Latest news with #Arthashastra
&w=3840&q=100)
First Post
2 days ago
- Business
- First Post
From rupyarupa to rupee: Tracing the history of the Indian currency
India is all set to celebrate its 79th Independence Day this year. The journey of the rupee has reflected the evolution of the country – its history, culture, tradition and economy. Let's take a closer look The journey of the rupee has reflected the evolution of India – its history, culture, tradition and economy. Reuters India is all set to celebrate its 79th Independence Day this year. As the years have gone by, so has the mighty Indian rupee changed with the passage of time. The journey of the rupee has reflected the evolution of the country – its history, culture, tradition and economy. Let's take a closer look at the history of the Indian rupee. The rupee in ancient times The word rupee comes from the Sanskrit word rūpya (wrought silver). The rupee is mentioned in ancient texts, including those of Panini, a Sanskrit writer in the 5th Century BCE. Panini used the word rūpa to refer to a silver coin. Ancient Indian kingdoms in the 6th century also had their own forms of currency that were the forerunners of the rupee. The Mahajanapadas of Gandhara, Kuntala, Kuru, Panchala, Shakya, Surasena, and Saurashtra all issued their own currency. STORY CONTINUES BELOW THIS AD While these were made of silver and had a set weight, they came in all shapes and sizes and with different. Coins from Saurashtra bore a humped bull, Dakshin Panchala stamped a Swastika, and Magadha went in for a variety of symbols. Chanakya, in his famed Arthashastra, mentions how the Mauryas under the great Emperor Chandragupta Maurya minted coins such as rupyarupa (silver) suvarnarupa (gold), tamararupa (copper) and sisarupa (lead). Chanakya, in his famed Arthashastra, mentions how the Mauryas under the great Emperor Chandragupta Maurya minted coins like rupyarupa (silver). Wikimedia Commons It was Sher Shah Suri, after defeating Mughal emperor Humayun, who standardised the rupiya. Suri, during his reign from 1540 to 1545, issued a silver coin weighing 11.5 grams. The name was kept out of respect for India's heritage. Though the British East India Company had already set up in India and even attempted to introduce the sterling pound, the rupiya's popularity remained unrivalled. Indeed the rupiya remained in circulation during the Mughal reigns, the era of the Marathas and in British India – a testament to Suri's organisational skills and the enduring power of the currency. By 1671, the British East India Company had given in. It began minting coins in the local style – using the rupiya. However, the value of the currency was not standard across India – which naturally created problems. In British India and more modern times It took till 1835 for the law to standardise the minting of the rupee. This came after the British colonial government passed the Paper Currency Act of 1861. Each rupee was split into 16 annas, which in turn were split into four pice (paise) each. So, one rupee equated to around 64 pice (paise). STORY CONTINUES BELOW THIS AD India continued to use silver and gold as currency till the 18th Century. However, the influx of European trading firms and the establishment of the banks resulted in the first paper currency being printed. The Bank of Hindostan (1770– 1832) in Calcutta, the General Bank of Bengal and Bihar (1773–75), and Bengal Bank (1784–91), all issued their own forms of paper currency. This is when the use of paper notes rather than coins began taking hold. The British colonial government forbade private banks from issuing their own currency. The Bank of England would take over responsibility for printing all of India's currency notes for the next hundred years or so. It introduced paper notes in the denominations of Rs 10, Rs 20, Rs 50, Rs 100, and Rs 1,000. This currency, known as the 'Victoria Portrait' series, depicted a small image of the British Queen on the top left. However, the denomination could only be used in certain areas known as 'currency circles' – Calcutta, Bombay, Madras, Rangoon, Kanpur, Lahore, and Karachi. These were unifaced, carried two