Indian Rupee History
The Indian rupee is India’s official currency. It’s issued by the Reserve Bank of India and has gone through many changes throughout the years. It might come as a surprise for many to learn that the history of the rupee dates back to ancient India, more specifically, the 6th century BC. The country is one of the first-known currency issuers, with the coin undergoing drastic variations. Historically, the rupee was a silver coin with intricate design. In more recent news, the currency got a new sign that features an indication of the Indian flag and an equality sign.
The Indian rupee might be one of the most well-known currencies in the world, but it’s less popular on the foreign exchange market than many would have imagined. It takes the 16th spot as the most traded currency globally, right behind the Mexican peso. When the currency’s denominations are in question, you’ll find seven banknotes and four coins. The banknotes are 10, 20, 50, 100, 200, 500, and 2000 rupee. The coins include a 1, 2, 5, and 10 rupee coin.
Indian Rupee Online Casino Payment Options
While India has a complicated relationship with online gambling that puts it behind many gambling hotspots, the Indian rupee is a popular currency used in the online casino scene! Plenty of online casinos are open to Indian players and accept payments in Indian rupees. This is great news for players, but there’s more to look forward to! There are just as many, if not more, payment services that include this option! If you’re looking for the best ones you can currently get your hands on, here are the top few you can go for:
- VISA: VISA is a classic payment option with incredible worldwide reach. As the leading bank card globally, it’s a viable option in online casinos everywhere, making it an excellent choice for Indian casino enthusiasts. While VISA offers easy access to gambling venues and secure payments, it does fall behind more modern methods when withdrawal times are in question. If you’re looking for speedy transactions, you might want to look at other alternatives.
- Skrill: The second option on this list offers a solution to some of the cons of using bank cards. Mainly, it includes low fees and insanely quick transactions! The reason for this is the nature of the method. Skrill, formerly known as Moneybookers, is an eWallet. The modern banking option is one of the most widespread eWallets on the market and has been around for more than a decade. Of course, this means that it’s established itself as safe and reliable.
- Paytm: Paytm is another popular eWallet that’s made it on this list. The Indian money transfer service is beloved in the region, and with good reason! Paytm is widely used and accepted for various payments in the country. It gives users a chance to make speedy transfers with minimal fees attached to them! The popularity of this eWallet is growing by the day, and with around 100 million active users in India, it’s safe to say it’s one of the most reliable options you can use right now.
- UPI: UPI, or Unified Payments Service, is an Indian online banking option that utilizes the convenience of smartphones and various payment services under one platform. With UPI, players can protect their privacy when gambling online. Since payments are made using your mobile number or UPI ID, there’s no need to share any private baking details! On top of this, it also offers most of the classic benefits of using a fully online payment service. These include convenient online banking options and quick transactions.
- GooglePay: GooglePay, also known as GPay, is a digital payment solution built around the Google ecosystem. It’s easy to assume that GooglePay is one of the leading banking options worldwide, and you’d be right to do so! The option is available in tons of online casinos, so you should have no issue finding one that accepts it. There are many benefits to using GPay, but security, convenience, and speed take the top spots. The combination of these factors makes GooglePay an excellent choice for any online casino fan.
The State of Gambling for Indian Rupee
The question of online gambling regulations in India is a complex one. Overall, the country has practically no gambling regulations. On a federal level, nearly all forms of gambling are banned. While this might lead you to believe that the situation is similar on a state level, you’re in for a few surprises. Some states, such as Goa and Sikkim, have regulated casino gaming. These regulations aren’t challenged from the federal level, and it seems like there’s no interest to do so soon. It’s worth noting that on both levels, online gambling isn’t regulated. Additionally, it’s not explicitly illegal!
At the moment, there are no laws in India that prohibit online gambling. That said, the government has tried to block some gambling sites from accessing the region, without much success. When player protection is in question, it’s best to check local laws to get an idea of what to expect. Some authorities may have regulatory bodies to support players, while others have completely banned online gambling. No matter the case, it’s best for Indian players to exclusively visit well-established and reputable websites.
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