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10 Rupees Gulf Issue
| Issuer | Reserve Bank of India |
|---|---|
| Year | 1959 |
| Type | Standard circulation banknote |
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| Obverse description | Log in to see details |
|---|---|
| Obverse lettering | RESERVE BANK OF INDIA GUARANTEED BY THE CENTRAL GOVERNMENT I PROMISE TO PAY THE BEARER THE SUM OF TEN RUPEES at the office of issue at BOMBAY |
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| Protection description | Watermark visible in the unprinted white panel on the right side of the reverse. |
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| Comments |
India's Gulf rupee was a parallel currency introduced in 1959 specifically to curb gold smuggling out of the Persian Gulf states, where Indian currency was widely accepted as a transactional medium. By issuing notes valid only outside India's mainland — in Bahrain, Kuwait, Qatar, and the Trucial States — the Reserve Bank could control outflows without disrupting domestic circulation. The scheme worked moderately well until Kuwait broke away by issuing its own dinar in 1961, and collapsed entirely when the Gulf rupee was devalued in 1966.
The P#R3 series is relatively scarce today; the 1966 devaluation triggered rapid redemption, and many notes were surrendered or simply discarded.