Indian rupee: Difference between revisions

| image_1 = Banknote of india.jpg

| image_2 = Coins of the Indian rupee.png

| image_title_1 = The different types of Indian rupee banknotes in circulation.

| image_title_2 = [[Coins of the Indian rupee]]

| iso_number =  

| symbol = [[Indian rupee sign|{{INR}}]] (formerly ₨)

| frequently_used_banknotes = [[Indian 10-rupee note|{{INR}}10]], [[Indian 20-rupee note|{{INR}}20]], [[Indian 50-rupee note|{{INR}}50]], [[Indian 100-rupee note|{{INR}}100]], [[Indian 200-rupee note|{{INR}}200]], [[Indian 500-rupee note|{{INR}}500]], [[Indian 2000-rupee note|{{INR}}2000]]

| frequently_used_coins = [[Indian 1-rupee coin|{{INR}}1]], [[Indian 2-rupee coin|{{INR}}2]], [[Indian 5-rupee coin|{{INR}}5]], [[Indian 10-rupee coin|{{INR}}10]], [[Indian 20-rupee coin|{{INR}}20]]

| rarely_used_coins = [[Indian 50-paisa coin|50p]]

| symbol_subunit_1 = [[File:Indian Paisa symbol.svg|8px]] (formerly p)

| using_countries = {{ubl

| {{flag|India}}

| unofficial_users = {{ubl  

| {{flag|Zimbabwe}}{{NoteTag|Alongside [[Zimbabwean dollar]] (suspended indefinitely from 12 April 2009), the [[Pound sterling]], [[Euro]], [[United States dollar]], [[South African rand]], [[Botswana pula]], Indian rupee, [[Chinese yuan]], and [[Japanese yen]] have been adopted as official currencies for all government transactions.}}<ref>{{cite news|title=Indian Rupee to be legal tender in Zimbabwe |url=https://www.deccanherald.com/content/383402/indian-rupee-legal-tender-zimbabwe.html|work= [[Deccan Herald]]|date=2014-01-29|access-date=2021-02-10}}</ref><ref>{{cite news|title = Zimbabwe’s multi-currency confusion |url=https://www.bbc.com/news/world-africa-26034078|publisher =[[BBC]] |date=2014-01-29 |access-date= 2014-07-22 |author = Hungwe, Brian}}</ref>}}

| issuing_authority = [[Reserve Bank of India]]<ref name="rbi">{{cite web|url=http://www.rbi.org.in/scripts/FAQView.aspx?Id=39 |title=FAQ&nbsp;– Your Guide to Money Matters |publisher=[[Reserve Bank of India]] |access-date=5 November 2014 |url-status=dead |archive-url=https://web.archive.org/web/20120112123135/http://www.rbi.org.in/scripts/FAQView.aspx?Id=39 |archive-date=12 January 2012 }}</ref>

| printer = [[Security Printing and Minting Corporation of India|Security Printing and Minting Corporation of India Limited]]<ref name=SPMCIL>{{cite book |last1=[[Ministry of Finance (India)|Ministry of Finance]] - [[Department of Economic Affairs (India)|Department of Economic Affairs]] |title=Sixth Report, Committee on Public Undertakings - Security Printing and Minting Corporation of India Limited |date=30 April 2010 |publisher=[[Lok Sabha Secretariat]] |page=8 |url=http://164.100.47.193/lsscommittee/Public%20Undertakings/15_Public%20Undertakings_6.pdf |access-date=8 June 2020}}</ref>

| mint = [[India Government Mint]]<ref name=SPMCIL/>

| inflation_rate = 4.4% (2017–18)

| pegged_by = {{flagd|Bhutan|size=20px}} [[Bhutanese ngultrum]] (at par)<br/>{{flagd|Nepal|size=20px}} [[Nepalese rupee]] (₹1 = रू1.6)<ref>{{cite web|url=http://www.thehindubusinessline.com/money-and-banking/nepal-to-keep-currency-pegged-at-to-indian-rupee/article9689230.ece |title=Nepal to keep currency pegged to Indian rupee |work=[[Business Line]] |date=11 January 2018 |access-date=13 May 2019}}</ref>

| inflation_method = [[Consumer Price Index|CPI]]<ref>{{cite web|url=https://rbidocs.rbi.org.in/rdocs/AnnualReport/PDFs/4T47E862EB6BF245D5969CE9D03E5C2188.PDF|title=APPENDIX TABLE 4: INFLATION, MONEY AND CREDIT|date=29 August 2016|publisher=[[Reserve Bank of India]]}}</ref>

