It ensures that there is enough currency in the system, including both notes and coins. The RBI also has a role in the designing of the currency notes, giving it some enhanced security features. The RBI advises the government, which in turn decides on the various denominations of the notes that have to be issued. The cities of New Delhi, Hyderabad, Kolkata, and Mumbai get the currency directly from the mint. Coins in India are issued in denominations of one rupee, two rupees, five rupees and ten rupees. To manage the currency operations, the RBI has offices in various states. Due to the demonetization effect, the thousand rupee denomination currency is not a legal tender, along with the old 500 rupee denomination. In India, presently, there are paper currencies that are issued in the denominations of 5, 10, 20, 50, 100, 200, 500, and 2000. The RBI can authorize to issue notes up to the value of ten thousand rupees and coins up to the value of one thousand. One of its functions also includes the prevention of counterfeiting of currency, with the help of enhanced security features. It is the sole body that can authorize the issue of currency in our country. Among these functions, we can find that the RBI is also responsible for the maintenance and regulation of currency notes.

The RBI in India has some really important functions. Structure & Monetary policies Of The RBI.Did you know that this symbol has been derived from the Devanagari consonant “र” and the capital letter R? Browse more Topics under Rbi But post-2010, a new symbol, ‘₹’, was adopted officially. Prior to 2010, the Indian rupee had a different symbol. After our independence, over some period of time, the Indian rupee replaced all other forms of currencies that existed in India. Even in the British India period, the rupiya was in use. The silver coin called rupiya was first issued in the 16 th century by Sultan Sher Shah Suri.

The name rupee has been derived from the Sanskrit word, rupaya, which means a silver coin.

There are some really interesting trivia about our currency that you all should know. The Reserve Bank of India Act, 1934 is the act that supports the role of RBI in the currency management in our country. It is the Reserve Bank of India, the RBI that issues and manages the currency in our country.

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