One time there were two currencies operating in India.... One as you all may know was the Indian National Rupee and the other was theHyderabadi Rupee.
The Government of Hyderabad had made several state led efforts to organize private bankers and local 'saukars' in the Dominion to set up a banking company which could issued paper money. But the Britishers resisted this idea. But in wake of the WW1, the British agreed and the first Hyderabadi Rupee (Paper currency that is) was issued in 1918. The currency was designated the Osmania Sicca (OS).
When the Indian Rupee was introduced in 1950, the OS were still in use, and the relationship of 7 Hyderabad rupees = 6 Indian rupees was used. In 1951, the issue of the Hyderabadi Rupee was ceased, but they weren't demonetized untill 1959.
So, from 1950 to 1959, two types of rupees existed in India.
The Government of Hyderabad had made several state led efforts to organize private bankers and local 'saukars' in the Dominion to set up a banking company which could issued paper money. But the Britishers resisted this idea. But in wake of the WW1, the British agreed and the first Hyderabadi Rupee (Paper currency that is) was issued in 1918. The currency was designated the Osmania Sicca (OS).
When the Indian Rupee was introduced in 1950, the OS were still in use, and the relationship of 7 Hyderabad rupees = 6 Indian rupees was used. In 1951, the issue of the Hyderabadi Rupee was ceased, but they weren't demonetized untill 1959.
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