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Rajnish
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Asked: August 1, 20202020-08-01T11:43:11+05:30 2020-08-01T11:43:11+05:30In: UPSC CSE

Who introduced the issue of currency notes of the denominations of five, ten, twenty, fifty, one hundred, five hundred and one thousand rupees?

Who introduced the issue of currency notes of the denominations of five, ten, twenty, fifty, one hundred, five hundred and one thousand rupees?

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    1. Sweety

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      2020-08-01T11:48:11+05:30Added an answer on August 1, 2020 at 11:48 am

      James Wilson’s scheme provided for the issue of currency notes of the denominations of five, ten, twenty, fifty, one hundred, five hundred and one thousand rupees.

      More about currency denominations in India:

      • The institution of paper money was first introduced into India in 1839, when the presidency banks (Calcutta, Bombay & Madras) were authorized to issue notes payable to bearer of demand within their circle.
      • The idea of transferring the issue and management of paper currency under
        government control was first conceived by James Wilson.
      • Thus, the Bill for the establishment of a Government Paper Currency in India was first introduced on 3rd March 1860 by James Wilson.
      • By Act XIX of 1861, paper currency, under government management was lawfully set up in India.

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