While earlier attempts at issuing paper money were made by private banks like the Bank of Bengal (late 18th/early 19th century), the authority to issue currency was taken over by the British Indian Government under the Paper Currency Act of 1861. This Act centralized the issue of paper currency, and the first government-issued paper notes were introduced in 1862.
Paper currency was first started in Indian in
Asked in UPPSC Upper Mains 2011 · Topic: Economic Impact of British Rule on India (Monetary and Fiscal Policies of the British Raj)
More Modern History of India questions
- भारत में ए.ी.एम. सेविा किी शुरुआत विषर्ट ______ में हुई थी ।
- In which year, Indian Rupee was devalued twice within a month?
- The Negotiable Instruments Act came into force from : (a) 1881 A.D. (b) 1882 A.D. (c) 1883 A.D. (d) 1884 A.D.
- Which finance minister introduced Liberalization, Privatization and Globalization (LPG) in India?
- Who among the following had started the policy of economic decentralisation ?
- The Limitation Law, which was passed by the British in 1859, addressed which one of the following issues?
- Who was Taluqdar ?
- Justice Ranade welcomed Deccan Agriculturist Relief Act, because (a) This act would protect the farmers from the money lenders (b) By this act, the farmers would be relieved of the debt burden Which of the statement/statements given above is/are correct?