111-577: The National Infrastructure Pipeline (NIP) is a group of social and economic infrastructure projects in India over a period of five years with an initial sanctioned amount of ₹ 102 lakh crore (equivalent to ₹ 120 trillion or US$ 1.4 trillion in 2023). The pipeline was first made public by the Prime Minister of India Narendra Modi during his 2019 Independence Day speech. Real time data and details related to NIP can be found online at
222-530: A UNESCO world heritage site . Kumaragupta I was also a worshipper of Kartikeya . Skandagupta , son and successor of Kumaragupta I is generally considered to be the last of the great Gupta emperors. He assumed the titles of Vikramaditya and Kramaditya . He defeated the Pushyamitra threat, but then was faced with invading Kidarites (sometimes described as the Hephthalites or "White Huns", known in India as
333-618: A campaign lasting until 409. His main opponent Rudrasimha III was defeated by 395, and he crushed the Bengal chiefdoms. This extended his control from coast to coast, established a second capital at Ujjain and was the high point of the empire. Kuntala inscriptions indicate rule of Chandragupta II in Kuntala country of Karnataka . Hunza inscription also indicate that Chandragupta was able to rule north western Indian subcontinent and proceeded to conquer Balkh , although some scholars have also disputed
444-660: A coin of silver, weighing 178 grains (or 11.53 grams), which was also termed the rupiya . During Babur 's time, the brass to silver exchange ratio was roughly 50:2. The silver coin remained in use during the Mughal period , Maratha era as well as in British India . Among the earliest issues of paper rupees include; the Bank of Hindustan (1770–1832), the General Bank of Bengal and Bihar (1773–1775, established by Warren Hastings ), and
555-515: A gold currency. This goal, if it was their goal, the Government of India have never attained. In 1913, John Maynard Keynes writes in his book Indian Currency and Finance that during the financial year 1900–1901, gold coins (sovereigns) worth £6,750,000 were given to the Indian people in the hope that they would circulate as currency. But against the expectation of the Government, not even half of that
666-521: 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). These recommendations were acceptable to both governments and were shortly afterwards translated into laws. The act making gold a legal tender was promulgated on 15 September 1899, and preparations were soon thereafter undertaken for
777-487: A musician and a poet, and calls him the "king of poets". Such claims are corroborated by Samudragupta's gold coins, which depict him playing a veena . Samudragupta appears to have directly controlled a large part of the Indo-Gangetic Plain in present-day India, as well as a substantial part of central India. Besides, his empire comprised a number of monarchical and tribal tributary states of northern India, and of
888-497: A single coinage for the EIC was introduced. It consisted of copper 1 ⁄ 12 , 1 ⁄ 4 and 1 ⁄ 2 anna , silver 1 ⁄ 4 , 1 ⁄ 3 and 1 rupee and gold 1 and 2 mohurs. In 1841, silver 2 annas were added, followed by copper 1 ⁄ 2 pice in 1853. The coinage of the EIC continued to be issued until 1862, even after the company had been taken over by
999-570: A variety of subjects, are also thought to have been committed to written texts around this period. Hinduism was followed by the rulers and the Brahmins flourished in the Gupta empire but the Guptas were tolerant towards people of other faiths as well. The empire eventually died out because of factors such as substantial loss of territory and imperial authority caused by their own erstwhile feudatories, as well as
1110-566: Is known that from Chinese sources that the Simhala king Meghavarna sent rich presents to the Gupta emperor requesting his permission to build a Buddhist monastery at Bodh Gaya : Samudragupta's panegyrist appears to have described this act of diplomacy as an act of subservience. Samudragupta appears to have been Vaishnavite , as attested by his Eran inscription, and performed several Brahmanical ceremonies. The Gupta records credit him with making generous donations of cows and gold. He performed
1221-461: Is no doubt that Gupta and Ghatotkacha held a lower status and were less powerful than Chandragupta I. Chandragupta I married the Licchavi princess Kumaradevi, which may have helped him extend his political power and dominions, enabling him to adopt the prestigious title Maharajadhiraja . According to the dynasty's official records, he was succeeded by his son Samudragupta . However, the discovery of
SECTION 10
#17328695467171332-524: Is rarely seen in circulation. The coins are minted at the four locations of the India Government Mint . The ₹ 1, ₹ 2, and ₹ 5 coins have been minted since independence. The Government of India is set to introduce a new ₹ 20 coin with a dodecagonal shape, and like the ₹ 10 coin, also bi-metallic, along with new designs for the new versions of the ₹ 1, ₹ 2, ₹ 5 and ₹ 10 coins, which was announced on 6 March 2019. The Government of India has
1443-529: Is the official currency in India . The rupee is subdivided into 100 paise ( Hindi plural; singular: paisa ). The issuance of the currency is controlled by the Reserve Bank of India . The Reserve Bank manages currency in India and derives its role in currency management based on the Reserve Bank of India Act, 1934 . Pāṇini (6th to 4th century BCE) mentions rūpya ( रूप्य ). While Shankar Goyal mentions it
1554-614: Is unclear whether Panini was referring to coinage, other scholars conclude that Panini uses the term rūpa to mean a piece of precious metal (typically silver) used as a coin, and a rūpya to mean a stamped piece of metal, a coin in the modern sense. The Arthashastra , written by Chanakya , prime minister to the first Maurya emperor Chandragupta Maurya ( c. 340–290 BCE ), mentions silver coins as rūpyarūpa . Other types of coins, including gold coins ( suvarṇarūpa ), copper coins ( tāmrarūpa ), and lead coins ( sīsarūpa ), are also mentioned. The immediate precursor of
