Is Zeros in 1 crore still relevant? What are the new denominations?
Some changes were brought about in the Indian currency system in 2018. While the 1000 Rupee note has ceased to be legal tender, the 2000 Rupee and 500 Rupee notes have come into circulation. Higher denomination currencies like 10,000 Rupee and 20,000 Rupee notes also exist now-a-days. The present version of a crore is 1000000 (10*10*10*10) rupees or 10 lakhs (1 lakh = 1000000). One crore equals ten million rupees. A new denomination of 1 Crore will be equivalent to ten million rupees instead of one million as mentioned previously. Zeros in 1 crore are still relevant! It is enough to have zeros in one crore, a little more is not needed.
Let us begin with the history of the Indian currency system. The Indian currency system started with the coinage of denarii at Thiruvananthapuram (Chidambaram) in the year 78 C.E. The 24-bit computer has recently become a reality but we can use it to help us understand the history of our currency system better. The monetary system in India was more or less the same up to 1900, when coins were minted from silver and gold by private mints after decimalisation of units. The word ‘Rupee’ derived from ‘Rupya’.
Is Zeros In 1 Crore Still Relevant :
1. Zeros in 1 crore :
In recent times, Indian currency systems have changed quite a lot. There is no more law of the rupee in our country. The rupee has become what it is today because of Dr. A P J Abdul Kalam’s economic reforms and the structural adjustment programme (SAP) that was launched after India got out of the IMF’s clutches in 1991. It is well known that when Dr Kalam became the President, he replaced all pre-Kalam symbols with those with his head on them and banished all other symbols from currency notes.
2. One crore equals ten million rupees :
Dr. Manmohan Singh’s economic reforms in 1991 saw the introduction of a new currency system. Until then, one lakh was ten thousand rupees and one crore was ten million rupees but in 1991 the word ‘lakh’ was dropped and it became simple; one lakh equals one hundred thousand and a crore is simply ten million. The rationalization of units happened again in April 2010, when the government effected changes including use of singular forms instead of plural ones (1 lakh instead of 1,00,000) along with other changes to the way numbers are pronounced.
3. The number system :
India has had a decimal monetary system since the British period and is the only country that has different units for different denominations. Thus, there are 20 currency units, of which 10 are coins and 10 are banknotes. Coins come in denominations from 1 paisa (2 – 3 paise) to 2 rupees or 50 paise. Banknotes come in denominations of 1, 5, 10, ten and twenty rupees.
The number system used by India is decimal with a base-10 counting system. Decimal counting may be defined as the means of recording numbers 0–9, by which each digit is represented as one place to its right (i.e., 1 = one place to its right = zero).
4. The new currency note :
The present version of a crore is 1000000 (10*10*10*10) rupees or 10 lakhs (1 lakh = 1000000). One crore equals ten million rupees. A new denomination of 1 Crore will be equivalent to ten million rupees instead of one million as mentioned previously. This is just like the dollar being divided into a penny, nickel, dime and quarter.
5. Rs 2000 note :
The Indian Government has already launched the 2,000 Rupee note and circulated it in the market successfully. It replaced the most common 1000 Rupee note which had been used by most people in India for financial transactions…
6. Rs 500 note :
The 500 Rupee note was also introduced by the government in the year 2000, which is of the same size as a 1000 Rupee note. The 1500 and 2000 Rupee notes are of the same size as 10,000 and 20,000 Rupee notes respectively. The fact that small denomination currency notes have been introduced by the government is an indication that it wishes to encourage cashless transactions; with credit cards like Visa and Mastercard now being used widely by Indians.
7. Rs 100 note :
The current version of a crore is 1000000 (10*10*10*10) rupees or 10 lakhs (1 lakh = 1000000). One crore equals ten million rupees. A new denomination of 1 Crore will be equivalent to ten million rupees instead of one million as mentioned previously.
The number system used by India is decimal with a base-10 counting system. Decimal counting may be defined as the means of recording numbers 0–9, by which each digit is represented as one place to its right (i.e., 1 = one place to its right = zero).