language panels and were printed on hand-moulded paper. STORY CONTINUES BELOW THIS AD This currency, known as the 'Victoria Portrait' series, depicted a small image of the British Queen on the top left. Wikimedia Commons In 1867, the Victoria Portrait series was withdrawn due to forgeries and replaced by the Underprint series. From 1903 to 1911, Rs 5, Rs 10, Rs 50 and Rs 100 were universalised. The British government then introduced the 'King's Portrait' series – beginning with George V in 1923. It was only in 1928 that India set up its first currency printing press in Nasik. In 1935, the Reserve Bank of India was established, which finally took responsibility for handling India's money. The RBI continued in much the same vein as the Bank of England. Its first currency note, a denomination of Rs 5, was issued three years later in 1938. It bore a portrait of King George VI. The RBI also introduced denominations of Rs 10, Rs 100, Rs 1,000 and Rs 10,000. It also reintroduced the Rs 1 note, which had been first brought out in 1917 due to the first World War and discontinued in 1926. In March 1943, the Rs 2 note would follow. STORY CONTINUES BELOW THIS AD Post-Independence period After Independence, India found itself making a fresh start. However, it retained the currency and coins from the earlier period for a few years. At this time, 1 Rupee was 16 Annas, 1 Anna was 4 Pice and 1 Pice was 3 Pies. India kicked off its new series on August 15, 1950. There had been some arguments about Gandhiji's face replacing the King's. However, it was not to be. Instead, it was the Lion Capital of the Ashoka Pillar that replaced George VI. The tiger was replaced by the corn sheaf. However, the value of the coinage remained unchanged. It was only in 1957 that India adopted the decimal system. The rupee was now defined as 100 naya paise instead of 16 Annas. In 1964, Naya was dropped entirely. The Reserve Bank has now introduced a central bank digital currency (CBDC) – also known as an e-rupee It was only in 1969 that Gandhiji's face began being printed on currency notes of the denomination of Rs 2 and higher. Gandhiji would also feature on currency notes issued in 1996 of Rs 10 and Rs 500 – a replacement for the Lion Capital – and in 2005. New 50 paise, Rs 1, Rs 2 and Rs 5 stainless steel coins were also introduced. In 2010, the new symbol ₹ was introduced – a combination of the Latin letter R and the Devanagari letter र (ra). STORY CONTINUES BELOW THIS AD The Reserve Bank has now introduced a central bank digital currency (CBDC), also known as an e-rupee. It has also hinted that it is looking at cross-border pilot projects. It remains to be seen where the rupee will go in the age of cryptocurrency. With inputs from agencies
Mint
02-08-2025
- Business
- Mint
Chanakya: The Indian economy savant who first spelt out wealth as the root of power
Two thousand years before Adam Smith's theory of the invisible hand transformed economic thought, an Indian Brahmin with a razor-sharp mind was quietly drawing up the blueprint for a political economy that would support a kingdom. That man, born in Pataliputra, was Kautilya, more commonly remembered as Chanakya. History has dubbed him the original kingmaker, the strategist who powered the rise of Chandragupta Maurya. But to those who have read his text, Arthashastra, he was a proto-economist and a policy wonk with a startlingly modern outlook. Two thousand years before Adam Smith's theory of the invisible hand transformed economic thought, an Indian Brahmin with a razor-sharp mind was quietly drawing up the blueprint for a political economy that would support a kingdom. That man, born in Pataliputra, was Kautilya, more commonly remembered as Chanakya. History has dubbed him the original kingmaker, the strategist who powered the rise of Chandragupta Maurya. But to those who have read his text, Arthashastra, he was a proto-economist and a policy wonk with a startlingly modern outlook. The wartime consigliere bit was important, too, since he did engineer the rise of the Mauryan dynasty, giving India its first pan-subcontinental empire. The economist But we must turn to the Arthshastra (literally, treatise on economic science) to recognize his true genius. Composed around the 4th century BC, it is a no-nonsense manual of statecraft and economic management. In it, Chanakya, who has been pictured in popular imagination as a bald-headed, thickset man with sharp, piercing eyes, lays out a meticulously detailed system where the health of the treasury ranks above all else. 