WHAT WE SPENT AND HOW WE SPENT IT
Paper money in the 1940s, printed at the Currency Note Press in Nasik, featured the face of King George VI. By August 1940, when a new Re 1 note was introduced during war time, notes displayed a new feature – the security thread. After Independence, it was felt that the King’s portrait be replaced by a portrait of Mahatma Gandhi. The |consensus moved to the choice of the Lion Capital at Sarnath in lieu of the Gandhi portrait, according to the Reserve Bank of India website. Since 1835, Re 1 equalled 16 annas. By 1957, Re 1 equalled 100 naya paise and eventually today’s regular paise.
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Value for money
Gold prices
As of 1947, the price of 10 grams of gold was Rs. 88.62. Today it is closer to Rs. 29,000.
The dollar rate
It was exactly $1 = Re 1. You read right; one rupee was equal to one US dollar in value as at Independence, there were no external borrowings on India’s balance sheet. Devaluation began with the first five-year plan. Today one US dollar is close to Rs. 61.
What Re 1 could buy
The average yearly inflation for 1948-2013 is 6.55 per cent. So what cost Re 1 in 1947, now costs about Rs. 59.27, an increase of 5827.00 per cent.
VALUE FOR MONEY
Shaving blade: 7 o’clock slotted blades, double edged, were priced at 12 annas for a packet of 10
Book: Tenali Rama by ASP Ayyar, Rs. 2
Rain Coat: Rainy Coat (water-proof) from Cooch Behar Industries Rs. 4
Radio: Emerson Radio (Model 517) Rs. 175
Tobacco: Ogden’s Coolie Cut Plug tobacco (Rs 3/4 per 4oz tin)
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