1665-453: Is using blockchain distributed-ledger technology . British East India Company (EIC) was given the right in 1717 to mint coins in the name of the Mughal emperor Farrukhsiyar on the island of Bombay. By 1792 the EIC demonetised all other coins till they were reduced to only 3 types of coins, i.e. EIC, Mughal & Maratha coins. After EIC expanded its control over India, it brought the "Coinage Act of 1835" and started to mint coins in
1776-614: The Aryabhatiya , making significant contributions to mathematics including developing a Place value system , an approximation of π of 4 decimal places, trigonometric functions, and Squared triangular numbers . Varāhamihira wrote the Pancha Siddhanta developing various formulas relating sine and cosine functions. Yativṛṣabha made contributions on units of measurement. Virahanka described Fibonacci numbers . Indian astronomy also saw progress in this era. The names of
1887-467: The Ashvamedha ritual (horse sacrifice), which was used by the ancient Indian kings and emperors to prove their imperial sovereignty, and issued gold coins (see Coinage below) to mark this performance. The Allahabad Pillar inscription presents Samudragupta as a wise king and strict administrator, who was also compassionate enough to help the poor and the helpless. It also alludes to the king's talents as
1998-770: The Aulikara King Yashodharman c. 532 CE . A 2019 study by archaeologist Shanker Sharma has concluded that the cause of the Gupta Empire's downfall was a devastating flood which happened around the middle of the 6th century in Uttar Pradesh and Bihar . In the heart of the former Gupta Empire, in the Gangetic region, the Guptas were succeeded by the Maukhari dynasty and the Pushyabhuti dynasty . The coinage of
2109-647: The Chaulukya - Paramara dynasties, who issued so-called Indo-Sasanian coinage , on the model of the coinage of the Sasanian Empire , which had been introduced in India by the Alchon Huns. In contrast to the Mauryan Empire , the Guptas introduced several military innovations to Indian warfare. Chief among these was the use of siege engines , heavy cavalry archers and heavy sword cavalry. The heavy cavalry formed
2220-547: The Gupta era . The period, sometimes described as Pax Gupta , gave rise to achievements in architecture, sculpture, and painting that "set standards of form and taste [that] determined the whole subsequent course of art, not only in India but far beyond her borders". Strong trade ties also made the region an important cultural centre and established the region as a base that would influence nearby kingdoms and regions in India and Southeast Asia . The Puranas , earlier long poems on
2331-511: The Indian subcontinent . This period has been considered as the Golden Age of India by historians, although this characterisation has been disputed by some other historians. The ruling dynasty of the empire was founded by Gupta and the most notable rulers of the dynasty were Chandragupta I , Samudragupta , Chandragupta II , Kumaragupta I and Skandagupta . The high points of this period are
SECTION 20
#17328695467172442-639: The Maharajadhiraja . A large number of his copper coins also have been found from the Eran - Vidisha region and classified in five distinct types, which include the Garuda , Garudadhvaja , lion and border legend types. The Brahmi legends on these coins are written in the early Gupta style. According to the Gupta records, among his sons, Samudragupta nominated prince Chandragupta II, born of queen Dattadevi , as his successor. Chandragupta II, Vikramaditya (Brave as
2553-889: The Pallava kingdom in the south, and defeated Vishnugopa, the Pallava regent of Kanchi . During this southern campaign, Samudragupta most probably passed through the forest tract of central India, reached the eastern coast in present-day Odisha , and then marched south along the coast of the Bay of Bengal . The Allahabad Pillar inscription mentions that rulers of several frontier kingdoms and tribal aristocracies paid Samudragupta tributes, obeyed his orders, and performed obeisance before him. The frontier kingdoms included Samatata , Davaka , Kamarupa , Nepal and Karttripura . The tribal aristocracies and kingdoms included Malavas , Arjunayanas , Yaudheyas , Madrakas , and Abhiras , among others. Finally,
2664-707: The Parasika , then the Huna and Kamboja tribes located in the west and east Oxus valleys respectively. Thereafter, the king proceeded into the Himalaya mountains to reduce the mountain tribes of the Kinnaras , Kiratas , as well as India proper. In one of his works Kalidasa also credits him with the removal of the Sakas from the country. He wrote 'Wasn't it Vikramaditya who drove the Sakas out from
2775-559: The Reserve Bank in terms of the RBI Act . After independence, the Government of India Mint , minted numismatics coins imprinted with Indian statesmen, historical and religious figures. In the years 2010 and 2011, for the first time ever, ₹ 75, ₹ 150 and ₹ 1000 coins were minted in India to commemorate the Platinum Jubilee of the Reserve Bank of India , the 150th birth anniversary of
2886-411: The Reserve Bank of India (RBI). In 1997 the 20 paise coin was discontinued, followed by the 10 paise coin in 1998, and the 25 paise in 2002. Between 2005 and 2008 new, lighter fifty-paise, one-, two-, and five-rupee coins were introduced, made from ferritic stainless steel. The move was prompted by the melting-down of older coins, whose face value was less than their scrap value. The demonetisation of
2997-566: The Royal Mint in Sydney . In an 1864 attempt to make the British gold sovereign the "imperial coin", the treasuries in Bombay and Calcutta were instructed to receive (but not to issue) gold sovereigns; therefore, these gold sovereigns never left the vaults. As the British government gave up hope of replacing the rupee in India with the pound sterling , it realised for the same reason it could not replace
