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Q36 (CDS-I/2007) Economy › Money, Banking & Inflation › Banking operations services Answer Verified

In which of the following years India switched over to decimal currencies ?

Result
Your answer: —  Â·  Correct: B
Explanation

India officially switched to a decimal currency system on April 1, 1957 [t3][t7]. Prior to this transition, the Indian rupee was divided into 16 annas, with each anna further subdivided into 4 pice or 12 pies [t2][t4]. To facilitate the decimalisation process, the Indian Coinage Act was amended in 1955 [t3]. Under the new system, the rupee was divided into 100 units called 'paisa' [t4][t6]. To distinguish these new units from the previous non-decimal pice, the coins minted between 1957 and 1964 were inscribed with the legend 'Naya Paisa' (New Paisa) [t1][t5]. The term 'Naya' was eventually dropped on June 1, 1964 [t5]. This shift was part of a broader move toward the metric system in India, which also included changes to weights and measures [t3][t8].

Sources

  1. [1] https://en.wikipedia.org/wiki/Indian_paisa
  2. [2] https://en.wikipedia.org/wiki/History_of_the_rupee
  3. [3] https://www.rbi.org.in/commonman/english/Currency/Scripts/RetrospectIndianCoins.aspx
  4. [4] https://en.wikipedia.org/wiki/Coins_of_the_Indian_rupee
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