[[File:Indian Rupee symbol.svg|thumb|50px|[[Indian rupee sign]]]]

The '''Indian rupee''' ([[Currency symbol|sign]]: [[Indian rupee sign|'''₹''']]; [[ISO 4217|currency code]]: '''INR''') is the official [[currency]] of [[India]]. The rupee is subdivided into 100 ''[[Indian paisa|paise]]'' (singular: ''paisa''), though as of 2019, coins of denomination of 1 rupee is the lowest value in use. The issuance of the currency is controlled by the [[Reserve Bank of India]]. The Reserve Bank manages currency in India and derives its role in currency management on the basis of the [[Reserve Bank of India Act, 1934]].

In 2010, a [[Indian rupee sign|new rupee sign]] ({{INR}}) was officially adopted. It was designed by [[Udaya Kumar (designer)|D. Udaya Kumar]]. It was derived from the combination of the [[Devanagari]] consonant "[[र]]" (''ra'') and the [[Latin alphabet|Latin]] capital letter "R" without its vertical bar (similar to the [[R rotunda]]). The parallel lines at the top (with white space between them) are said to make an allusion to the tricolour [[Flag of India|Indian flag]],<ref>{{cite web|url=http://www.theworldreporter.com/2010/07/indian-rupee-joins-elite-currency-club.html |title=Indian Rupee Joins Elite Currency Club|publisher=Theworldreporter.com |date=17 July 2010 }}</ref> and also depict an equality sign that symbolises the nation's desire to reduce [[Economic inequality|economic disparity]]. The first series of coins with the new rupee sign started in circulation on 8 July 2011. Before this, India used "[[Rupee sign|₨]]" and "Re" as the symbols for multiple rupees and one rupee, respectively.

On 8 November 2016, the [[Government of India]] announced [[2016 Indian banknote demonetisation|the demonetisation of {{INR}}500 and {{INR}}1,000 banknotes]]<ref>{{cite web|url=https://asiatimes.com/feel-super-rich-rs-100-rs-10-purse/|title=How I feel super rich with Rs 100 and Rs 10 in my purse|last=Mukherjee|first=Amrita|date=14 November 2016|website=[[Asia Times Online]]|access-date=16 November 2016}}</ref><ref>{{cite web|url=https://asiatimes.com/article/indias-demonetization-takes-toll-major-sectors/|title=India's demonetization takes its toll on major sectors|author=Asia Times Staff|date=15 November 2016|website=[[Asia Times Online]]|access-date=16 November 2016}}</ref> with effect from midnight of the same day, making these notes invalid.<ref name=rbi-demonetise>{{cite media release |first=Alpana |last=Killawala |url=https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=38520 |title=Withdrawal of Legal Tender Status for ₹ 500 and ₹ 1000 Notes: RBI Notice |date=8 November 2016 |publisher=[[Reserve Bank of India]] |access-date=13 November 2016}}</ref> A newly [[Mahatma Gandhi New Series|redesigned series]] of {{INR}}[[Indian 500-rupee note|500 banknote]], in addition to a new denomination of {{INR}}[[Indian 2000-rupee note|2,000 banknote]] is in circulation since 10 November 2016.<ref name=rbi-500-new>{{cite media release |first=Alpana |last=Killawala |url=https://rbidocs.rbi.org.in/rdocs/PressRelease/PDFs/PR114610FD822AC70142AEB274AF376755C293.PDF |title=Issue of ₹500 Banknotes (Press Release) |date=8 November 2016 |publisher=[[Reserve Bank of India]] |access-date=8 November 2016}}</ref><ref name=rbi-2000-new>{{cite media release |first=Alpana |last=Killawala |url=https://rbidocs.rbi.org.in/rdocs/PressRelease/PDFs/PR1144EFECD860ED0D479D88AB8D5CA036FC35.PDF |title=Issue of ₹2000 Banknotes (Press Release) |date=8 November 2016 |publisher=[[Reserve Bank of India]] |access-date=8 November 2016}}</ref> The {{INR}}[[Indian 1000-rupee note|1,000 note]] has been suspended.<ref name="new"/>

 

On 25 August 2017, a new denomination of ₹[[Indian 200-rupee note|200 banknote]] was added to the Indian currency structure to fill the gap of notes due to high demand for this note after demonetisation.<ref>{{cite news|title=RBI Introduces ₹ 200 denomination banknote|url=https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=41460#mainsection|website=[[Reserve Bank of India]]|date=24 August 2017}}</ref>