'Kosh mulo dandaḥ," he wrote. The language, Sanskrit, is pithy, but the meaning is profound—power rests with the treasury. It wasn't just empty advice. Under his tutelage, the growing military strength of the Mauryan empire led to political stability, which in turn resulted in increased agricultural output and greater trade. This meant higher revenues and resources for the empire, allowing it to build even better roads, which facilitated more trade. It was a virtuous cycle of economic and military might feeding into and of each other. His antecedents remain elusive, with the place of his birth and his early years shrouded in mystery. The most authentic version says he was born as Vishnugupta and went to Takshashila, the ancient centre of learning, where he studied economics, politics, war strategies, medicine, and astrology. He started his career as an advisor to the Nanda king but was exiled from the court following a perceived insult. Chankaya swore revenge. At this time, he came upon Chandragupta, a young outsider with enormous promise, whom he groomed and eventually helped take over as emperor of the Mauryan Empire, overthrowing the Nanda dynasty. But Chanakya's influence went far beyond battlefield strategy. He placed economics at the heart of governance. In his thinking, the state reigned supreme with control of mines and forests, the trade in salt, liquor and weapons. It also carefully regulated everything from grain prices to prostitution. Significantly, taxes, while high, were never extortionate. 'Do not squeeze the subjects like milking a dry cow", the Arthshastra warned, a warning that many subsequent governments ignored at their own peril. His wisdom extended to using economic diplomacy not just as commerce, but as a means to expand influence and preserve national security. Very appropriately, New Delhi's diplomatic enclave that houses foreign embassies is named Chanakyapuri. The realist In the world of Chanakya, ideals took a backseat as he prioritized results over rhetoric. For that, like the great Chinese general and military strategist Sun Tzu, who lived 150 years before him and considered espionage a crucial element of warfare, the Arthashastra too stressed the importance of spying, auditing, and surveillance. Ministers were to be watched by spies disguised as mendicants. Bookkeepers were assumed to be cooking the numbers unless proven otherwise. 'Even trustworthy officials should not be fully trusted," he wrote with dispassionate realism. Yet, he was not without a social conscience. He encouraged welfare during famine, making it an essential part of a king's duties: 'Kingship requires detailed and expert knowledge of goods and the raw materials from which they are made, for provisioning the palace and the army, as also for distributing food to people in times of famine." Economist Amartya Sen once noted that Kautilya's sense of public welfare rivalled anything seen in ancient Greece or China. Patrick Olivelle, the Sanskrit scholar, described him as 'Machiavelli before Machiavelli, only more systematic, more ruthless, and perhaps more humane". Despite his intellectual heft, Chanakya vanished from collective memory for centuries, and it was only in 1905 that the Arthashastra was rediscovered in a South Indian manuscript trove and translated and published by R. Shamasastry, a Sanskrit scholar and librarian at the Oriental Research Institute, Mysore. Since then, he has found a second life, not just in Indian politics and civil services, but in business schools and military academies. His words, often stripped of context, are now memes on social media. That doesn't distract from the Arthashastra's stature as a seminal work of economic statecraft. For more such stories, read The Enterprising Indian: Stories From India Inc News.
