10 Rupees

INDIA. Reserve Bank of India. 10 Rupees, ND (1959-70). P-R3. Jhun&Rez 6.12.3.1. Persian Gulf Note. PMG About Uncirculated 55.Watermark of Ashoka Column. Signature #74. Ashoka column at right and watermark at left. Dhow on reverse at center. Gulf Rupees were issued by the Reserve Bank of India to combat gold smuggling in the Persian Gulf between 1959 and 1966. The smugglers would exchange gold for rupees, rupees for foreign currency, and foreign currency for gold. This was happening in the areas of present day Kuwait, Bahrain, Qatar, Oman, and the U.A.E. The Gulf Rupees were issued in these areas, to prevent Indian Rupees from being used or exchanged in the smuggling process, which was causing economic damage to India. PMG Comments "Staple Holes at Issue, Minor Stains."Estimate: $400 - $700.