Indian Currency A Retrospect

The trace of paper notes goes back to the issues by the Presidency Banks to the late 18th Century.

The Presidency banks were :
Bank of Bengal,
Bank of Bombay
Bank of Madras


The monopoly of these banks to print notes came to an end when The Paper Currency Act of 1861 conferred upon Government of India.

After that Government of India kept on printing note till RBI was formed. Reserve Bank of India was established on 1 April,1935.

Verbatim:

"The motifs appearing on Indian currency notes reflect the changing socio-cultural ethos and the world-view of the times: buccaneering mercantilism, colonial consolidation, domineering imperialism, the grandeur of empire, to the symbols of National Independence followed up by allegories of progress and finally in the latest series, reminiscing Gandhian values."

"The Government of India has the sole right to mint coins. The responsibility for coinage vests with the Government of India in terms of the Coinage Act, 1906 as amended from time to time. The designing and minting of coins in various denominations is also the responsibility of the Government of India. Coins are minted at the four India Government Mints at Mumbai, Alipore(Kolkata), Saifabad(Hyderabad), Cherlapally (Hyderabad) and NOIDA (UP)"

source : RBI , Coins

http://tinyurl.com/IndianCurrency
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