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The petitioners said that although the currency ban could not be reversed, the top court should lay down the law for the future, so that "similar misadventures" are not repeated by future governments.

Political analysts also pointed out that the court was looking at the limited issue of whether the imposition of the currency ban by the government was legal and not at the broader issue of whether it was a beneficial move.

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Historically, the rupee was a silver coin. This had severe consequences in the nineteenth century when the strongest economies in the world were on the gold standard (that is, paper linked to gold). The discovery of large quantities of silver in the United States and several European colonies caused the panic of 1873 which resulted in a decline in the value of silver relative to gold, devaluing India's standard currency. This event was known as "the fall of the rupee". In Britain the Long Depression resulted in bankruptcies, escalating unemployment, a halt in public works, and a major trade slump that lasted until 1897.[26]

India was unaffected by the imperial order-in-council of 1825, which attempted to introduce British sterling coinage to the British colonies. India, at that time, was controlled by the British East India Company. The silver rupee coin continued as the currency of India through the British Raj and beyond. In 1835, British India adopted a mono-metallic silver standard based on the rupee coin; this decision was influenced by a letter written by Lord Liverpool in 1805 extolling the virtues of mono-metallism.

The Indian Currency Committee or Fowler Committee was a government committee appointed by the British-run Government of India on 29 April 1898 to examine the currency situation in India.[30] They collected a wide range of testimony, examined as many as forty-nine witnesses, and only reported their conclusions in July 1899, after more than a year's deliberation.[25]

The prophecy made before the Committee of 1898 by Mr. A. M. Lindsay, in proposing a scheme closely similar in principle to that which was eventually adopted, has been largely fulfilled. "This change," he said, "will pass unnoticed, except by the intelligent few, and it is satisfactory to find that by this almost imperceptible process the Indian currency will be placed on a footing which Ricardo and other great authorities have advocated as the best of all currency systems, viz., one in which the currency media used in the internal circulation are confined to notes and cheap token coins, which are made to act precisely as if they were bits of gold by being made convertible into gold for foreign payment purposes.[31] The committee concurred in the opinion of the Indian government that the mints should remain closed to the unrestricted coinage of silver, and that a gold standard should be adopted without delay...they recommended (1) that the British sovereign be given full legal tender power in India, and (2) that the Indian mints be thrown open to its unrestricted coinage (for gold coins only).

Silver, therefore, has ceased to serve as standard; and the Indian currency system of to-day (that is 1901) may be described as that of a "limping" gold standard similar to the systems of France, Germany, Holland, and the United States.[25]

The Committee of 1898 explicitly declared themselves to be in favour of the eventual establishment of a gold currency.

This goal, if it was their goal, the Government of India have never attained.[31]

In the autumn of 1917 (when the silver price rose to 55 pence), there was danger of uprisings in India (against paper currency) which would handicap seriously British participation in the war. Inconvertibility (of paper currency into coin) would lead to a run on Post Office Savings Banks. It would prevent the further expansion of (paper currency) note issues and cause a rise of prices, in paper currency, that would greatly increase the cost of obtaining war supplies for export; to have reduced the silver content of this historic [rupee] coin might well have caused such popular distrust of the Government as to have precipitated an internal crisis, which would have been fatal to British success in the war.[36]

From 1931 to 1941, the United Kingdom purchased large amounts of gold from India and its many other colonies just by increasing price of gold, as Britain was able to pay in printable paper currency. Similarly, on 19 June 1934, Roosevelt made[clarification needed] Silver Purchase Act (which increased the price of silver) and purchased about 44,000 tons of silver, paying with paper silver certificates.[37]

After 2021, the government of independent India amended "The Coinage Act, 2011",[49] the "Foreign Exchange Management Act (FEMA), 1999," the "Information Technology Act, 2000" and the "Crypto-currency and Regulation of Official Digital Currency Bill, 2021".[50][51]

RBI also exercises a system of capital controls in addition to (through active trading) in currency markets. On the current account, there are no currency-conversion restrictions hindering buying or selling foreign exchange (although trade barriers exist). On the capital account, foreign institutional investors have convertibility to bring money into and out of the country and buy securities (subject to quantitative restrictions). Local firms are able to take capital out of the country to expand globally. However, local households are restricted in their ability to diversify globally. Because of the expansion of the current and capital accounts, India is increasingly moving towards full de facto convertibility.

