, established by Warren Hastings), and the Bengal Bank (1784–1791). The Indian rupee was a silver based currency during much of the 19th century, which had severe consequences on the standard value of the currency, as stronger economies were on the gold standard. During British rule, and the first decade of independence, the rupee was subdivided into 16 annas. Each anna was subdivided into 4 pices. So one rupee was equal to 64 pice (paisa) and 192 pies as 1 Pice was equal to 3 pies. In 1957, decimalisation occurred and the rupee was divided into 100 naye paise (Hindi/Urdu for new paisas). After a few years, the initial "naye" was dropped. For many years in the early and mid 20th century, the Indian rupee was the official currency in several areas that were controlled by the British and governed from India; areas such as East Africa, Southern Arabia and the Persian Gulf.

Since its Independence in 1947, Indian rupee was adopted as currency in the nation. During this period almost till mid 1960's Indian rupee was also a legal tender in Trucial States, Oman, Bahrain and Kuwait.

Indian currency began with a devaluation in 1949 due to devaluation of Pound sterling. However since India's trade was largely in Pound sterling it did not register much impact like the two major devaluations of the rupee: In 1966 and 1991 in the face of economic crisis. The currency gradually shifted from Par value system to pegged system and to basket peg by 1975.

In 1991, India still had a fixed exchange system, where the rupee was pegged to the value of a basket of currencies of major trading partners. India started having the balance of payments problems since 1985, and by the end of 1990, it found itself in serious economic trouble. The government was close to default and its foreign exchange reserves had dried up to the point that India could barely finance three weeks’ worth of imports. As in 1966, India faced high inflation and large government budget deficits. This led the government to devalue the rupee. Measures were announced by the government before this drop to prevent it from dropping further, but none managed to slow down the depreciation. After continued depreciation, and high inflation, the then Prime Minister of India, Manmohan Singh, made a statement in the Parliament of India on the issue. He was of the view that, the present depreciation is partly led by global factors as well as domestic factors. He also asked the political parties to help his Government, tide over the crisis that the country was facing with rupee losing its value.

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 exactly the same standard, and called the paisa 'besa'. Early 18th century E. I. C. rupees were used in Australia for a limited period. Jammu and Kashmir issues: Maharaja Ranbir Singh introduced paper money on watermarked paper in 1877. The notes were not very popular and were in circulation for a very short period. The notes carried the 'Sun' motif of the Dogra family. Hyderabad issues: The Government of Hyderabad had made several efforts to organize private bankers to set up a banking company which could issue paper money. The British, however, resisted the attempts of Indian princely states to issue paper currency. The acute shortage of silver during the First World War and the contributions of Hyderabad State to the British war effort led them to accept, in 1918, paper currency in denominations of ₹10/ and ₹100/ issued under the Hyderabad Currency Act. The currency was designated the Osmania Sicca (OS). Rupee One and Rupees Five notes were issued subsequently in 1919 and Rupees One Thousand notes were issued in 1926. After the setting up of the India Currency Notes Press at Nasik, Hyderabad notes came to be printed there. Burma issues: Burma separated from India in 1938; however, the Reserve Bank of India acted as Banker to the Government of Burma and was responsible for note issue in terms of the Burma Monetary Arrangements Order, 1937. In May 1938 the Bank issued Burma notes which were not legal tender in India. Indo French issues: The French Indian rupee (FIR) was introduced by France's Bank of Indochina in French colonies of India. Indo Portuguese issues : The Portuguese Indian Rupia was the currency of Portuguese India until 1959. It was divisible into 16 Tangas or 960 Reis. In 1959, the currency was changed to the Portuguese Indian Escudo, at the rate of 1 Rupia for 6 Escudos. Persian Gulf issues: For many years in the early and mid 20th century, the Indian rupee was the official currency in several areas that were controlled by the British and governed from India: areas such as East Africa, Southern Arabia and the Persian Gulf. The rupees used in the Persian Gulf had been bought by the Gulf states from the Reserve Bank of India, who held the sterling reserves by which the rupees had originally been purchased. However, Indian rupees were being smuggled from India to the states of the Persian Gulf in exchange for gold. It was estimated in 1959 that the total amount of gold in private hands in India was about US$1.75 to 2 billion – roughly two thirds of the value of paper money in circulation. While it was legal to own and to trade in gold within India, it was illegal to import or export gold. The Gulf Rupee, also known as the Persian Gulf Rupee (PGR), was introduced by the Indian government as a replacement for the Indian Rupee for circulation exclusively outside the country with the Reserve Bank of India Amendment Act, 1 May 1959. After India devalued the rupee in June 1966, those countries still using it – Oman, Qatar and what is now the United Arab Emirates (known as the Trucial States until 1971) – replaced the Gulf Rupee with their own currencies. Kuwait and Bahrain had already done so in 1961 and 1965 respectively. Emergency issues, Princely states: During the 1940s, when mints were occupied for use in the war, an acute scarcity of small coins was felt throughout India. Princely states in Western India like Balvan, Bikaner, Bundi, Gondal, Indergadh, Junagadh, Jasdan, Kutch Mengni, Muli, Morvi, Mangrol, Nawanagar, Nawalgarh Palitana, Rajkot, Sailana, Sayla, Vithalgadh, issued "Cash Coupons" to meet the shortage.