Finance, Forex and Investments

who brought the papaer currency first to India?

Public Comments

1. Confirmed: Among the earliest issues of paper rupees were those by the Bank of Hindostan (1770-1832), the General Bank of Bengal and Bihar (1773-75, established by Warren Hastings), the Bengal Bank (1784-91), amongst others. (1) Probable but unproven: Chinese merchants under the Ming Dynasty (2) The Reserve bank of India states: ''Paper Money, as we know it today, was introduced in India in the late Eighteenth Century. Among the early issuers, the General Bank of Bengal and Bahar (1773-75) was a state sponsored institution set up in participation with local expertise. Its notes enjoyed government patronage. Though successful and profitable, the bank was officially wound up and was short lived. The Bank of Hindostan (1770-1832) was set up by the agency house of Alexander and Company was particularly successful. It survived three panic runs on it.'' (3) Therefore the British would be the answer.