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50 paise is equivalent to 0.5 rupees. Paisa is a monetary unit used in a number of countries. The term is also used as a general idiom for money and wealth. The paisa is currently worth 1/100 rupee in India, Nepal, and Pakistan. In Bangladesh, one Poysha equals one hundred Bangladeshi Taka. The Paisa is equivalent to 1/1000 Omani Rials in Oman.
Chalukyas' coins were frequently referred to as "Gadhaiya Paise" (9th-10th century CE). Until the 1950s in India and Pakistan (and before 1947 in British India), a paisa was worth three pies, fourteen annas, or one-sixtieth of a rupee.
Following the conversion from a non-decimal to a decimal currency, the paisa equaled 1/100 rupees and was referred to as a Naya paisa ("new paisa") for a few years to distinguish it from the old paisa, which was 1/64 rupees.
India gained independence on August 15, 1947. During the transition period, India maintained its previous monetary system, currency, and coinage. While Pakistan introduced a new series of coins and notes in 1948 and 1949, India debuted its distinctive coins on August 15, 1950.
Chronologically, the main factors influencing the Republic of India's coinage policy over time have been:
The incorporation of sovereignty symbols and indigenous motifs on independence;
With the introduction of the metric system, coinage reforms are implemented.
The desire to avoid the possibility of the metallic value of coins rising above their face value from time to time;
The cost-benefit analysis of coining currency notes
Independent India's issues can be broadly classified as follows:
1947-1950: The Frozen Series
This reflected the currency arrangements in place before the establishment of the Indian Republic. The monetary system remained constant at one rupee divided into 192 pies.
1 Rupee equals 16 Annas
1 Anna equals 4 Pice
1 Pie equals 1 Pice
(2)Anna's Series
This series was introduced on August 15, 1950, and represented the Republic of India's first coinage. The Lion Capital of the Ashoka Pillar took the place of the King's Portrait. The Tiger on the one rupee coin was replaced by a corn sheaf.
In some ways, this represented a shift in emphasis toward progress and prosperity. Other coins also featured Indian motifs. The monetary system remained largely unchanged, with one Rupee equaling 16 Annas.
(3) Decimal Series
For over a century, there has been a push toward decimalization. However, the Indian Coinage Act was amended in September 1955 to allow the country to adopt a metric coinage system.
The Act went into effect on the 1st of April, 1957. The rupee's value and nomenclature remained unchanged. It was now divided into 100 'Paisa' rather than 16 Annas or 64 Pice. The new decimal Paisa was known as 'Naya Paisa' until June 1st, 1964 when the term 'Naya' was dropped.
(i)1957-1964 Naya Paisa Series
Small-denomination coins made of bronze, nickel-brass, cupro-nickel, and Aluminium-Bronze were gradually minted in Aluminium as commodity prices rose in the 1960s. This shift began with the introduction of the new hexagonal three-paise coin. A twenty-paise coin was introduced in 1968, but it was not well received.
(ii)From 1964 onwards, the Aluminium Series
Cost-benefit considerations led to the gradual discontinuance of 1, 2, and 3 paise coins in the 1970s; stainless steel coinage of 10, 25, and 50 paise was introduced in 1988, and one rupee coinage was introduced in 1992. Due to the high costs of managing Re 1, Rs 2, and Rs 5 note issues, these denominations were gradually introduced in the 1990s.
(4)Contemporary Coins
The coins we see today.
The word "paisa" often means money or cash in Hindi, Bengali, Afghan Persian, Urdu, Nepali, and other languages.
The use of Indian subcontinent and Arabic currency terms spread across these areas due to mediaeval trade routes that crossed the Arabian Sea between India, the Arab regions, and East Africa.
The term "pesa," which refers to money in East African languages such as Swahili, originated during this time period. M-Pesa, an older Kenyan mobile-phone-based money transfer service (which stands for "mobile pesa" or "mobile money"), is an example of this usage.
Pice's antiquated spelling was changed to paisa in the singular and paise in the plural. The currency was decimated in 1957, with 100 naye paise (np) to a rupee, necessitating a new set of overprints.
The paisa was introduced on April 1, 1957, following the decimalization of the Indian rupee.
1 Rupee equals 16 Annas
1 Anna equals 4 Pice
1 Pie equals 1 Pice
The term 'Rupee' is derived from the Sanskrit word Rupyakam, which means a silver coin. Its origins can be traced back to Rupiya.
Chandragupta Maurya, the first Maurya emperor, created Punch Marked Coins out of silver, gold, copper, or lead.
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