Did you know UAE, Kuwait, Bahrain, Qatar, and Oman in all these Middle East country something is common

 Did you know UAE, Kuwait, Bahrain, Qatar, and Oman in all these Middle East country something is common – can you guess? 

Indian rupee was officially currency & commonly used currency in all these countries till 1959. Illegal Gold smuggling was going on during that time. Smugglers used to buy gold in very less price in these Middle East countries and sell for higher price in India and in profits again they used to go back to Gulf country and buy gold again. In 1959 RBI ( Reserve Bank of India ) came out with special gulf currency for gulf region called Gulf Rupee, these currency design was similar to Indian rupee currency with color difference and currency note series was with Z series with denominators with 1, 5, 10 and 50’s.

In 1960’s Gulf countries started issuing their own currencies.

Oman was the last country which was using Indian Rupee till 1970.  

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