3108-506: The Sweta Huna ), from the northwest. He repelled a Huna attack around 455 CE, but the expense of the wars drained the empire's resources and contributed to its decline. The Bhitari Pillar inscription of Skandagupta , the successor of Chandragupta, recalls the near annihilation of the Gupta Empire following the attacks of the Kidarites . The Kidarites seem to have retained the western part of
3219-734: The silver dollar in the Straits Settlements with the Indian rupee (as the British East India Company had desired). Since the silver crisis of 1873 , several nations switched over to a gold exchange standard (wherein silver or banknotes circulate locally but with a fixed gold value for export purposes), including India in the 1890s. In 1870, India was connected to Britain by a submarine telegraph cable. Around 1875, Britain started paying India for exported goods in India Council (paper) Bills (instead of silver). If, therefore,
3330-782: The 125th anniversary of the births of Sarvepalli Radhakrishnan and B. R. Ambedkar , respectively. The three Presidencies established by the British East India Company ( Bengal , Bombay and Madras ) each issued their own coinages until 1835. All three issued rupees and fractions thereof down to 1 ⁄ 8 - and 1 ⁄ 16 -rupee in silver. Madras also issued two-rupee coins. Copper denominations were more varied. Bengal issued one- pie , 1 ⁄ 2 -, one- and two- paise coins. Bombay issued 1-pie, 1 ⁄ 4 -, 1 ⁄ 2 -, 1-, 1 1 ⁄ 2 -, 2- and 4-paise coins. In Madras, there were copper coins for two and four pies and one, two and four paise, with
3441-403: The 25-paise coin and all paise coins below it took place, and a new series of coins (50 paise – nicknamed athanni – one, two, five, and ten rupees with the new rupee sign) were put into circulation in 2011. In 2016 the 50 paise coin was last minted. Coins commonly in circulation are one, two, five, ten, and twenty rupees. Although it is still legal tender, the 50-paise ( athanni ) coin
National Infrastructure Pipeline - Misplaced Pages Continue
3552-644: The 6th century CE . The Guptas were traditionally a Hindu dynasty. They were patronizers of Brahmanism and allowed followers of Buddhism and Jainism to practice their religions. Sanchi remained an important centre of Buddhism. Kumaragupta I (455 CE ) is said to have founded Nalanda . Modern genetic studies indicate that it was during the Gupta period that Indian caste groups ceased to intermarry (started practising/enforcing endogamy ). Some later rulers however seem to have especially promoted Buddhism . Narasimhagupta Baladitya ( c. 495 –?), according to contemporary writer Paramartha ,
3663-625: The Alchons are said to have altered the hierarchy of ruling families and the Indian caste system . For example, the Hunas are often said to have become the precursors of the Rajputs . The succession of the 6th-century Guptas is not entirely clear, but the tail end recognised ruler of the dynasty's main line was King Vishnugupta , reigning from 540 to 550. In addition to the Huna invasion, the factors, which contribute to
3774-597: The Bengal Bank (1784–91). –1900) 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
3885-471: 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
3996-590: The Crown . In 1862, coins were introduced (known as "regal issues") which bore the profile of Queen Victoria and the designation "India". Their denominations were 1 ⁄ 12 anna , 1 ⁄ 2 pice , 1 ⁄ 4 and 1 ⁄ 2 anna (all in copper), 2 annas, 1 ⁄ 4 , 1 ⁄ 2 and one rupee (silver), and five and ten rupees and one mohur (gold). The gold denominations ceased production in 1891, and no 1 ⁄ 2 -anna coins were issued after 1877. In 1906, bronze replaced copper for
4107-496: The First World War. In the early 1940s, several changes were implemented. The 1 ⁄ 12 anna and 1 ⁄ 2 pice ceased production, the 1 ⁄ 4 anna was changed to a bronze, holed coin , cupro-nickel and nickel-brass 1 ⁄ 2 -anna coins were introduced, nickel-brass was used to produce Mintsomeone- and two-annas coins, and the silver composition was reduced from 91.7 to 50 per cent. The last of
4218-461: The Government as to have precipitated an internal crisis, which would have been fatal to British success in the war. 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 Silver Purchase Act (which increased
4329-527: The Gupta Empire. Skandagupta died in 467 and was succeeded by his agnate brother Purugupta . Following Skandagupta's death, the empire was clearly in decline, and the later Gupta coinage indicates their loss of control over much of western India after 467–469. Skandagupta was followed by Purugupta (467–473), Kumaragupta II (473–476), Budhagupta (476–495), Narasimhagupta (495–530), Kumaragupta III (530–540), Vishnugupta (540–550), two lesser known kings namely, Vainyagupta and Bhanugupta . In
4440-509: The Gupta homeland in the present-day Bengal region in Ganges basin, based on the account of the 7th-century Chinese Buddhist monk Yijing . According to Yijing, king Che-li-ki-to (identified with the dynasty's founder Shri Gupta ) built a temple for Chinese pilgrims near Mi-li-kia-si-kia-po-no (apparently a transcription of Mriga-shikha-vana ). Yijing states that this temple was located more than 40 yojanas east of Nalanda , which would mean it
4551-454: The Guptas were supportive of thriving Buddhist and Jain cultures as well, and for this reason, there is also a long history of non-Hindu Gupta period art . In particular, Gupta period Buddhist art was to be influential in most of East and Southeast Asia. Many advances were recorded by the Chinese scholar and traveller Faxian in his diary and published afterwards. The court of Chandragupta II
National Infrastructure Pipeline - Misplaced Pages Continue
