2020-06-15 Mon

The British were not the only foreign power to issue paper money in India. History of currency notes of India is very crucial to map the important events and administrative policies during the era when they were issued. Though notes issued by East India Company, various Presidencies of the British India and those issued under the Imperial crown were mostly in circulation before independence, there were some exceptions in certain parts of the country which were under the rule of French, Portuguese and some independent dynasties.

The Portuguese were the first amongst the western nations to establish trade relations with India. They seized the territory of Goa in 1510 and remained in power for nearly two centuries in India but due to the rise of the British East India Company, their dominion was confined to a smaller region on the west coast of India where they ruled till 1961!

The first of the Indo-Portuguese banknotes resulted out of the Anglo-Portuguese convention of 1880, by a provincial order No. 566 of 27th September 1882. These notes were made in London and started circulating in India from 1st October 1883.

The first ‘Rupia’ denominated Indo-Portuguese issues of paper currency were issued in denominations of 5,10,20,50,100 and 500 “Rupia”. Though put in circulation in October 1883, these notes that feature the portrait of the King of Portugal (Carlos I) have various issue dates of November 1882.

After having over 3 types of issues, the ‘Banco Nacional Ultramarino’ was given the responsibility of releasing paper money in India for the Portuguese held territories in 1906. Further with introduction of various denominational units these notes were officially circulated till 1961.

Isn’t it interesting to know the journey of Indian Rupee!

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