INR Full Form

INR Full Form is Indian Rupees, and INR is the official currency of India. The symbol of INR was Rs. and Re. before 15th July 2010. Subsequently, the symbol was changed to ‘Insert Rupee Symbol’ The Reserve Bank of India approves and monitors the INR. INR is divided into paisa, and 1 INR consists of 100 paise.

RBI issues both coins and banknotes. Coins are issued in denominations of 1 rupee, 2 rupees, 5 rupees, 10 rupees and 20 rupees. Banknotes are issued in denominations of 1 rupee, 2 rupees, 5 rupees, 10 rupees, 20 rupees, 50 rupees, 100 rupees, 200 rupees, 500 rupees and 2000 rupees. The Paper Currency have different colours with different images on the reverse of the Currency. The details are as given below.

• The word Rupee is derived from the Sanskrit word Rupyakam which means silver coin.
• The evolution of the Rupee dates back to the 16th Century when Humanyun was defeated by Sher Shan, and Sher Shah issued the first silver coin weighing 178 gms which was known as Rupiya. Rupiya was in use during the Moghul Era, Maratha Regime and during British India.
• Paper currency was issued in the 18th Century for the first time by Hindostan General Bank and Bengal Bank in Bengal.
• The first paper currency issued by RBI during January 1938 was a five rupee note, and it had the portrait of King George VI.
• In 1959 One rupee note and 100 rupee note were issued specially for Haj Pilgrims to enable them to exchange it with the Saudi Arabian Currency.
• At present, the Currency is issued under the RBI Act 1934.

The economy of India is cash-based which has resulted in the circulation of fake Currency by the ones engaged in illegal activities. On account of this, RBI had to introduce novel security features over the years. Money launderers counterfeit fake notes that look identical to legal banknotes. Normally the high-value notes are replicated.

With an objective to curtail black marketing of Indian Currency, demonetisation of the Mahatma Gandhi Series 500 rupees and 1000 rupees banknotes was announced in 2016. The new Mahatma Gandhi Series with enhanced security features replaced the demonetised 500 rupee banknote.

To avert the counterfeiting and circulation of fake notes, RBI has introduced several novel security features over the years. At present, the security features of INR Currency are given below:

• Security Thread
• Micro Lettering
• Latent Image
• Watermark
• Fluorescence
• Intaglio Printing
• Optically Variable Ink
• Identification Mark
• RBI Governor’s Signature

• Subsequent to 2019, the minimum denomination used was 1 rupee
• The issuance of currency notes and coins is managed by RBI
• Demonetisation of 500 rupees and 1000 rupee notes were announced in 2016.
• 200 rupee banknotes were issued on 25th August 2017.
• In 2010 the symbol of INR was modified from Rs to ‘Insert Rupee Symbol.’
• 100 rupee banknotes were redesigned in July 2018.
• The denominations are written in 15 languages on the reverse side of the rupee notes. 
• Denominations are written in English and Hindi on the face of the rupee notes.

A coin or banknote that can be legally presented to pay off a debt or obligation is a legal tender. The coins issued by GOI under Section 6 of the Coinage Act 2011 shall be legal tender provided it has not been defaced or lost weight and is lesser than the prescribed weight. A coin of less than 1 rupee denomination can be legally tendered for an amount below 1000 rupees, and a 50 paisa coin can be legal tender for an amount below 10 rupees. Nobody can be forced to accept the denominations beyond the stipulated maximum limit unless they voluntarily accept the same.

Four currency presses produce the banknotes and coins. The Government of India owns two of them and operates through the Security Printing and Minting Corporation of India. The Reserve Bank of India owns the other two and operates through its wholly-owned subsidiary Bharatiya Reserve Bank Note Mudran Private Limited.

SPMCL has its currency presses at Nasik and Dewas. The currency presses of BRBNMPL are situated at Mysore and Salboni. Four mints owned by SPMCL mint the coins. The mints are situated in Mumbai, Kolkata, Hyderabad and Noida. Only RBI is authorised to issue and circulate coins as per Section 39 of the RBI Act.

Reserve Bank of India is only authorized to issue banknotes as per Section 25 of the RBI Act. As per Section 25, the form, material and design of the banknotes are approved by the Central Government based on the recommendations of the Central Board of RBI.

In consultation with the Central Government and other stakeholders, RBI estimates the extent of banknotes denomination-wise that needs to be minted and places indents with the various presses that print Currency.

The RBI provides clean and crisp notes to the public as per the clean note policy. The RBI examines the banknotes received back after circulation and destroys the solid and mutilated notes, and reissues notes that are fit for circulation with an objective to provide clean notes to the public.

The designing and minting of coins are the responsibility of the Government of India, and RBI only has to distribute the coins that are supplied.

You are now aware of the INR Full Form, how the Currency and coins reach us, who produces the banknotes and coins etc. You are also aware of the most important aspect of the INR, which is the security features that isolate the genuine Currency from the fake Currency. So next time you are receiving high-value Currency, you will be able to identify a counterfeit currency with the knowledge acquired.