There is some confusion regarding the interchange of the currency with gold, but the system that India follows is that money cannot be exchanged for gold under any circumstances due to gold's lack of liquidity;[citation needed] therefore, money cannot be changed into gold by the RBI. India follows the same principle as Great Britain and the US.

Post Independence India followed Par value system of exchange until 1971. The country switched to pegged system in 1971 and graduated to basket peg againstfive major currencies from 1975. After the 1991 Economic liberalisation in India the currency exchange rates became market controlled.[95]

As the Straits Settlements were originally an outpost of the British East India Company, the Indian rupee was made the sole official currency of the Straits Settlements in 1837, as it was administered as part of British India. This attempt was resisted by the locals. However, Spanish dollars continued to circulate and 1845 saw the introduction of coinage for the Straits Settlements using a system of 100 cents = 1 dollar, with the dollar equal to the Spanish dollar or Mexican peso. In 1867, administration of the Straits Settlements was separated from India and the Straits dollar was made the standard currency, and attempts to reintroduce the rupee were finally abandoned.[105]

After the Partition of India, the Pakistani rupee came into existence, initially using Indian coins and Indian currency notes simply overstamped with "Pakistan". Previously the Indian rupee was an official currency of other countries, including Aden, Oman, Dubai, Kuwait, Bahrain, Qatar, the Trucial States, Kenya, Tanganyika, Uganda, the Seychelles and Mauritius.

Relations between the two countries surged last year when Sri Lanka was mired in its worst economic crisis in modern history, triggered by a severe foreign currency crunch that saw essential items run out and citizens queue for fuel for days. It also suspended its repayment of foreign debt last year.

The transition of currency management from colonial to independent India was a reasonably smooth affair. Midnight, August 14, 1947 heralded Indian independence from colonial rule. The Republic, however, was established on 26th January, 1950. During the interregnum, the Reserve Bank continued to issue the extant notes.

The latest update to Seeing AI brings new capabilities to the image recognition and narration app. Seeing AI can now detect Indian currency and narrate the denomination to the user. The app identifies all the notes in circulation including the new currency bills issued recently.

International trade settlements in rupee are expected to gradually contribute to the global acceptance of the currency, and later make it possible to repay loans taken from fund banks like the Asian Infrastructure Investment Bank.

To make the rupee a highly tradable currency India must increase exports and imports, supported by critical reforms that include capital account convertibility, deepening financial markets, coupled with large financial institutions other than the RBI to manage the large-scale inflow and outflow of capital.

Hundreds of thousands of people lined up outside banks and ATMs for days to exchange their cash savings for legal tender as cash ran dry. The government eventually released new currency notes worth 500 and 2,000 rupees.

After the demonetisation in 2016; the old notes of 500 and 1000 rupees have been replaced by the new notes of Rs. 500 and 2000. The cost of printing of a new five hundred currency note is around Rs. 2.94.

While a policy to encourage growth is compatible with attracting equity flows, dependence on debt flows would entail raising interest rates that would only hurt growth. The likely impact of depreciation on inflation, alongside rising risk premiums on Indian currency, have now virtually stalled the policy rate cutting cycle. Unlike in the UK, currency depreciation in India will not even facilitate lower interest rates.

The mere talk of QE withdrawal has resulted in steep currency depreciation and loss of emerging market (EM) asset values. While advanced economy (AE) policymakers recognise the collateral damage caused to EMs, they shrug it off saying that the latter, after all, gained from inflows in the past and will only gain from an AE revival. In any case, there is a bubble in EM assets that needs to burst.

But if there is a bubble, how did EMs gain from QE-induced inflows at all in the first place? QE, if anything, hurt EMs by pushing up global commodity prices and widening their current account deficits. Easy money flows, moreover, allowed EM governments to neglect structural reforms back home, besides causing artificial currency appreciation and diminished competitiveness in a shrinking global trade environment. 2351a5e196