The Indian Banking system was completely based on coins, with the rupee on a silver standard. With the advent of the British trading company, and the later British Crown rule (Raj), the Indian banking system was introduced gradually to the concept of banknotes, and bills. In the time period, starting from 1770, with the establishment of the Bank of Hindostan, upto 1861, when The Paper Currency Act of 1861 was passed by the British parliament, the Presidency (Semi-Gevernment) & Private banks issued banknotes/bills of exchange in their regions of operation.
These paper money were issued by issuers who lacked a royal charter/act of parliament to print banknotes- thus making them partially exchangable legal tender, with only the issuers recognising them as so. A total of about 13 issuer printed such banknotes, denominated in different units- thus a total of 13 different currencies.
Thus we need to create a currency, " Private Bank Issues- Rupee/Pagoda (1770-1861) " to acomodate all of them.
I've done a preliminary research on this, the compiled result of which I've posted here, a WoC thread. I'm not copying the complete thread to avoid delving into unnecessary details (plus, I'm a li'l lazy), but providing screenshots of the thread. I request you to go through it.
regards,
Soubhik.
Screenshots:
