Indian currency (Indian Rupee, INR) in forex
Note 1 - The Indian Rupee is the currency of India. The currency is called The Rupee because Rupee translated into English means silver, which is what the coins used to be made of. The Reserve Bank of India is responsible for controlling the distribution of the currency. The most widely used symbol for the rupee is Rs. The ISO 4217 code for the Indian currency is INR and the modern Rupee can be divided into 100 Paise (singular Paisa).
In most parts of India, The Rupee is also known as The Rupee, Roopayi, Rupaye, Rubai or any of the other terms derived from the Sanskrit rupyakam, Raupya meaning silver and rupyakam meaning coin of silver. However in West Bengal, Tripura, Orissa, and Assam, Bengali, Oriya and Assamese languages are spoken. Thus The Rupee is known as a Taka and is written as such on Indian banknotes.
Note 2 - As of 1st June 2000, foreign exchange transactions in India became more progressive in accordance with the Foreign Exchange Management Act, 1999 (FEMA). Previously, The bank of India was required to give their permission to foreign exchange dealers before they were able to make any transactions. Today, however, permission from the Bank of India is no longer necessary and foreign exchange dealers are able to make transactions freely provided they adhere to present rules.
Note 3 - In the early to mid 20th century, countries of the Persian Gulf and Arabian Peninsula widely used the Indian rupee as a common currency. External use of the rupee lead to gold smuggling which damaged India's foreign reserves significantly. In order to combat this a seperate currency was created. The Gulf rupee was introduced by the Indian government in 1959 as a replacement for the Indian rupee, to be used for circulation exclusively outside the country . At this time, the Indian rupee was being traded to the British pound at a rate of 13 rupees for 1 pound.
Both Kuwait and Bahrain would later replace the Gulf Rupee with their own currencies (the Kuwaiti dinar and the Bahraini dinar) after gaining their independence from Britain in 1961 and 1965, respectively.
On June 6 1966, India devalued the rupee. To avoid having their shared currency be devalued, several states using the Rupee instead chose to adopt their own currencies. The Qatar and Dubai riyal was adopted by Qatar and most of the Trucial States, while the Bahraini dinar was adopted by Abu Dhabi. Oman was alone in continuing to use the Gulf rupee, with the government establishing the currency at its previous trading rate to the Brittish pound. In 1970 The Gulf Rupee was replaced by Oman with its own Rial.
Banknotes are issued by the Indian government in denominations of 1 Rupee and by the Reserve Bank of India in denominations of 5, 10 and 100 rupees. The notes' designs are very similar to that of the Indian notes but differ in that fact that they are printed in variant colours.
Note 4 - Any money in convertible currencies such as bills, travellers' cheques, drafts cheques, etc., which tourists wish to change into Indian currency, should exclusively be exchanged through banks that are willing to give back a certificate stating that the transaction occurred or through authorized money changers. This certificate is important because it is required when one wants to re-convert any unspent money bcak into foreign currency. Any exchange of foreign currency at places other than authorized money changers or banks is considered a criminal offense.