BANKING AFFAIRS

Detailed explanation-1: -Indian coinage went decimal on April 1, 1957, ten years after it gained Independence from the British.

Detailed explanation-2: -The Act came into force with effect from 1st April, 1957. The rupee remained unchanged in value and nomenclature. It, however, was now divided into 100 ‘Paisa’ instead of 16 Annas or 64 Pice. For public recognition, the new decimal Paisa was termed ‘Naya Paisa’ till 1st June, 1964 when the term ‘Naya’ was dropped.

Detailed explanation-3: -On Monday 15 February 1971, Britain went decimal, however 40 years after the first decimal coins entered circulation it was time for rejuvenation. Discover the inspiration behind Matthew Dent’s new designs.

Detailed explanation-4: -Aryabhata and other mathematicians of ancient India first adopted the decimal system of numbers and place value system writing numbers the way we do today.

Detailed explanation-5: -Russia converted to a decimal currency under Tsar Peter the Great in 1704, with the ruble being equal to 100 kopeks, thus making the Russian ruble the world’s first decimal currency.