Naya Paisa

03 Sep 2018  Mon

Today we are going to talk about a topic ‘Naya Paisa’. Have you ever thought what this ‘Naya Paisa’ is and why we call it Naya Paisa?

Before 1857 The Indian Rupee was not decimalized. The Indian between 1857 -1957 Rupee was divided into16 anna and each anna was further divided into four pices and each pice was further divided into three pice. This denomination was followed till 1947 then it was demonetized till 1955.

The Indian Coinage Act which was passed in 1906 came into the amendment in the year 1955. This empowered the Government to adopt the metric system in coinage and thus, this Act came into force with effect from 1st April 1957. Under this System, the Rupee was divided into 100 equal parts called as ‘Paisa’. It was also decided that under this transition period of 2-4 years both denomination the old and the new denomination will remain in circulation. The new denomination introduced was called as ‘Naya Paisa’. After the in term period the ‘Prefix’ was dropped.

Image Courtesy: eBay

Knowledge Base