 

In July 2018, the Reserve Bank of India released the [[Mahatma Gandhi New Series|redesigned series]] of ₹[[Indian 100-rupee note|100 banknote]].<ref>{{cite news|title=RBI to Issue New Design ₹ 100 Denomination Banknote|url=https://rbi.org.in/scripts/FS_PressRelease.aspx?prid=44533&fn=2753|date=19 July 2018|website=[[Reserve Bank of India]]}}</ref>

The immediate precursor of the rupee is the ''rūpiya''—the silver coin weighing 178 [[Grain (mass)|grains]] minted in northern India by first [[Sher Shah Suri]] during his brief rule between 1540 and 1545 and adopted and standardized later by the [[Mughal Empire]]. The weight remained unchanged well beyond the end of the Mughals till the 20th century.<ref name="mogul">{{cite web |title=Mogul Coinage |url=https://www.rbi.org.in/currency/museum/c-mogul.html|website=[[RBI Monetary Museum]] |publisher=[[Reserve Bank of India]] |archive-url=https://web.archive.org/web/20021005231609/http://www.rbi.org.in/currency/museum/c-mogul.html |url-status=dead |archive-date=5 October 2002 |quote=Sher Shah issued a coin of silver which was termed the Rupiya. This weighed 178 grains and was the precursor of the modern rupee. It remained largely unchanged till the early 20th Century }}</ref> Though [[Pāṇini]] mentions {{transl|sa|ISO|rūpya}}, it is unclear whether he was referring to coinage.<ref>{{citation |first=Shankar |last=Goyal |title=The Origin and Antiquity of Coinage in India |journal=Annals of the Bhandarkar Oriental Research Institute |publisher=[[Bhandarkar Oriental Research Institute]] |volume=80 |number=1/4 |year=1999 |jstor=41694581 |page=144|quote=[[Panini (grammarian)|Panini]] makes the statement (V.2.120) that a 'form' (''rüpa'') when 'stamped' (''ahata'') or when praise-worthy (prašamsa) takes the ending ''ya'' (i.e. ''rupya''). ... Whether Panini was familiar with coins or not, his ''[[Astadhyayi]]'' does not specifically state.}}</ref>

''[[Arthashastra]]'', written by Chanakya, prime minister to the first [[Maurya Empire|Maurya emperor]] [[Chandragupta Maurya]] ({{circa|340–290 BCE}}), mentions silver coins as {{transl|sa|ISO|rūpyarūpa}}. Other types of coins, including gold coins ({{transl|sa|ISO|suvarṇarūpa}}), copper coins ({{transl|sa|ISO|tāmrarūpa}}), and lead coins ({{transl|sa|ISO|sīsarūpa}}), are also mentioned.<ref>[https://govtjobsguide.in/story-of-indian-rupee/ Story of Indian Rupee]. govtjobsguide.in.</ref>{{unreliable source?|date=November 2020}}

''[[Arthashastra]]'', written by [[Chanakya]], prime minister to the first [[Maurya Empire|Maurya emperor]] [[Chandragupta Maurya]] (c. 340–290 BCE), mentions silver coins as ''rūpyarūpa'', other types including gold coins (suvarṇarūpa), copper coins (tamrarūpa) and lead coins (sīsarūpa) are mentioned. {{transl|sa|ISO|Rūpa}} means 'form' or 'shape'; for example, in the word {{transl|sa|ISO|rūpyarūpa}}: {{transl|sa|ISO|rūpya}} 'wrought silver' and {{transl|sa|ISO|rūpa}} 'form'.<ref name="Redy">{{cite web|author=Redy |url=http://worldcoincatalog.com/AC/C3/India/AIndia.htm |title=AIndia.htm |publisher=Worldcoincatalog.com |access-date=20 June 2013}}</ref>

!colspan="3" style="background:#ffdead;"|Indian silver rupee value (1850–1900)<ref name="Indian Currency Problems of the Last Decade">{{cite web|url=https://archive.org/details/jstor-1884973 |title=Indian Currency Problems of the Last Decade. the Quarterly Journal of Economics, August, 1901 |access-date=18 April 2018}}</ref>

Around 1875, Britain started paying India for exported goods in India Council Bills (instead of silver).

