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July 04, 2014

The Indian Currency System

24 comments

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The present monetary system of India is based on Inconvertible Paper Currency and is managed by the RBI. The present currency system is based on minimum reserve system of note issue. It was adopted in 1957, under the minimum reserve system, minimum of gold and foreign securities to the extent of Rs. 200 Crore (of which gold should be of value Rs. 115 Crore) and the balance in rupee securities is maintained.

Some Important Points  you should know
  • The symbol of India Rupee "INR" came into vague on 15th July 2010.
  • The new symbol "INR" is an amalgamation of Devanagari "र" and the Roman "R" without the stem.
  • The new symbol was designed by D. Udaya Kumar, a post graduate of IIT Bombay. 
  • Though the symbol "INR" will not be printed or embossed on currency notes or coins, it would be included in the "Unicode Standard" and major scripts of the world to ensure that it is easily displaced and printed in the electronic and print media. 
  • RBI working group on money supply headed by Y. V. Reddy recommended for dropping of post office saving deposits. Accordingly, there are now only three monetary aggregates. Those are M1, M2 and M3.
  • The revised monetary measures are 
    • M1 = Coins and Notes + Demand Deposits + Other Deposits with RBI
    • M2 = M1 + Time liabilities proportion of Saving deposits with banks + Certificates of deposits issued by Banks + Term deposit maturing within a year.
    • M3 = M2+Terms deposit with banks with maturity over 1 year + call / term borrowing of the banking system.
  • Coins are minted at four places. Those are,
    1. Mumbai
    2. Kolkata
    3. Hyderabad
    4. Noida
Devaluation of Currency :
Devaluation of currency means reducing the value of a currency by the fiscal authorities, so as to make exports cheaper and imports costlier and overcome balance of payments deficit. In India, devaluation has been resorted to four times.
  • First Devaluation : In June, 1949 (by 30.5%) 
    • Finance Minister - Dr. John Mathai
  • Second Devaluation : In June, 1966 (by 57%)
    • Finance Minister - Sachindra Chaudhry)
  • Third Devaluation : on 1st July 1991 (by 9%)
    • Finance Minister - Dr. Manmohan Singh
  • Fourth Devaluation : on 3rd July 1991 (by 11%)
    • Finance Minister - Dr. Manmohan Singh
Printing of Securities and Minting in India

Security Press
Station
Related to
India Security Press (1992)
Nasik
Postal Material, Postal Stamps etc
Security Printing Press (1982)
Hyderabad
Union excise duty stamps
Currency Note Press (1928)
Nasik
Bank notes from Rs. 1 to Rs. 100
Bank Notes Press (1974)
Dewas
Bank Notes of Rs. 20, Rs. 50, Rs.100 and Rs. 500
Modernized Currency Notes Press (1995)
Mysore (kar) Salbani (Paschim Banga)
            
Security Paper (1967-68)
Hoshangabad
Banks and Currency Notes paper

Sudhanshu Chakraborthi

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24 comments:

  1. FILL INTHE BLANK WITH APPROPRIATE OPTION
    The Bible is ……. Ancient book of Christians
    A.)AN B.)A C.)THE D.)THAT

    PLEASE SAY ANSWER OF THIS ,THIS IS AP POSTAL ASSISTANTS QUESTION

    ReplyDelete
    Replies
    1. i think the answer is "an" . send me at shivanidehli7@gmail.com ,, if u got correct answer ...,,,

      Delete
    2. The... holy book coz ..ryt

      Delete
  2. an ancient is the answer

    ReplyDelete
  3. i have filled hindi as my native language in ibpsrrb .i belong to punjab. is it minor or major mistake

    ReplyDelete
  4. mam how to save .............its not copying n no pdf too ...

    ReplyDelete
    Replies
    1. u can take printscreen and paste in paint

      Delete
  5. the Bible is an Ancient book of Christians.

    ReplyDelete
  6. Thanks team. :D

    Mahip

    ReplyDelete
  7. a man have 400 mangoes .he sold 60
    25 % gain,80 at 20% gain,120 at 10% gain and 140 at 20% loss.net gain/loss percentage .pls give ans and explanation

    ReplyDelete
    Replies
    1. Is answer is 24

      Delete
    2. Say cost price of each mangoes rs 1
      Then total cost price =400

      Now s.p.of 60 mangoes=75
      S.p. of 80 mangoes=96
      S.p. of 120 mangoes=132
      S.p of 140 mangoes=112
      Total s.p.=75+96+132+112===415
      Profit==15rs
      15/40o*100===3.75%gain

      Delete
  8. Plzz help me...i filled my DOB wrog in RRB form..can i change it

    ReplyDelete
  9. Mam I had entered my mothers name wrongly and the payment is also done......is it be a big problm in near future

    ReplyDelete
    Replies
    1. You should be more cautious while filling the application forms friend. As of now it wont cause any big trouble..

      Good luck

      Delete

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