A COMPARISON OF INDIAN CURRENCY ISSUES WITH SIMILAR PROBLEMS FACING BY OTHER COUNTRIES

Currency issues are among  the major concerns for developing countries, as they often face volatility, inflation, and dependency on stronger foreign currencies. In India, currency challenges include depreciation of the rupee against the US dollar, inflationary pressures, and a growing trade deficit. India has dealt with a range of currency-related problems including inflation, currency depreciation, counterfeit currency circulation, and black money. Notably, the 2016 demonetization and the recent push for digital currency and financial technology mark significant milestones in India’s monetary landscape.

This research paper examines the key issues related to the Indian currency, both historical and contemporary, and compares them with similar challenges faced by other countries. The paper draws parallels with other economies such as Turkey, and Nigeria, which have experienced inflation, currency depreciation, demonetization, and transitions toward digital currencies. By analyzing these cases, the study identifies common causes, responses, and outcomes of currency crises globally. It further evaluates the effectiveness of policy interventions and the role of central banks in maintaining currency stability.