4662-497: The Huns. The Hun invader Toramana was defeated by Bhanugupta in 510. The Huns were defeated and driven out of India in 528 by King Yashodharman from Malwa , and possibly Gupta emperor Narasimhagupta . These invasions, although only spanning a few decades, had long term effects on India, and in a sense brought an end to Classical Indian civilisation . Soon after the invasions, the Gupta Empire, already weakened by these invasions and
4773-655: The Imperial Gupta Army. The best extant information comes from the Sanskrit mahakavya (epic poem) Raghuvaṃśa written by the Classical Sanskrit writer and dramatist Kalidasa . Many modern scholars put forward the view that Kalidasa lived from the reign of Chandragupta II to the reign of Skandagupta and that the campaigns of Raghu – his protagonist in the Raghuvaṃśa – reflect those of Chandragupta II. In Canto IV of
4884-503: The India Council in London should not step in to sell bills on India, the merchants and bankers would have to send silver to make good the (trade) balances. Thus a channel for the outflow of silver was stopped, in 1875, by the India Council in London. The great importance of these (Council) Bills, however, is the effect they have on the Market Price of Silver: and they have in fact been one of
4995-748: The India Investment Grid website which was launched in August 2020. The task force headed by Atanu Chakraborty, the economic affairs secretary in the finance ministry, on National Infrastructure Pipeline, in May 2020, submitted its final report to the Finance Minister . Important recommendations and observations made: The task force has recommended setting up of the following three committees: Committee to monitor NIP progress and eliminate delays. Steering Committee at each Infrastructure ministry level to follow up on
5106-626: The Indian rupee replaced the Danish Indian rupee in 1845, the French Indian rupee in 1954 and the Portuguese Indian escudo in 1961. Following the independence of India in 1947 and the accession of the princely states to the new Union , the Indian rupee replaced all the currencies of the previously autonomous states (although the Hyderabadi rupee was not demonetised until 1959). Some of
5217-570: The Maukharis and Pushyabhutis followed the silver coin type of the Guptas, with portrait of the ruler in profile (although facing in the reverse direction compared to the Guptas, a possible symbol of antagonism) and the peacock on the reverse, the Brahmi legend being kept except for the name of the ruler. In the western regions, they were succeeded by Gurjaradesa , the Gurjara-Pratiharas , and later
5328-778: The Raghuvamsa, Kalidasa relates how the king's forces clash against the powerful, cavalry-centric, forces of the Persians and later the Yavanas (probably Huns) in the North-West. Here he makes special mention of the use horse-archers in the king's army and that the horses needed much rest after the hotly contested battles. The five arms of the Gupta military included infantry, cavalry, chariotry , elephantry and ships . Gunaighar copper plate inscription of Vainya Gupta mentions ships but not chariots. Ships had become integral part of Indian military in
5439-671: The Sun), ruled from 375 until 415. He married a Kadamba princess of Kuntala and of Naga lineage ( Nāgakulotpannnā ), Kuberanaga. His daughter Prabhavatigupta from this Naga queen was married to Rudrasena II , the Vakataka king of Deccan . His son Kumaragupta I was married to a Kadamba princess of the Karnataka region. Chandragupta II expanded his realm westwards, defeating the Saka Western Kshatrapas of Malwa , Gujarat and Saurashtra in
5550-423: The Vaishya varna. According to historian R. S. Sharma , the Vaishyas – who were traditionally associated with trade – may have become rulers after resisting oppressive taxation by the previous rulers. Critics of the Vaishya-origin theory point out that the suffix Gupta features in the names of several non-Vaishyas before as well as during the Gupta period, and the dynastic name "Gupta" may have simply derived from
5661-424: 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. The committee concurred in the opinion of the Indian government that the mints should remain closed to the unrestricted coinage of silver and that
SECTION 50
#17328695467175772-409: The birth of Rabindranath Tagore and 1000 years of the Brihadeeswarar Temple , respectively. In 2012, a ₹ 60 piececoins was also issued to commemorate 60 years of the Government of India Mint, Kolkata. ₹ 100 coin was also released commemorating the 100th anniversary of Mahatma Gandhi 's return to India. Commemorative coins of ₹ 125 were released on 4 September 2015 and 6 December 2015 to honour
5883-406: The coinage of gold sovereigns in the mint at Bombay. Silver, therefore, has ceased to serve as, and 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, and Holland, and the United States. The Committee of 1898 explicitly declared themselves to be in favour of the eventual establishment of
5994-508: The coins issued by a Gupta emperor named Kacha have led to some debate on this topic: according to one theory, Kacha was another name for Samudragupta; another possibility is that Kacha was a rival claimant to the throne. Samudragupta succeeded his father around 335 or 350 CE, and ruled until c. 375 CE . The Allahabad Pillar inscription, composed by his courtier Harisena , credits him with extensive conquests. The inscription asserts that Samudragupta uprooted 8 kings of Āryāvarta ,
6105-421: The control of Vishayapati s (district lords ). A Vishayapati administered the Vishaya with the help of the Adhikarana (council of representatives), which comprised four representatives: Nagarasreshesthi , Sarthavaha , Prathamakulika and Prathama Kayastha . A part of the Vishaya was called Vithi . The Gupta also had trading links with the Sassanid and Byzantine Empires. The four-fold varna system
