INR Full Form

INR is the official currency of India. INR full form is Indian Rupee. RBI is the sole regulatory body charged with the responsibility of issuing currency notes and maintaining its circulation. Reserve Bank of India Act, 1934, decides and demarcates the RBI’s role with respect to currency management system in the Indian economy. One rupee coin is the lowest existing 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 the introduction of the demonetization policy that have various security features to disallow duplication of the currencies.

What is INR Full Form?

INR full form is  Indian Rupee and it is considered as the official currency of the Republic of India. The Indian Rupee is issued by the Reserve Bank of India (RBI) under the RBI Act of 1934. It is believed that the name Indian Rupee originates  from the word ‘rupiya’, which was introduced by the ruler Sultan Sher Suri, who ruled in the 16th century. Back then, it was a silver coin in usage.

INR is the short term for the Indian Rupee, which is considered the official currency for the Indian nation, 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 system as per the Reserve Bank of India, 1934.

Brief History of INR

• The RBI Act was formulated in the year 1934 under the British regime.

• Post-Independence, Indian rupee coins and paper notes were issued in the early 1950s and it featured the Hindi language in the notes. 

• During the 1980s, paper notes carried the signs and symbols resembling science and technology. For example — Aryabhatta’s photograph was printed on Rs. 2 paper notes.

• In 1996, the significant changes were accompanied in the Mahatma Gandhi printed series. These changes included a security thread, a new watermark, and features for visually handicapped individuals to help them in the process of identification. 
• The INR symbol ‘?’ was officially accepted in July 2010.
• Recently, in 2016 due to the process of demonetization, notes consisting of denominations of 500 and 1000 were discontinued and new notes of 500 and 2000 were introduced in the economy.
• The various types of INR at present are:

INR in coin: 1, 2, 5, 10, 20

INR printed notes: 1, 2, 5, 10, 20, 50, 100, 200, 500, 2000

INR Management System

The Reserve Bank of India controls, regulates and manages INR. This means the regulation and control of INR are done under the jurisdiction of 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 or regulates the existing currencies. The RBI manages all the Indian currency-related operations and decisions with the help of nineteen  offices that are situated at following places: Belapur, Bangalore, Ahmedabad, Bhubaneshwar, Kolkata, Lucknow, Kanpur, Jammu, Jaipur, Chennai, Hyderabad, Guwahati, Chandigarh, Patna, New Delhi, Nagpur, Mumbai, and Thiruvananthapuram. The following Issue offices receive new banknotes from the printing presses initially. New Delhi, Hyderabad, Mumbai, and Kolkata are the first ones to receive coins from the mints before the circulation process starts. The small coins are stocked at the place known as ‘small coin depots’, and the rupee notes and banknotes are stocked at the ‘currency chests'.

Various Security Issues in INR

• There are various security issues with regard to the Indian Rupee. One of the most significant issues with INR is the circulation of duplicate and fake currency notes in the market. However,it is illegal to develop and use duplicate currencies, but still, the crime does not really seem to have an end. Fake Indian currencies are mostly used for terrorism-related and sponsored activities. The terrorist activities are heavily funded with the help of the duplicate and fake Indian currencies. These fake currencies flow all over especially from neighboring countries like Pakistan, Bangladesh and Nepal as the circulation becomes easier.
• The terrorists make use of fake currencies to cripple India’s economy efficiently and pave ways for economic terror. Duplicating Indian currency is one of the tactics made use by Econo-Jihad of terrorist groups whose only purpose is to spread hatred and terrorism all across the globe. The neighboring countries help in sending millions of dollars to India for the purpose of terrorism. According to the research on the spread of terrorism, the involvement of ISI is very significant in the terrorism racket.
• For eradicating the issues pertaining to fake currencies and minimizing terrorism from the country, the government of India initiated the policy named Demonetization. This strategy was implemented overnight, where ? 500 and ? 1000 notes in circulation were banned by the government. The government banned only ?500 and ?1000 notes because these were the highest value retaining notes during that time, and the duplication of these notes was comparatively higher than the lower value notes.
• India’s government extended numerous security features in the Indian currency notes of all denomination value for keeping them completely safe from counterfeiting. It is very essential for people to have knowledge about the security features regarding every Indian currency note of various denomination values to ensure that they are not getting fooled by criminals or prevent themselves from the frauds.
• For example, the INR 500 note, which is newly issued by the Reserve Bank of India, is gray in color with a dimension of 63mm*150mm consisting  the theme of Red Fort, while the INR 2000 note is magenta in color with a dimension of 66 mm * 166 mm and consisting of the theme of India’s very first venture that is Motif of Mangalyaan. Both these notes consist of a see-through register and latent image in the denominational numeral.

How to Analyze the Originality of the Currency Note?

The security features that are implemented for issuing currency notes are of high importance. Hence each currency note is crafted with its own uniqueness. It is equally important to preserve the uniqueness of the currency notes. Therefore, following features have been included to avoid duplication of the currency notes in the country:

1. Provision of security thread: The security thread is the greenish line which appears on the left of Mahatma Gandhi’s portrait which confirms the originality of the note.

2. Watermarking: It is a lighter shaded region which contains the shadow portion of Mahatma Gandhi.

3. Micro lettering: It appears in between the security thread and Mahatma Gandhi’s portrait. It contains the word RBI inscribed in Rs.10 and Rs.20 notes and they also consist of the denominational value of the notes in micro-letters. This feature can be seen with the help of a magnifying glass and it is not clearly visible with the naked eyes.

4. Intaglio Printing: This feature is added in the bank notes for the convenience of visually impaired individuals for the process of identification. It has a raised print which can be sensed with a gentle touch.

5. Identification tags- use of fluorescence and optically variable ink is done for preventing the duplicacy and fraud in the currency circulation to prevent major scams and crimes.

Some Interesting Facts About Currency Notes: 

• Between the years 1954 and 1978 Rs. 5,000 and Rs. 10,000 notes were in circulation.
• After Independence, Pakistan used Indian notes stamped with ‘Pakistan’ until they could print their own official notes.
• The making cost of Rs 10 coin is Rs 6.10
• If a coin is minted in Mumbai it has a diamond symbol printed on it. If the coin is minted in Hyderabad, it has a star printed on it.
• If you have a torn or damaged note, you can simply exchange it at the nearest bank branch free of cost.
• In 1917, the value of Indian Rupee was mightier than the US Dollar. It was precisely 1 rupee = 13 USD.