The story of the Indian rupee since 1947
Summary
This Finshots Daily special traces the evolution of the Indian rupee since independence, covering its transition from British colonial currency to a distinct national identity. The episode details the 1957 decimalization, the complex monetary partition with Pakistan, and the absorption of princely state currencies. It also explains how Mahatma Gandhi’s portrait eventually replaced the Lion Capital on banknotes to enhance security against counterfeiting.
Topics discussed
Introduction: Evolution of Indian money since independence
Early history: British printing and the 1950 Republic transition
Decimalisation: Switching from annas to paise in 1957
Partition: The painful division of currency with Pakistan
Princely States: Replacing local currencies with the Rupee
Modern Design: Gandhi's portrait and security features
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