6216-422: The core of the Gupta Army and were supported by the traditional Indian Army elements of war elephants and light infantry . The utilisation of horse archers in the Gupta period is evidenced on the coinage of Chandragupta II , Kumaragupta I and Prakasaditya (postulated to be Purugupta ) that depicts the kings as horse-archers. There is a paucity of contemporary sources detailing the tactical operations of
6327-432: 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. Following the First War of Independence in 1857, the British government took direct control of India. From 1851, gold sovereigns were produced en masse at
6438-410: The decline of the empire include competition from the Vakatakas and the rise of Yashodharman in Malwa . The last known inscription by a Gupta emperor is from the reign of Vishnugupta (the Damudarpur copper-plate inscription), in which he makes a land grant in the area of Kotivarsha ( Bangarh in West Bengal ) in 542/543 CE. This follows the occupation of most of northern and central India by
6549-478: The early Gupta emperors have been discovered. This theory is also supported by the Purana , as argued by the proponents, that mention the territory of the early Gupta emperors as Prayaga , Saketa , and Magadha areas in the Ganges basin. The recently found silver coin of Sri Gupta in Uttar Pradesh further attest the origin of Guptas around Kāśī – Kannauj region and his rule was only limited to Kāśī (present day Varanasi ). Another prominent theory locates
6660-405: The empire. The Kidarites as well probably confronted the Gupta Empire towards the end of the rule of Kumaragupta I, as his son Skandagupta mentions in the Bhitari pillar inscription his efforts at reshaping a country in disarray, through reorganisation and military victories over the Pushyamitras and the Hunas . He was the founder of Nalanda University which on 15 July 2016 was declared as
6771-459: The first two denominated as 1 ⁄ 2 and one dub (or 1 ⁄ 96 and 1 ⁄ 48 ) rupee. Madras also issued the Madras fanam until 1815. All three Presidencies issued gold mohurs and fractions of mohurs including 1 ⁄ 16 , 1 ⁄ 2 , 1 ⁄ 4 in Bengal, 1 ⁄ 15 (a gold rupee) and 1 ⁄ 3 (pancia) in Bombay and 1 ⁄ 4 , 1 ⁄ 3 and 1 ⁄ 2 in Madras. In 1835,
SECTION 60
#17328695467176882-504: The following year, both the quantity and the price rose further: net exports totalled 8.4 million ounces, valued at INR 65.52 crore. In the ten years ended March 1941, total net exports were of the order of 43 million ounces (1337.3 tons) valued at about INR 375 crore, or an average price of INR 32-12-4 per tola. 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
6993-409: The gold that was sold. However, the price of gold in India, on the basis of the official exchange rate of the rupee around 1 s. 6 d ., was lower than the price prevailing abroad practically throughout ; the disparity in prices made the export of the metal profitable; and this continued for almost a decade. Thus, in 1931–32, there were net exports of 7.7 million ounces , valued at INR 57.98 crore . In
7104-477: The great cultural developments which took place primarily during the reigns of Samudragupta , Chandragupta II and Kumaragupta I . Many Hindu epics and literary sources, such as Mahabharata and Ramayana , were canonised during this period. The Gupta period produced scholars such as Kalidasa , Aryabhata , Varahamihira and Vatsyayana , who made great advancements in many academic fields. Science and political administration reached new heights during
7215-408: The identity of the Gupta emperor. Chalukya king Vikramaditya VI (r. 1076 – 1126 CE) mentions Chandragupta with his title and states: "Why should the glory of the Kings Vikramaditya and Nanda be a hindrance any longer ? He with a loud command abolished that (era), which has the name of Saka, and made that (era) which has the Chalukya counting". Despite the creation of the empire through war,
7326-406: The implementation of the National Infrastructure Pipeline (NIP). " National Monetisation Pipeline (NMP) is Government of India's monetisation framework for Government assets including roadways, railways and airports, power transmission lines, energy and renewable energy related assets, warehousing and sport-related assets. Indian rupee The Indian rupee ( symbol : ₹ ; code : INR )
7437-407: The implementation process. Steering Committee in DEA for raising financial resources for the NIP. In August 2020, the Union Minister for Finance and Corporate Affairs launched the India Investment Grid website which provides " Information on large-scale government infrastructure projects as an aid to investors, lenders and companies bidding for work. The grid is designed to give real-time updates on
7548-410: The inscription mentions that several foreign kings tried to please Samudragupta by personal attendance; offered him their daughters in marriage (or according to another interpretation, gifted him maidens ); and sought the use of the Garuda -depicting Gupta seal for administering their own territories. This is an exaggeration: for example, the inscription lists the King of Simhala among these kings. It
7659-406: The invasion by the Huna peoples ( Kidarites and Alchon Huns ) from Central Asia . After the collapse of the Gupta Empire in the 6th century, India was again ruled by numerous regional kingdoms. The homeland of the Guptas is uncertain. According to one theory, they originated in the present-day lower-Doab region of Bihar and Uttar Pradesh , where most of the inscriptions and coin hoards of
7770-415: The late 490's the Alchon Huns under Toramana and Mihirakula broke through the Gupta defences in the northwest, and much of the empire in the northwest was overrun by the Huns by 500. According to some scholars the empire disintegrated under the attacks of Toramana and his successor Mihirakula . It appears from inscriptions that the Guptas, although their power was much diminished, continued to resist
