Full Form of INR

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Full Form of INR - Indian Rupee

The full form of INR stands for Indian Rupee. INR is the short term for the Indian rupee, which is the official currency for the country India, and its issue is regulated and controlled by the RBI or the Reserve Bank of India, which also derives its role and functions in the currency management as per the Reserve Bank of India, 1934.

Table of contents
  • INR is an abbreviation of the Indian Rupee and is the official currency of India. The Reserve Bank of India (RBI) regulates and controls its issuance, per the Reserve Bank of India Act, 1934.
  • The Indian currency has been represented by "â‚ą" since 2010. D. Udaya Kumar designed the symbol. 1 INR = 100 paise, and RBI issues the currency.
  • The lowest denomination value in India is one rupee coin, while the highest is INR 2000. Following the demonetization, the government recently introduced new INR 500 and INR 2000 notes with advanced security features to prevent counterfeiting.

Brief Explanation of INR

INR is the official currency of India. Since 2010, INR is denominated by “₹” instead of “Rs.” D. Udaya Kumar designed the “₹” for INR. One INR is equal to 100 paise. One rupee coins are the lowest value that is used in the country. The Reserve Bank of India or RBI takes care of the issuance of the currencies in India.

Full form of INR

Modern Coins and Bank Notes

#1 - Modern Coins

Indian Coins

The RBI issues rupee coin in different metals for denominations like 50 paisa coin, 1 rupee coin, 2 rupee coin, 5 rupee coin, and 10 rupee coin. Most of these coins feature Ashoka, which happens to be the emblem of India.

#2 - Bank Notes

Indian-rupee-note

The RBI issued banknotes in denominations like one, two, five, ten, twenty, fifty, hundred, two hundred, five hundred and two thousand. All these denominations (except the one rupee note) feature Mahatma Gandhi’s portrait on the opposite side. The one rupee note bears a picture of the rupee coin.

Types of the INR

The different types of INR are mentioned below-

  1. One Rupee Coin
  2. One Rupee Note
  3. Two Rupee Coin
  4. Two Rupee Note
  5. Five Rupee Coin
  6. Five Rupee Note
  7. Ten Rupee Coin
  8. Ten Rupee Note
  9. Twenty Rupee Note
  10. Fifty Rupee Note
  11. One Hundred Rupee Note
  12. Two Hundred Rupee Note
  13. Five Hundred Rupee Note
  14. Two Thousand Rupee Note

How is the INR Managed?

RBI manages INR. This means the regulation and control of INR are taken care of by the Reserve bank of India. Only upon the advice of the RBI, the government of India decides on the issue of various denominations of banknotes. The RBI manages all the Indian currency-related operations by means of nineteen Issue offices that are located at Belapur, Bangalore, Ahmedabad, Bhubaneshwar, Kolkata, Lucknow, Kanpur, Jammu, Jaipur, Chennai, Hyderabad, Guwahati, Chandigarh, Patna, New Delhi, Nagpur, Mumbai, and Thiruvananthapuram. These Issue offices receive new banknotes from the printing presses. New Delhi, Hyderabad, Mumbai, and Kolkata are the first ones to receive coins from the mints. The small coins are stocked at the small coin depots, and the rupee notes and banknotes at the currency chests.

Security Issues in INR

  • There are various security issues with the Indian Rupee. One of the most prominent issues with INR is the circulation of duplicate and fake currency notes. It is illegal to develop and use duplicate currencies, but still, the crime does not really seem to end. Fake Indian currencies are mostly used for terrorism-related activities. The terrorist activities are largely funded with the help of the duplicate Indian currencies. These fake currencies flow all over from neighboring countries like Pakistan, Bangladesh, and Nepal.
  • The terrorists take fake currencies into their use to successfully cripple India’s economy and pave ways for economic terror. Duplicate Indian currency is one of the tactics used by Econo-Jihad of terrorist groups whose only aim is to spread hatred and terrorism all across the globe. The neighboring countries send millions of dollars to India for terrorism purposes. The involvement of ISI is very prominent in this terrorism racket.
  • For eliminating the issues pertaining to fake currencies and minimizing terrorism from the country, the government of India came up with a perfect strategy named “Demonetization.” This strategy was implemented overnight, where â‚ą 500 and â‚ą 1000 notes were banned by the government. The government banned only â‚ą 500 and â‚ą 1000 notes because these were the highest value notes during that time, and the duplication of these notes was comparatively more than the lower value notes.
  • India’s government offered numerous security features in the Indian currency notes of all denomination value for keeping them completely safe from counterfeiting. It is very substantial for people to know about the security features regarding every Indian currency note of various denomination values to ensure that they are not getting fooled by criminals.
  • For example, the INR 500 note, which is newly issued by the Reserve Bank of India, is grey in color with a dimension of 63mm*150mm and a theme of Red Fort, while the 2000 Rs note is magenta in color with a dimension of 66 mm * 166 mm and a theme of India’s very first venture that is Motif of Mangalayan. Both these notes have a see-through register and latent image in the denominational numeral.
  • The denominational numeral is mentioned in Devnagari. In an INR 500 note, the portrait of Mahatma Gandhi is provided in the center, which is facing towards the right side, while in the case of INR 200 note, the portrait of Mahatma Gandhi is placed exactly at the center. The Ashoka pillar emblem is also placed on the right side of both notes. It has a portrait and an electrotype watermark. These notes bear a guarantee clause and the Governor’s signature along with one promise clause.

Conclusion

INR is the official currency of India. INR stands for Indian Rupee. RBI is the only body charged with the responsibility of the issue of currency notes and its circulation. Reserve Bank of India Act, 1934, decides the RBI’s role with respect to currency management. One rupee coin is the lowest denomination value in India, while INR 2000 is the country’s highest denomination value. India’s government came up with new INR 500 and INR 2000 notes a few days after demonetization that have various security features to disallow duplication of the same.

Frequently Asked Questions (FAQs)

1. What is the importance of INR?

The Indian Rupee (INR) is crucial for several reasons. It's India's official currency, serving as a medium of exchange, store of value, and unit of account. INR plays a pivotal role in the Indian economy, influencing trade, investment, inflation, and fiscal policies. It also impacts international trade partners and investors dealing with India.

2. What is INR vs. USD?

INR (Indian Rupee) and USD (United States Dollar) are distinct currencies. INR is the official currency of India, while USD is the United States currency and one of the world's primary reserve currencies. The exchange rate between INR and USD fluctuates based on various economic factors, affecting trade, investment, and financial transactions between India and the U.S.

3. Can INR be used in other countries besides India? 

No, the Indian Rupee (INR) is not generally accepted as a form of payment in countries other than India. INR is the official currency of India and is primarily used within its borders. When traveling abroad, individuals typically need to exchange their INR for the local currency of the country they visit or use internationally recognized currencies such as the United States Dollar (USD) or the Euro (EUR) for transactions. While there may be exceptions or specific situations, INR is not a widely accepted currency outside India.