Express Tribune
02-07-2025
- Politics
- Express Tribune
India's Silent War
Kautilya, also known as Chanakya, is one of the earliest Indian thinkers. In his famous work Arthashastra, he prescribes the art of statecraft and governance for the king. The treatise covers a wide range of topics, with war being an important one. War, according to Kautilya, is categorized into three types: open, concealed, and silent. In this form of war, repeated stealthy attacks, under the cover of apparent civility, are used to destabilize other kingdoms. In today's parlance, hybrid war fits the definition of "silent war," characterized by deceit, fabrication, deflection, falsification, and the use of cyber tools to gather critical information. Recent media reports reveal India's intricate network of spies and agents engaged in conducting a silent war globally, against both allies and adversaries alike. These reports shed light on how the Indian diaspora and workers abroad are deliberately being used to gain access and collect critical information on foreign countries and individuals. The data collected is collated and consciously used to create a favorable environment, manipulate public perception, and influence processes and decision-making to advance geopolitical interests. Even international organizations, such as the Financial Action Task Force (FATF), human rights organizations, multilateral export control regimes, and other international forums, have been infiltrated to influence decisions, malign rival countries through disinformation, and falsify facts. The EU DisinfoLab, an independent non-profit organization dedicated to detecting, tackling, and preventing information disorders that endanger citizens' integrity, peaceful coexistence, and democratic values, has published an exhaustive report on India's use of spying networks. The report, entitled India Chronicles: Deep Dive into a 15-Year Operation Targeting the EU and UN to Serve Indian Interests ( outlines how the Indian operation, led by the Srivastava Group and amplified by ANI (Asian News International), began in 2005. Its mission was to discredit nations in conflict with India in Asia, particularly Pakistan and China, while improving India's global perception and consolidating its power. The report reveals that India's operation resurrected dead media outlets, think tanks, and NGOs — even resurrecting dead people — to produce and amplify content aimed at undermining primarily Pakistan. Using tools such as identity theft, fake media outlets covering 119 countries, impersonation, and the resurrection of over 10 UN Human Rights Council-accredited NGOs, the operation sought to influence international discourse. The effort included 750+ fake media outlets and 550+ domains, amplified by ANI. It also involved the use of European Parliament members through an online EU affairs honeypot. India often sells itself as a land of peace, justice, non-violence, culture, and democracy. However, beneath the surface, it sponsors and finances terrorism globally. India has trained terrorist organizations such as the Liberation Tigers of Tamil Eelam (LTTE) in Sri Lanka, actively supported Tehrik-e-Taliban Pakistan (TTP) and the Balochistan Liberation Army (BLA) in carrying out terrorist activities in Pakistan, and even assassinated opponents in countries like Canada and the UK, with attempted assassinations in the US. As a result, the Justice Department charged an Indian RAW agent for orchestrating one such assassination plot. India doesn't just use terrorism for political gain; it also supports its foreign policy through psychological operations, fake news, falsification, and propaganda. Iranian investigators have uncovered an Indian clandestine network of software and tech companies in Iran, providing backdoors to both Israel and India during the Iran-Israel conflict. This tale of digital espionage involved millions of Indian workers in Iran and Gulf countries, including engineers, telecommunication operators, IT experts, and airport handlers, who secretly collected data, gathered intelligence, and controlled communication to fuel propaganda and manipulate politics without leaving any traces. India's strategy includes building a fake narrative to cover its forays into ICBM development. A report co-authored by Vipin Narang and Pranay Vaddi (Indian-origin Americans) and published in the Foreign Affairs journal (July/August 2025) reveals that India possesses an array of ICBMs, such as Agni-V, with ranges between 5,500 and 8,000 kilometers, and is preparing to test more advanced versions like Agni-VI, with a range exceeding 10,000 kilometers, coupled with MIRV capability. India is also set to test its cutting-edge, MIRV-capable hypersonic SLBM K-6, with an expected range exceeding 8,000 kilometers. Pakistan enjoys good relations with the US, China, Russia, and other countries, and does not harbor any extra-regional ambitions. The international community acknowledges Pakistan's development of a deterrent capability, which is a response to clear and visible existential threats within the region. Therefore, Pakistan's force posture and development strategy remain in line with the doctrine of credible minimum deterrence. It would be naive for Pakistan's policymakers to provoke international backlash, weaken its diplomatic position, or draw undesired scrutiny. In practical terms, ICBMs might not significantly enhance Pakistan's deterrent capability, so there is little sense in boasting about a system that would not add value. The real priorities for the state are uplifting a large population from poverty, improving socio-economic conditions, and providing basic amenities. The ongoing slanderous campaign is part of India's silent war, where digital espionage, destabilization through terror networks, deceit, falsification, and disinformation are used as tools.