<blockquote>If, therefore, the India Council in London should not step in to sell bills on India, the merchants and bankers would have to send silver to make good the (trade) balances. Thus a channel for the outflow of silver was stopped, in 1875, by the India Council in London.<ref name="The silver question">{{cite web|url=https://archive.org/stream/jstor-25110026/25110026_djvu.txt |title=The Silver Question |date=23 October 2016 |access-date=18 April 2018}}</ref></blockquote>

<blockquote>The Indian and Chinese products for which silver is paid were and are, since 1873–74, very low in price, and it there fore takes less silver to purchase a larger quantity of Eastern commodities. Now, on taking the several agents into united consideration, it will certainly not seem very mysterious why silver should not only have fallen in price<ref name="The silver question">{{cite web|url=https://archive.org/stream/jstor-25110026/25110026_djvu.txt |title=The Silver Question |date=23 October 2016 |access-date=18 April 2018}}</ref></blockquote>

<blockquote>the great nations had recourse to two expedients for replenishing their exchequers, {{ndash}} first, loans, and, second, the more convenient forced loans of paper money۔<ref name="The silver question">{{cite web|url=https://archive.org/stream/jstor-25110026/25110026_djvu.txt |title=The Silver Question |date=23 October 2016 |access-date=18 April 2018}}</ref></blockquote>

The [[Indian Currency Committee]] or Fowler Committee was a government committee appointed by the [[British Raj|British-run Government of India]] on 29 April 1898 to examine the currency situation in India.<ref name="chishti2001">{{Citation | title=Committees and commissions in pre-independence India 1836–1947, Volume 3 | author=M. Anees Chishti | year= 2001 | isbn=978-81-7099-803-7 | publisher=Mittal Publications | url=https://books.google.com/books?id=J5JipbQyOCQC | quote=... The Indian Currency Committee was appointed by the Royal Warrant of 29 April 1898 ... by the closing of the Indian Mints to what is known as the free coinage of Silver ...}}</ref> They collected a wide range of testimony, examined as many as forty-nine witnesses, and only reported their conclusions in July 1899, after more than a year's deliberation.<ref name="Indian Currency Problems of the Last Decade">{{cite web|url=https://archive.org/details/jstor-1884973 |title=Indian Currency Problems of the Last Decade. the Quarterly Journal of Economics, August, 1901 |access-date=18 April 2018}}</ref>

These recommendations were acceptable to both governments, and were shortly afterwards translated into laws. The act making gold a legal tender was promulgated on 15 September 1899; and preparations were soon thereafter undertaken for the coinage of gold sovereigns in the mint at Bombay.<ref name="Indian Currency Problems of the Last Decade">{{cite web|url=https://archive.org/details/jstor-1884973 |title=Indian Currency Problems of the Last Decade. the Quarterly Journal of Economics, August, 1901 |access-date=18 April 2018}}</ref> This law was just to defraud Indian people, as gold sovereign coins were never minted in India.

<blockquote>Silver, therefore, has ceased to serve as standard; and the Indian currency system of to-day (that is 1901) may be described as that of a "limping" gold standard similar to the systems of France, Germany, Holland, and the United States.<ref name="Indian Currency Problems of the Last Decade">{{cite web|url=https://archive.org/details/jstor-1884973 |title=Indian Currency Problems of the Last Decade. the Quarterly Journal of Economics, August, 1901 |access-date=18 April 2018}}</ref></blockquote>

<blockquote>The Committee of 1898 explicitly declared themselves to be in favour of the eventual establishment of a gold currency.<br>This goal, if it was their goal, the Government of India have never attained.<ref name="John Maynard Keynes">{{cite wikisource|Indian Currency and Finance|chapter=Chapter I |author=John Maynard Keynes|author-link=John Maynard Keynes |year=1913}}</ref></blockquote>

In 1913 [[John Maynard Keynes]] writes in his book ''Indian Currency and Finance'' that during financial year 1900{{ndash}}1901, gold coins (sovereigns) worth of £6,750,000 were given to Indian people in the hope that it will circulate as currency. But against the expectation of Government, even half of that were not returned to Government, and this experiment failed spectacularly, so Government abandoned this practice (but did not abandon the narrative of gold standard). As a punishment to this loss of gold, all gold held by Government of India was shipped to [[Bank of England]] in 1901.<!-- And in March the Post Offices in the