7881-435: The lovely city of Ujjain ?'. The Brihatkathamanjari of the Kashmiri writer Kshemendra states, King Vikramaditya (Chandragupta II) had "unburdened the sacred earth of the barbarians like the Sakas, Mlecchas , Kambojas , Greeks , Tusharas , Saka-Greeks , Hunas , and others, by annihilating these sinful Mlecchas completely". Faxian , a Chinese Buddhist monk , was one of the pilgrims who visited India during
7992-463: The lowest three denominations; in 1907, a cupro-nickel one-anna coin was introduced. In 1918–1919 cupro-nickel two-, four- and eight-annas were introduced, although the four- and eight-annas coins were only issued until 1921 and did not replace their silver equivalents. In 1918, the Bombay mint also struck gold sovereigns and 15-rupee coins identical in size to the sovereigns as an emergency measure during
8103-554: The more convenient forced loans of paper money۔ 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. 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. The prophecy made before
8214-620: The most potent factors in recent years in causing the diminution in the Value of Silver as compared to Gold. The Indian and Chinese products for which silver is paid were and are, since 1873–74, very low in price, and it therefore takes less silver to purchase a larger quantity of Eastern commodities. Now, on taking the several agents into united consideration, it will certainly not seem very mysterious why silver should not only have fallen in price The great nations had recourse to two expedients for replenishing their exchequers, – first, loans, and, second,
8325-531: The name of a king mentioned by the 7th century Chinese Buddhist monk Yijing, is believed to be a transcription of " Shri -Gupta" ( IAST : Śrigupta), "Shri" being an honorific prefix. According to Yijing, this king built a temple for Chinese Buddhist pilgrims near "Mi-li-kia-si-kia-po-no" (believed to be a transcription of Mṛgaśikhāvana ). In the Allahabad Pillar inscription, Gupta and his successor Ghatotkacha are described as Maharaja ("Great King"), while
8436-637: The name of the British king. EIC rule was replaced by British Crown raj which brought the "Paper Currency Act of 1861" and the "Uniform Coinage Act of 1906". After 2021, the government of independent India amended "The Coinage Act, 2011", the " Foreign Exchange Management Act (FEMA), 1999," the " Information Technology Act, 2000 " and the "Crypto-currency and Regulation of Official Digital Currency Bill, 2021". India's first coins after independence were issued in 1950 in denominations of 1 pice , 1 ⁄ 2 , one and two annas, 1 ⁄ 4 , 1 ⁄ 2 and one-rupee . The sizes and composition were
8547-518: The name of the dynasty's first king Gupta . Some scholars, such as S. R. Goyal , theorise that the Guptas were Brahmins , because they had matrimonial relations with Brahmins, but others reject this evidence as inconclusive. Based on the Pune and Riddhapur inscriptions of the Gupta princess Prabhavatigupta , some scholars believe that the name of her paternal gotra (clan) was "Dharana", but an alternative reading of these inscriptions suggests that Dharana
8658-445: The next king Chandragupta I is called a Maharajadhiraja (" King of Great Kings "). In the later period, the title Maharaja was used by feudatory rulers, which has led to suggestions that Gupta and Ghatotkacha were vassals (possibly of Kushan Empire ). However, there are several instances of paramount sovereigns using the title Maharaja , in both pre-Gupta and post-Gupta periods, so this cannot be said with certainty. That said, there
8769-534: The northern region, including the Nagas . It further claims that he subjugated all the kings of the forest region, which was most probably located in central India. It also credits him with defeating 12 rulers of Dakshinapatha , the southern region: the exact identification of several of these kings is debated among modern scholars, but it is clear that these kings ruled areas located on the eastern coast of India. The inscription suggests that Samudragupta advanced as far as
8880-477: The only right to mint the coins and one rupee note. The responsibility for coinage comes under the Coinage Act, 1906 which is amended from time to time. The designing and minting of coins in various denominations is also the responsibility of the Government of India. Coins are minted at the four India Government Mints at Mumbai , Kolkata , Hyderabad , and Noida . The coins are issued for circulation only through
8991-435: The price of silver) and purchased about 44,000 tons of silver, paying with paper silver certificates . In 1939, Dickson H. Leavens wrote in his book Silver Money : "In recent years the increased price of gold, measured in depreciated paper currencies, has attracted to the market (of London) large quantities (of gold) formerly hoarded or held in the form of ornaments in India and China". In their respective former colonies,
9102-502: The regal issues were cupro-nickel 1 ⁄ 4 -, 1 ⁄ 2 - and one-rupee pieces minted in 1946 and 1947, bearing the image of George VI , King and Emperor on the obverse and an Indian lion on the reverse. Gupta Empire The Gupta Empire was an ancient Indian empire on the Indian subcontinent which existed from the mid 3rd century CE to mid 6th century CE. It was the seventh ruling dynasty of Magadha . At its zenith, from approximately 319 to 467 CE, it covered much of
9213-520: The reign is remembered for its very influential style of Hindu art , literature , culture and science , especially during the reign of Chandragupta II. Some excellent works of Hindu art such as the panels at the Dashavatara Temple in Deogarh serve to illustrate the magnificence of Gupta art. Above all, it was the synthesis of elements that gave Gupta art its distinctive flavour. During this period,
9324-436: The reign of the Gupta emperor Chandragupta II . He started his journey from China in 399 CE and reached India in 405 CE . During his stay in India up to 411 CE , he went on a pilgrimage to Mathura , Kannauj , Kapilavastu , Kushinagar , Vaishali , Pataliputra , Kashi , and Rajagriha , and made careful observations about the empire's conditions. Faxian was pleased with the mildness of administration. The penal code
