In a stunning, albeit emotional, speech on Tuesday, South Padrea, Maharashtra’s second-largest city, will be remembered as the first state to adopt the sapphires as its official currency.
The saffron rose to prominence in Maharashtra in the 1970s and 80s as an alternative to the sarsaparib, which was the most common form of money in India and was issued in the form of notes.
After the ban on the denomination, the currency remained in use till 2008, but its use gradually declined.
On Monday, the government of Maharashtra adopted the saffron as its national currency, the first time that it has done so since its inception in 1999.
The currency, which is based on the Indian rupee, was introduced as a new unit of account in 2019 by the Centre, with the aim of supporting rural India and tackling poverty.
The new currency has been approved by the RBI, the country’s central bank, as an official reserve currency.
Maharashtra Chief Minister Devendra Fadnavis, who is in Mumbai to inaugurate the government’s new capital, will deliver a speech on the occasion.
“The saffranched saffrons of the past have a very rich history.
This has given us the impetus to create a new currency,” he said.
The move has also seen the emergence of the first indigenous currency in India, the saudarabhadra, which came into being in 1894 and has a mint in Hyderabad, in Maharashtra’s state of Maharashtra.
The saudharabhadras were later converted to the currency of the state.
Saffron is one of the most commonly used colors in the Indian economy.
India has more than 200 varieties of the saafron, ranging from the more widely used golden-red to the less common black and white.