INR Full Form

The long form of INR is Indian Rupee. Therefore, INR is the official currency of the Republic of India which is approved and controlled by the Reserve Bank of India (RBI). Earlier in 1957, the Indian rupee was divided into 100 paise and was calculated as 1 Rupee = 100 paise. There was also the small denomination of INR such as 1 paisa, 2 paise, 5 paise etc. which have been removed now. Nowadays, the Indian Rupee (also known as INR bank full form) can be found in the denominations of coins and notes. The coin denomination includes the 1, 2, 5 and 10 rupee coins, whereas, the denomination of notes contains 1, 2, 5, 10, 20, 50, 100, 500 and 2000 rupee notes. 

INR long form i.e., the Indian Rupee was believed to be first introduced in the Middle Ages (1486-1545). It was introduced at a value of one rupee per 40 copper pieces by the Sher Shah Suri. While in the year 1770, the first-ever paper notes were issued. A rupee was first divided into (or equal) to16 annas during or after the British rule. 

In 2010, the Government of India adopted "₹" as a symbol of the Indian rupee (Indian currency full form). This symbol is derived from the Devanagari consonant "ऱ".

Therefore, in this article, we have provided information on the different types of INR and the role of RBI in issuing Indian currency. One can also refer to this page to get an idea of INR full form.

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History of Indian Rupee

The history of the Indian Rupee (INR rupee full form) dates back to the Middle Ages when Sher Shah Suri introduced it for the first time. A rupee was first divided into (or equal) to16 annas during or after the British rule and later in 1957, it was divided into 100 paise.

The new rupee sign (₹) for Indian currency was officially adopted in 2010 which was designed by D. Udaya Kumar. It was derived after combining the Devanagari consonant "र" and the Latin capital letter "R" without its vertical bar. It is believed that the parallel lines at the top of the new INR symbol make an allusion to the tricolour Indian flag and symbolises an equality sign to reduce economic disparity. On 8 July 2011, the first series of coins having the new rupee sign were circulated. Prior to, this, India used the symbol of "₨" and "Re" as an abbreviation against INR long form.

The demonetisation of ₹500 and ₹1,000 banknotes was announced on 8 November 2016 by the Government of India, making those notes invalid with effect from midnight of the same day. Later, on 10 November 2016, a newly redesigned series of ₹500 banknotes was introduced along with an addition of a new denomination of ₹2,000 banknotes. The earlier used ₹1,000 note was suspended or made invalid since then.

A new denomination of ₹200 banknotes was added to the Indian currency on 25th August 2017 in order to fill the gap of this note which was in high demand after demonetisation. The redesigned series of ₹100 banknotes were also introduced by RBI in July 2018.

INR and its Role in Indian Currency

The Reserve Bank Of India (RBI) is solely responsible for the management of Indian currency based on the Reserve Bank of India Act of 1934. The Currency Department of RBI attends has been given the core statutory role for issuing Indian notes and coins along with currency management. Therefore, the role of RBI mainly includes forecasting the demand for fresh notes and coins. Along with placing the indent with four printing presses and mints, it is also responsible for receiving supplies against those indents and distributes them throughout the 18 Bank offices, currency chests networks, repositories and small coin depots.

Denominations like 50 paise 1 rupee, 2 rupees 5 rupees and 10 rupee coins are issued in different metals by the RBI. It also issues Indian banknotes in amounts of one, two, five, ten, twenty, fifty, hundred, two hundred, five hundred, and two thousand. These denominations except the one rupee note, appear on the opposite end of Mahatma Gandhi’s portrait. The one rupee note, on the other hand, bears a picture of a rupee-coin.

Types of INR

There are various denominations of Indian Rupees (INR full name) that are currently used in India and are listed below. These variations include both the denominations of coins and notes.

1. Accepted Indian Coins

• One Rupee

• Two Rupee

• Five Rupee

• Ten Rupee

2. Accepted Indian Notes

• Five Rupee

• Ten Rupee

• Twenty Rupee

• Fifty Rupee

• One Hundred Rupee Note

• Two Hundred Rupee Note

• Five Hundred Rupee Note

• Two Thousand Rupee Note

Security Issues in INR

It is very important for implementing security features in Indian rupees to maintain legitimate transactions in the Indian economy and also to avoid the chance of duplication of Indian Rupee notes. The duplication of Indian notes can lead to massive weakening and decline of the economy.

In order to avoid such duplication of notes, the following points are included:

• Attachment of safety thread in each note.

• Use of identification tags.

• Use of watermark.

• Use of fluorescence and optically variable ink.