9435-675: The rise of local rulers such as Yashodharman , ended as well. Following the invasions, northern India was left in disarray, with numerous smaller Indian powers emerging after the crumbling of the Guptas. The Huna invasions are said to have seriously damaged India's trade with Europe and Central Asia . In particular, Indo-Roman trade relations , which the Gupta Empire had greatly benefited from. The Guptas had been exporting numerous luxury products such as silk , leather goods, fur, iron products, ivory , pearl , and pepper from centres such as Nasik , Paithan , Pataliputra , and Benares . The Huna invasion probably disrupted these trade relations and
9546-419: The royal land have to pay (a portion of) the gain from it. If they want to go, they go. If they want to stay on, they stay on. The king governs without decapitation or (other) corporal punishments. Criminals are simply fined according to circumstances. Even in cases of repeated attempts at wicked rebellion, they only have their right-hand cut off. The king's bodyguards & attendants all have salaries. Throughout
9657-523: The rupee is the rūpiya —the silver coin weighing 178 grains minted in northern India, first by Sher Shah Suri during his brief rule between 1540 and 1545, and later adopted and standardized by the Mughal Empire . The weight remained unchanged well beyond the end of the Mughals until the 20th century. The history of the Indian rupee traces back to ancient India around the 6th century BCE: ancient India
9768-475: The same as the final regal issues, except for the one-piece (which was bronze, but not holed). The first decimal-coin issues in India consisted of 1 , 2 , 5 , 10, 25 and 50 naye paise , and 1 rupee . The 1 naya paisa was bronze; the 2, 5, and 10 naye paise were cupro-nickel, and the 25 naye paise (nicknamed chawanni ; 25 naye paise equals 4 annas ), 50 naye paise (also called athanni ; 50 naye paise equalled 8 old annas) and 1-rupee were nickel. In 1964,
9879-535: The seven days in a week appeared at the start of the Gupta period based on Hindu deities and planets corresponding to the Roman names. Aryabhata made several contributions such as assigning the start of each day to midnight. the earth's rotation on its axis, westward motion of the stars. Aryabhata also mentioned that reflected sunlight is the cause behind the shining of the Moon. In his book, Aryabhata, he suggested that
9990-543: The south-eastern coastal region of India. Ramagupta is known from a sixth-century play, the Devichandragupta , in which he surrenders his queen to the enemy Sakas and his brother Chandragupta has to sneak into the enemy camp to rescue her and kill the Saka king. The historicity of these events is unclear, but Ramagupta's existence is confirmed by three Jain statues found at Durjanpur , with inscriptions referring to him as
10101-552: The states had issued rupees equal to those issued by the British (such as the Travancore rupee ). Other currencies (including the Hyderabadi rupee and the Kutch kori ) had different values. The values of the subdivisions of the rupee during British rule (and in the first decade of independence) were: In 2010, a new rupee sign ( ₹ ) was officially adopted. As its designer explained, it
10212-537: The symbols for multiple rupees and one rupee, respectively, and these symbols are still used in situations where the official symbol is unavailable. The Digital Rupee (e₹) or eINR or E-Rupee is a tokenised digital version of the Indian Rupee , issued by the Reserve Bank of India (RBI) as a central bank digital currency (CBDC). The Digital Rupee was proposed in January 2017 and launched on 1 December 2022. Digital Rupee
10323-422: The tax revenues that came with them. Furthermore, Indian urban culture was left in decline, and Buddhism , gravely weakened by the destruction of monasteries and the killing of monks by the hand of the vehemently anti-Buddhist Shaivist Huna king Mihirakula , started to collapse. Great centres of learning were destroyed, such as the city of Taxila , bringing cultural regression. During their rule of 60 years,
10434-504: The then Chancellor of the Exchequer (finance minister) of the United Kingdom, Winston Churchill , restored it to pre-war levels. As a result, the price of gold fell rapidly. While the rest of Europe purchased large quantities of gold from the United Kingdom, there was little increase in her gold reserves. This dealt a blow to an already deteriorating British economy. The United Kingdom began to look to its possessions as India to compensate for
10545-413: 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
10656-507: The whole country, the people do not kill any living creature, not drink any intoxicating liquor, nor eat onions or garlic." Chandragupta II was succeeded by his second son Kumaragupta I , born of Mahadevi Dhruvasvamini. Kumaragupta I assumed the title, Mahendraditya . He ruled until 455. Towards the end of his reign a tribe in the Narmada valley, the Pushyamitras , rose in power to threaten
10767-559: The word rūpyarūpa : rūpya 'wrought silver' and rūpa 'form'. The Gupta Empire produced large numbers of silver coins clearly influenced by those of the earlier Western Satraps by Chandragupta II . The silver Rūpaka ( Sanskrit : रूपक ) coins were weighed approximately 20 rattis (2.2678g). In the intermediate times there was no fixed monetary system as reported by the Da Tang Xi Yu Ji . During his five-year rule from 1540 to 1545, Sultan Sher Shah Suri issued
10878-586: The words naya / naye were removed from all coins. Between 1957 and 1967, aluminium one -, two -, three -, five - and ten-paise coins were introduced. In 1968 nickel-brass 20-paise coins were introduced, and replaced by aluminium coins in 1982. Between 1972 and 1975, cupro-nickel replaced nickel in the 25- and 50-paise and the 1-rupee coins; in 1982, cupro-nickel two-rupee coins were introduced. In 1988 stainless steel 10-, 25- and 50-paise coins were introduced, followed by 1- and 5-rupee coins in 1992. Five-rupee coins, made from brass , are being minted by
