The year 2020 marks the centenary of India's first demonetisation of paper currency. It was in 1920 that the Nizam government in Hyderabad had withdrawn Rupee 1 paper currency from circulation. The Nizam had introduced Rs 10 and Rs 100 paper currency in 1918 and Rupee 1 in 1919 as there was severe shortage of metal particularly silver in view of the World War I.
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