In the autumn of 1917 (when the silver price rose to 55 [[Penny (British pre-decimal coin)|pence]]), there was danger of uprisings in India (against paper currency) which would handicap seriously British participation in the World War. In-convertibility (of paper currency into coin) would lead to a run on [[Post Office Savings Bank]]s. It would prevent the further expansion of (paper currency) note issues and cause a rise of prices, in paper currency, that would greatly increase the cost of obtaining war supplies for export, to have reduced the silver content of this historic [rupee] coin might well have caused such popular distrust of the Government as to have precipitated an internal crisis, which would have been fatal to British success in the war.<ref name="Silver Money">{{cite web |url= http://cowles.yale.edu/sites/default/files/files/pub/mon/m04-all.pdf |author= Dickson H Leavens|year= 1939|title = Silver Money |website= [[Cowles Foundation]] }}</ref>

During 1931 to 1941, the United Kingdom purchased large amount of gold from India and its many other colonies just by increasing price of gold, as Britain was able to pay in printable paper currency. Similarly, on 19 June 1934, [[Franklin D. Roosevelt|Roosevelt]] made [[American Silver Purchase Act|Silver Purchase Act]] (which increased price of silver) and purchased about 44,000 tons of silver by paying paper certificates ([[silver certificate]]).<ref>[http://library.cqpress.com/cqresearcher/document.php?id=cqresrre1937121400 Four Years of the Silver Program]. 14 December 1937. [[CQ Press]].</ref>

In 1939, Dickson H. Leavens wrote in his book ''Silver Money'': "In recent years the increased price of gold, measured in depreciated paper currencies, has attracted to the market (of London) large quantities (of gold) formerly hoarded or held in the form of ornaments in India and China".<ref name="Silver Money"/>

|12.5 paise

|6.25 paise

|3.12 paise (approx.)

|1.56 paise (approx.)

|0.78 paise (approx.)

|0.52 paise (approx.)

* In 1957, the rupee was [[decimalised]] and divided into 100 ''[[Naya paise|naye paise]]'' (Hindi for 'new paise');

* In 1964, the initial "naye" was dropped.

* Many still refer to [[Indian 25-paisa coin|25]], [[Indian 50-paisa coin|50]] and 75 paise as 4, 8 and 12 [[Indian anna|annas]] respectively.

* similar to the usage of "two [[Bit (money)|bits]]" in American English for a quarter-dollar.

The Indian government introduced the [[Gulf rupee]]&nbsp;– also known as the Persian Gulf rupee (XPGR)&nbsp;– as a replacement for the Indian rupee for circulation outside the country with the Reserve Bank of India (Amendment) Act of 1 May 1959. The creation of a separate currency was an attempt to reduce the strain on India's foreign reserves from gold smuggling. After India devalued the rupee on 6 June 1966, those countries still using it&nbsp;– Oman, Qatar, and the Trucial States (which became the [[United Arab Emirates]] in 1971)&nbsp;– replaced the [[Gulf rupee]] with their own [[Currency|currencies]]. Kuwait and Bahrain had already done so in 1961 with [[Kuwaiti dinar]] and in 1965 with [[Bahraini dinar]], respectively.<ref name="commoncurrency">{{cite web|url=http://rbidocs.rbi.org.in/rdocs/PublicationReport/Pdfs/RRSS180510F.pdf |title=Internationalisation of currency: the case of the Indian rupee and Chinese renminbi |publisher=RBI Staff Studies |access-date=1 March 2010}}</ref>

The [[Bhutanese ngultrum]] is pegged at par with the Indian rupee; both currencies are accepted in Bhutan. The [[Nepalese rupee]] is pegged at {{INR}}0.625; the Indian rupee is accepted in Bhutan and Nepal, except {{INR}}[[Indian 500-rupee note|500]] and {{INR}}[[Indian 1000-rupee note|1000 banknotes]] of the [[Mahatma Gandhi Series]] and the {{INR}}[[Indian 200-rupee note|200]], {{INR}}500 and {{INR}}[[Indian 2000-rupee note|2,000]] banknotes of the [[Mahatma Gandhi New Series]], which are not legal tender in Bhutan and Nepal and are banned by their respective governments, though accepted by many retailers.<ref>{{cite web|url=http://www.rediff.com/news/report/dont-take-1-000-and-500-indian-rupee-notes-to-nepal/20120725.html |title=Don't take 1,000 and 500 Indian rupee notes to Nepal |publisher=RBI Staff Studies |access-date=27 October 2014}}</ref> On 29 January 2014, Zimbabwe added the Indian rupee as a [[legal tender]] to be used.<ref name="deccanherald.com">{{cite news |title=Indian Rupee to be legal tender in Zimbabwe |url=https://www.deccanherald.com/content/383402/indian-rupee-legal-tender-zimbabwe.html |access-date=8 November 2019 |work=[[Deccan Herald]] |publisher=The Printers Mysore |date=29 January 2014}}</ref><ref>{{cite web|url=https://www.bbc.com/news/world-africa-26034078|title=Zimbabwe's multi-currency confusion|work=BBC News}}</ref>

  | caption2 = '''Reverse''': Face value, country and date surrounded by wreath.