10989-512: The world through meditation ( Dhyana ). The Chinese monk Xuanzang also noted that Narasimhagupta Baladitya's son, Vajra, who commissioned a sangharama as well, "possessed a heart firm in faith". A study of the epigraphical records of the Gupta Empire shows that there was a hierarchy of administrative divisions from top to bottom. It was divided into 26 provinces, which were called Bhukti , Desha or Rajya . Provinces were also divided into vishayas or pradeshas (districts) and put under
11100-510: Was banned and the Japanese rupee (1942–44) was introduced. At the onset of the First World War , the cost of gold was very low and therefore the pound sterling had high value. But during the war, the value of the pound fell alarmingly due to rising war expenses. At the end of the war, the value of the pound was only a fraction of what it had been before the war. It remained low until 1925, when
11211-566: Was brought up under the influence of the Mahayanist philosopher, Vasubandhu . He built a sangharama at Nalanda and also a 300 ft (91 m) high vihara with a Buddha statue within which, according to Xuanzang , resembled the "great Vihara built under the Bodhi tree ". According to the Manjushrimulakalpa ( c. 800 CE ), King Narasimhsagupta became a Buddhist monk, and left
11322-585: Was derived from the combination of the Devanagari consonant " र " ( ra ) and the Latin capital letter "R" without its vertical bar. The parallel lines at the top (with white space between them) are said to make an allusion to the flag of India , and also depict an equality sign that symbolises the nation's desire to reduce economic disparity . The first series of coins with the new rupee sign started in circulation on 8 July 2011. Before this, India used " ₨ " and "Re" as
11433-562: Was known as "the fall of the rupee". In Britain War, the Long Depression resulted in bankruptcies, escalating unemployment, a halt in public works, and a major trade slump that lasted until 1897. 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
11544-761: Was made even more illustrious by the fact that it was graced by the Navaratna (Nine Jewels), a group of nine who excelled in the literary arts. Among these men was Kālidāsa , whose works dwarfed the works of many other literary geniuses, not only in his own age but in the years to come. Kalidasa was mainly known for his subtle exploitation of the shringara (romantic) element in his verse. The 4th century Sanskrit poet Kalidasa credits Chandragupta Vikramaditya with conquering about twenty-one kingdoms, both in and outside India. After finishing his campaign in East and West India, Vikramaditya (Chandragupta II) proceeded northwards, subjugated
11655-426: Was mild, and offences were punished by fines only. From his accounts, the Gupta Empire was a prosperous period. His writings form one of the most important sources for the history of this period. Faxian on reaching Mathura comments–– "The snow and heat are finely tempered, and there is neither hoarfrost nor snow. The people are numerous and happy. They have not to register their households. Only those who cultivate
11766-428: Was observed under the Gupta period but caste system was fluid. Brahmins followed non-Brahmanical professions as well. Kshatriyas were involved in trade and commerce. The society largely coexisted among themselves. Gupta administration proved to be highly conducive for the rapid growth of urban centers. The Chinese author Faxian described Magadha as a prosperous country with rich towns and large populations. Ayodhya
11877-491: Was one of the earliest issuers of coins in the world, along with the Chinese wen and Lydian staters . Arthashastra , written by Chanakya , Prime minister to the first Maurya emperor Chandragupta Maurya (c. 340–290 BCE), mentions silver coins as rūpyarūpa , other types including gold coins (suvarṇarūpa), copper coins (tamrarūpa) and lead coins (sīsarūpa) are mentioned. Rūpa means 'form' or 'shape'; for example, in
11988-464: Was regarded as the second capital. Chandragupta Vikramaditya took personal interest in the development of Ujjain as a major cultural center after its conquest. Indian mathematics flourished during the Gupta Empire. The Indian numerals which were the first positional base 10 numeral systems in the world originated from Gupta India. The Surya Siddhanta contains the Sine table. Aryabhata , wrote
12099-471: Was returned to accounts. As this experiment failed spectacularly, the government abandoned the practice but did not abandon the narrative of the gold standard. Subsequently, much of the gold held by the Government of India was shipped to the Bank of England in 1901 and held there. During World War II , Colonial British control over parts of Nagaland was lost to Japanese forces , the British Indian rupee
12210-412: Was situated somewhere in the modern Bengal region. Another proposal is that the early Gupta kingdom extended from Prayaga in the west to northern Bengal in the east. The Gupta records do not mention the dynasty's varna (social class). Some historians, such as A.S. Altekar , have theorised that they were of Vaishya origin, as certain ancient Indian texts prescribe the name "Gupta" for the members of
12321-502: Was the gotra of her mother Kuberanaga. Gupta ( Gupta script : [REDACTED] [REDACTED] gu-pta , fl. late 3rd century CE) is the earliest known king of the dynasty: different historians variously date the beginning of his reign from mid-to-late 3rd century CE. Gupta founded the Gupta Empire c. 240 -280 CE, and was succeeded by his son, Ghatotkacha , c. 280 -319 CE, followed by Ghatotkacha's son, Chandragupta I , c. 319 -335 CE. "Che-li-ki-to",
#716283