News18
13-06-2025
- Politics
- News18
Delhi HC Asks Govt to Reconsider Life Convict's Release, Cites Kautilya & Ashoka
Last Updated: A man serving life imprisonment for murder had approached the Delhi High Court seeking premature release under the Delhi Government's 2004 remission policy. Rooting remission in ancient Indian jurisprudence, the Delhi High Court cited Kautilya's Arthashastra and Ashoka's edicts while directing the government to reconsider the premature release of a life convict who had once jumped parole. Observing that reformative justice must guide such decisions, a bench led by Justice Girish Kathpalia, in a 22-page judgment, remarked, 'There existed a conscious and consistent thought amongst ancient thinkers, aimed at reformation of criminals in order to achieve the larger goal of peace in society by minimisation of crime and criminogenic tendencies. Later, thinkers across the globe nurtured the idea that reformatory policies are more productive than a deterrent and retributory approach to crime and criminal." These observations came in a case where a man, booked under IPC Section 302 for murder and serving life imprisonment, had filed a plea before the high court seeking premature release under the Delhi Government's 2004 remission policy. It was the petitioner's case that he had already served over 18 years without remission and more than 21 years with remission. He added that he had applied for premature release; however, his request had been rejected five times by the Sentence Review Board (SRB). The said rejections were primarily based on the gravity and perversity of the offence, along with his 2010 parole jump. Further, the authorities had also pointed to his re-arrest in 2015 in two separate cases, although he was subsequently acquitted in both. The Board had further alleged a non-reformative attitude based on his past conduct, and the police had also consistently raised objections. Before the High Court, the petitioner, represented by Senior Advocate Arundhati Katju, argued that all of the SRB's orders were mere copy-paste versions and that the Board had ignored recent developments. While acknowledging that the petitioner had jumped parole, Katju contended that the incident occurred 15 years ago and should not, by any means, bar him from liberty or remission. Presenting commendation certificates from jail and other authorities, the senior counsel highlighted his consistent good behaviour and emphasised that the SRB had failed to re-evaluate the case. On the other hand, the State, represented by Sanjeev Bhandari, Additional Standing Counsel, emphasised the seriousness of the crime and noted that commendation certificates alone were not enough. Arguing that the SRB is a technical committee, the ASC contended that the high court's scope under Article 226 is limited when it comes to reviewing its discretionary decisions. Taking note of the submissions, the court, at the outset, noted that the SRB's repeated rejections showed no real application of mind and were 'virtually copy-paste" from earlier meetings. 'The SRB deals with human beings, that too those who have been deprived of liberty across a long span of time on account of their aggression which led to criminality. The approach of the SRB ought to be reformation-oriented and not a routine disposal/statistics-dominated exercise. The composition of SRB needs to be re-examined by the authorities concerned so as to make the exercise of sentence review meaningful and commensurate to the laudable philosophy of reformation of criminal…," the court added. Addressing the parole violation, the court noted that the incident had occurred way back in 2015 and that more than a decade had passed since. It emphasised that there had not been even a whiff of any allegation of jail misconduct on the part of the petitioner. Highlighting six commendation certificates issued by the jail and other authorities, the court remarked that these certificates reflected genuine reformative growth by the petitioner and should have been meaningfully considered. 'Commendation certificates are not just formalities; they are guiding tools for the SRB to assess real reform," the court added. Accordingly, the court allowed the petition and directed the respondent to reconsider the petitioner's case for premature release.