In the early 1940s, several changes were implemented. The {{frac|1|12}} [[Indian anna|anna]] and {{frac|1|2}} [[Indian pice|pice]] ceased production, the {{frac|1|4}} anna was changed to a bronze, [[holed coin]], cupro-nickel and [[Nickel brass|nickel-brass]] {{frac|1|2}}-anna coins were introduced, nickel-brass was used to produce some one- and two-annas coins, and the silver composition was reduced from 91.7 to 50 percent. The last of the regal issues were cupro-nickel {{frac|1|4}}-, {{frac|1|2}}- and one-rupee pieces minted in 1946 and 1947, bearing the image of [[George VI]], King and Emperor on the obverse and an [[Indian lion|Indian Lion]] on the reverse.

Between 2005 and 2008 new, lighter fifty-paise, one-, two-, and five-rupee coins were introduced, made from ferritic stainless steel. The move was prompted by the melting-down of older coins, whose face value was less than their scrap value. The demonetisation of the 25-paise coin and all paise coins below it took place, and a new series of coins (50 paise&nbsp;– nicknamed ''athanni''&nbsp;– one, two, five, and ten rupees with the new rupee sign) were put into circulation in 2011. In 2016 the 50 paise coin was last minted, but small commodities of prices are in 50 paise. Coins commonly in circulation are one, two, five, ten, and twenty rupees.<ref name="newcoin">{{cite web|title=Issue of new series of Coins|url=http://www.rbi.org.in/scripts/BS_ViewCurrencyPressRelease.aspx?Id=24773|publisher=RBI|access-date=4 November 2011}}</ref><ref name="TimesofIndia29082011">{{cite news|title=This numismatist lays hands on coins with Rupee symbol|url=http://articles.timesofindia.indiatimes.com/2011-08-29/vadodara/29940658_1_coins-nandan-parikh-new-symbol|access-date=4 November 2011|newspaper=[[The Times of India]]|date=29 August 2011}}</ref> Although it is still legal tender, the 50-paise (''athanni'') coin is rarely seen in circulation.<ref>{{cite web|title=Coins of 25 paise and below will not be Legal Tender from June 30, 2011 : RBI appeals to Public to Exchange them up to June 29, 2011|url=http://www.rbi.org.in/scripts/BS_ViewCurrencyPressRelease.aspx?Id=24418|publisher=RBI|access-date=23 January 2012|date=18 May 2011}}</ref>

|+Circulating coins<ref name=newcoin /><ref name="rbi_coins">{{cite web |url=http://www.rbi.org.in/scripts/ic_coins_5.aspx |title=Reserve Bank of India&nbsp;– Coins |publisher=Rbi.org.in |access-date=5 November 2011 |url-status=dead |archive-url=https://web.archive.org/web/20111119035314/http://www.rbi.org.in/scripts/ic_coins_5.aspx |archive-date=19 November 2011 }}</ref>

The [[Government of India]] has the only right to mint the coins and one rupee note. The responsibility for coinage comes under the Coinage Act, 1906 which is amended from time to time. The designing and minting of coins in various denominations is also the responsibility of the Government of India. Coins are minted at the four [[India Government Mint]]s at [[India Government Mint, Mumbai|Mumbai]], [[India Government Mint, Kolkata|Kolkata]], [[India Government Mint, Hyderabad|Hyderabad]], and [[India Government Mint, Noida|Noida]].<ref>[https://www.rbi.org.in/scripts/AboutUsDisplay.aspx?pg=DeptOfCM.htm About Us - Dept. of Commerce]. [[Reserve Bank of India]].</ref> The coins are issued for circulation only through the [[Reserve Bank of India|Reserve Bank]] in terms of the [[Reserve Bank of India Act, 1934|RBI Act]].<ref>[http://www.rbi.org.in/currency/coins.html Reserve Bank of India – Coins]. Rbi.org.in. Retrieved 28 July 2013.</ref>

After independence, the [[India Government Mint|Government of India Mint]], minted [[numismatics]] coins imprinted with Indian statesmen, historical and religious figures. In the years 2010 and 2011 for the first time ever {{INR}}75, {{INR}}150 and {{INR}}1000 coins were minted in India to commemorate the Platinum Jubilee of the [[Reserve Bank of India]], the 150th birth anniversary of the birth of [[Rabindranath Tagore]] and 1000 years of the [[Brihadeeswarar Temple]], respectively. In 2012 a {{INR}}60 coin was also issued to commemorate 60 years of the Government of India Mint, Kolkata. {{INR}}[[Indian 100-rupee coin|100 coin]] was also released commemorating the 100th anniversary of [[Mahatma Gandhi]]'s return to India.<ref>{{cite news|title=India, South Africa discuss UNSC reforms|url=http://www.thehindu.com/todays-paper/tp-national/india-south-africa-discuss-unsc-reforms/article6769452.ece|access-date=9 January 2015|newspaper=[[The Hindu]]|date=9 January 2015|location=Chennai, India|first=Rahi|last=Gaikwad}}</ref> [[Commemorative coin]]s of {{INR}}125 were released on 4 September 2015 and 6 December 2015 to honour the 125th anniversary of the births of [[Sarvepalli Radhakrishnan]] and [[B. R. Ambedkar]], respectively.<ref>{{cite web |url=http://www.financialexpress.com/article/industry/banking-finance/teachers-day-pm-narendra-modi-releases-rs-125-coins-in-honour-of-dr-s-radhakrishnan/130734/ |title=Teachers' day: PM Narendra Modi releases Rs 125 coin in honour of Dr S Radhakrishnan |date=4 September 2016 |work=[[The Financial Express (India)|The Financial Express]] |access-date=10 November 2016 |url-status=dead |archive-url=https://web.archive.org/web/20160423104638/http://www.financialexpress.com/article/industry/banking-finance/teachers-day-pm-narendra-modi-releases-rs-125-coins-in-honour-of-dr-s-radhakrishnan/130734/ |archive-date=23 April 2016 }}</ref><ref>{{cite web |url=http://www.financialexpress.com/article/economy/pm-narendra-modi-releases-rs-10-rs-125-commemorative-coins-honouring-dr-babasaheb-ambedkar/175185/ |title=PM Narendra Modi releases Rs 10, Rs 125 commemorative coins honouring Dr Babasaheb Ambedkar |date=6 December 2016 |work=[[The Financial Express (India)|The Financial Express]] |access-date=10 November 2016 |url-status=dead |archive-url=https://web.archive.org/web/20160423090709/http://www.financialexpress.com/article/economy/pm-narendra-modi-releases-rs-10-rs-125-commemorative-coins-honouring-dr-babasaheb-ambedkar/175185/ |archive-date=23 April 2016 }}</ref>

The design of banknotes is approved by the [[Government of India|central government]], on the recommendation of the central board of the [[Reserve Bank of India]].<ref name="rbi" /> Currency notes are printed at the Currency Note Press in [[Nashik]], the Bank Note Press in [[Dewas]], the [[Bharatiya Reserve Bank Note Mudran|Bharatiya Reserve Bank Note Mudran (P) Ltd]] at [[Salboni]] and [[Mysore]] and at the Watermark Paper Manufacturing Mill in [[Hoshangabad]]. The [[Mahatma Gandhi Series]] of banknotes are issued by the Reserve Bank of India as legal tender. The series is so named because the obverse of each note features a portrait of [[Mahatma Gandhi]]. Since its introduction in 1996, this series has replaced all issued banknotes of the [[Lion Capital Series|Lion capital series]]. The RBI introduced the series in 1996 with {{INR}}[[Indian 10-rupee note|10]] and {{INR}}500 banknotes. The printing of {{INR}}[[Indian 5-rupee note|5 notes]] (which had stopped earlier) resumed in 2009.

The new Indian banknote series feature a few micro printed texts on various locations. The first one lies on the inner surface of the left temple of Gandhi's spectacles that reads "भारत" ([[Names for India#Bhārata|Bhārata]]) which means India. The next one (which are printed only on 10 and 50 denominations) is placed on the outer surface of the right temple of Gandhi's spectacles near his ear and reads "RBI" ([[Reserve Bank of India]]) and the face value in numerals "10" or "50". The last one is written on both sides of Gandhi's collar and reads "भारत" and "INDIA" respectively.