Indian Express
12-06-2025
- Politics
- Indian Express
Premature release of prisoners: Delhi HC suggests reconstitution of Sentence Review Board, fine-tuning 2004 policy
Hearing a murder convict's plea for premature release, the Delhi High Court on Wednesday referenced the reformatory policy of remission in Kautilya's Arthashastra and suggested that 'the competent authority' deliberate upon the composition of the Sentence Review Board (SRB) and reconstitute the same. It also suggested fine-tuning Delhi's 2004 sentence review policy. Justice Girish Kathpalia was dealing with a plea by a convict, who was serving life imprisonment for murder committed in 2001. He was seeking premature release after spending more than 21 years in prison with remission. The convict's case for premature release had been rejected by the SRB five times between 2020 and 2023, compelling him to then seek a direction from the Delhi High Court. On Wednesday, the Delhi High Court directed the SRB to consider his case afresh. It further directed the SRB, that in case it does not find it to be a fit case to grant premature release to the convict, 'the decision of SRB shall be worded in a manner that one can decipher as to what worked in the mind of SRB'. Holding that the SRB's decision of denial of premature release to the convict 'suffers from vices of non-application of mind and completely mechanical approach to such a sensitive issue', Justice Kathpalia noted, 'The composition of the SRB would make this court assume that each matter is discussed threadbare in such meetings. But unfortunately, the manner in which minutes of these meetings were worded, the allegation of non-application of mind cannot be brushed aside.' 'Every instrumentality of the State, be it judicial or administrative, while deciding an issue must author the decision in such manner that deciphers what worked in the mind of the authority concerned. The court must have material before it to examine as to whether there was proper application of mind or not. In the present case, there is nothing on record to suggest proper application of mind by the SRB,' he added. Placing faith in the convict's reformation, the court observed, 'I have no doubt that the petitioner stands substantially reformed and can become a useful member of the society. Keeping the petitioner in jail for further period would not yield any fruitful result towards his reformation or to the society at large.' Making a case for applying the reformatory tool of premature release or remission, the court recorded, 'Not that due to passage of time, the inherent perversity of the crime per se diminishes in any manner. But for the purposes of reformative sentencing, such long incarceration, as already suffered by the petitioner, the perversity must be visualised as faded. The wound suffered by the kith and kin of the deceased, which was fresh in the year 2001, would have by now reduced to scab.' 'Time heals all wounds. This is the only way to fathom in order to ensure purposive application of the reformatory tool of premature release, otherwise no convict would be ever granted an opportunity to reform himself. For, life imprisonment, by its very nature is awarded in gruesome offences where the appropriate punishment is a bit short of awarding capital sentence. A punishment, to be scientific has to have an end somewhere during lifetime of the convict,' Justice Kathpalia said. While the state had opposed the convict's plea, referring to his misconduct in 2015 when he had jumped parole and his re-arrest in two more criminal cases, the court did not concur with the state's view. '…citing this misconduct, the SRB has repeatedly denied premature release to the petitioner. Some point of time has to be there, when aftereffects of such misconduct must taper down. It has been more than a decade since the petitioner jumped parole and got involved in those two cases. After the year 2015, there is not even a whiff of any allegation of any jail misconduct on the part of the petitioner. Rather, as observed hereafter, subsequently the petitioner was awarded a number of commendations by the jail authorities. Most significantly, as discussed above, the petitioner stands acquitted in those two cases,' the court reasoned. The convict was issued six commendation certificates while in jail, which included appreciation for his work and performance on Republic Days, and his work in assisting jail administration in fighting COVID-19. Taking the commendation certificates into account, the court noted, '…the petitioner had done an extraordinary job in the jail in fight against Corona, due to which the jail administration succeeded in keeping Corona free the jail no.2, even while admitting and quarantining more than 8,200 newly admitted prisoners. These certificates, coupled with the fact that across a period of time, the petitioner was released on parole and furlough more than once show a substantial reformative growth of the petitioner, which is a vital indicator of reduced propensity to commit crime again.' 'As regards possibility of the petitioner committing crime again, merely because he has not physically attained old age, it cannot be said that there are higher chances of his committing crime again. Bodily strength has no