Also affecting convertibility is a series of [[customs]] regulations restricting the import and export of rupees. Legally, only up to {{INR}}25000 can be imported or exported in cash at a time, and the possession of {{INR}}200 and higher notes in [[Nepal]] is prohibited.<ref>{{cite web |url=http://www.rbi.org.in/commonman/English/scripts/Notification.aspx?Id=301#Foreign |title=RBI Master Circular on Import of Goods and Services |publisher=Rbi.org.in |access-date=25 August 2013}}</ref><ref>{{cite web |url=http://rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=7354#b22 |title=RBI Master Circular on Export of Goods and Services |publisher=Rbi.org.in |access-date=25 August 2013 |url-status=dead |archive-url=https://web.archive.org/web/20130817130904/http://rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=7354#b22 |archive-date=17 August 2013 }}</ref> The conversion of currencies for and from rupees is also regulated.

''"As per Section 26 of [[Reserve Bank of India Act, 1934]], the Bank is liable to pay the value of banknote. This is payable on demand by RBI, being the issuer. The Bank's obligation to pay the value of banknote does not arise out of a contract but out of statutory provisions. The promissory clause printed on the banknotes i.e., "I promise to pay the bearer an amount of X" is a statement which means that the banknote is a legal tender for X amount. The obligation on the part of the Bank is to exchange a banknote for coins of an equivalent amount."'' <ref>[http://www.rbi.org.in/scripts/FAQView.aspx?Id=39#12 Reserve bank of India Frequently Asked Questions] {{webarchive|url=https://web.archive.org/web/20120112123135/http://www.rbi.org.in/scripts/FAQView.aspx?Id=39 |date=12 January 2012 }} rbi.org.in Retrieved 27 August 2013</ref>

The sterling was devalued against the US dollar in 1949, impacting currencies that maintained a peg to the sterling, such as the Indian rupee.

|+ Indian rupees per currency unit averaged over the year<ref name="auto">{{cite web|title=FXHistory: historical currency exchange rates |publisher=OANDA Corporation |url=http://www.oanda.com/convert/fxhistory |format=database |access-date=1 September 2009 |archive-url=https://www.webcitation.org/5EspRlpwF?url=http://www.oanda.com/convert/fxhistory |archive-date=4 April 2006 |url-status=live }}</ref><ref name="auto1">{{cite web| title= The fallacy of 'dollar = rupee' in 1947 | publisher = DNA | url = http://www.dnaindia.com/analysis/standpoint-the-fallacy-of-dollar-rupee-in-1947-1876776 | access-date = 19 August 2013}}</ref>

! Currency !! [[ISO 4217|ISO code]] !! 1947 !! 1966 !! 1995!! 1996 !! 2000 !! 2004 !! 2006 !! 2007 !! 2008 !! 2009 !! 2010 !! 2013 !! 2014 !! 2015 !! 2016 !! 2017 !! 2018

| style="text-align: left;" | [[Australian dollar]] || AUD || – || 5.33 || – || 27.69 || 26.07 || 33.28 || 34.02 || 34.60 || 36.81 || 38.22 || 42.00 || 56.36 || 54.91 || 48.21 || 49.96 || 49.91 || 50.64

| style="text-align: left;" | [[Pakistani rupee]] || PKR || 1.00 || 1.33 || 1.08 || 0.95 || 0.80 || 0.77 || 0.75 || 0.67 || 0.61 || 0.59 || 0.53 || 0.57 || 0.60 || 0.62 || 0.64 || – || 0.57

| style="text-align: left;" | [[Sri Lankan rupee]] || LKR || – || 1.33 || 0.63 || 0.64 || 0.58 || – || – || – || – || – || – || 0.47 || 0.46 || 0.45 || 0.46 || – || 0.41

{{Exchange rate|INR|RUB|CNY|AED|style=navbox}}

*[[Coinage of India]]

*[[Rupee]]

**[[History of the rupee]]

*[[Paisa]]

**[[Indian paisa]]

*[[History of the taka]]

*[[Coins of British India]]

*[[Great Depression in India]]

*[[Modern Indian coins]]

**[[Indian anna]]

**[[Indian pie]]

*[[Zero rupee note]]

*[[Fake Indian currency note]]

*[[The Revised Standard Reference Guide to Indian Paper Money|''The Standard Reference Guide to Indian Paper Money'']]

*[[Reserve Bank of India]]

**[[Reserve Bank of India Act, 1934]]

**[[RBI Monetary Museum]]