Indian rupee: Difference between revisions

Indian rupee
Indian rupee
Assamese:	ভাৰতীয় টকা
Assamese:	ভাৰতীয় টকা
Bengali:	ভারতীয় টাকা
Bodo:	भारतारी रां
Dogri:	भारतीय रुपया
Gujarati:	ભારતીય રૂપિયો
Hindi:	भारतीय रुपया
Kannada:	ಭಾರತೀಯ ರೂಪಾಯಿ
Kashmiri:	ہِندوستٲنؠ رۄپَے
Konkani:	भारतीय रुपया
Maithili:	भारतीय रुपया
Malayalam:	ഭാരതീയ രൂപ
Marathi:	भारतीय रुपया
Meitei:	ꯚꯥꯔꯠꯀꯤ ꯂꯨꯄꯥ
Nepali:	भारतीय रुपैयाँ
Odia:	ଭାରତୀୟ ଟଙ୍କା
Punjabi:	ਭਾਰਤੀ ਰੁਪਿਆ
Sanskrit:	भारतीय रुपये
Santali:	ᱵᱷᱟᱨᱚᱛᱤᱭᱚ ᱴᱟᱠᱟ
Sindhi:	هندستاني روپيو
Tamil:	இந்திய ரூபாய்
Telugu:	భారత రూపాయి
Urdu:	ہندوستانی روپیہ
Banknotes of the Indian rupee	Coins of the Indian rupee
ISO 4217
Code	INR
Denominations
Subunit
1⁄100	paisa
Symbol	₹
paisa
Banknotes
Freq. used	₹10, ₹20, ₹50, ₹100, ₹200, ₹500
Rarely used	₹1, ₹2, ₹5
Coins
Freq. used	₹1, ₹2, ₹5, ₹10, ₹20
Rarely used	50 (discontinued, but still legal tender for amounts up to ₹10); 25 (discontinued, not legal tender)
Demographics
Date of introduction	1835; 191 years ago
Official user(s)	India; Bhutan; ;
Unofficial user(s)	Nepal; Zimbabwe; Sri Lanka; ;
Issuance
Central bank	Reserve Bank of India
Website	www.rbi.org.in
Printer	Security Printing and Minting Corporation of India Limited
Website	spmcil.com
Mint	India Government Mint
Website	indiagovtmint.in
Valuation
Inflation	3.4% (September 2024)
Source	RBI – Annual Inflation Report
Method	Consumer price index (India)
Pegged by	Bhutanese ngultrum (at par); Nepalese rupee (₹1 = रु1.60)

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Revision as of 22:36, 27 March 2026

The Indian rupee (symbol: ₹; code: INR) is the official currency of India and the erstwhile British Raj. The rupee is subdivided into 100 paise (singular: paisa). The issuance of the currency is controlled by the Reserve Bank of India. The Reserve Bank derives this role from powers vested in it by the Reserve Bank of India Act, 1934. It is the world's eleventh-most-traded cur rency as of April 2025.^[8]

Etymology

Pāṇini (6th to 4th century BCE), the ancient Indian grammarian and logician, writes of the rūpya (रूप्य). While it is unclear whether Pāṇini was referring specifically to coinage,^[9] some scholars conclude that he uses the term rūpa to mean a piece of precious metal (typically silver) used as a coin, and a rūpya to mean a stamped piece of metal, a coin in the modern sense.^[10] The Arthashastra, written by Chanakya, prime minister to the first Maurya emperor Chandragupta Maurya (c. 340–290 BCE), mentions silver coins as rūpyarūpa. Other types of coins, including gold coins (suvarṇarūpa), copper coins (tāmrarūpa), and lead coins (sīsarūpa), are also mentioned.^[11] The immediate precursor to the rupee is the rūpiya—the silver coin weighing 178 grains minted in northern India, first by Sher Shah Suri during his brief rule between 1540 and 1545, and later by the Mughal Empire. The weight remained unchanged well beyond the end of Mughal rule into the 20th century.^[12]

History

Silver punch mark coin of the Maurya Empire, known as *Rūpyarūpa*, 3rd century BCE

Silver coin of Skandagupta of Gupta Empire known as *Rūpaka* (रूपक) in Sanskrit, in the style of the Western Satraps, with peacock on reverse, 455—467

Silver coins with raised writing — *Rupiya* issued by Sher Shah Suri, 1540–1545

The history of the Indian rupee traces back to ancient India around the 6th century BCE; ancient India was one of the earliest issuers of coins in the world,^[13] alongside the Chinese wen and Lydian staters.^[14]

Arthashastra, written by Chanakya, the prime minister to the first Mauryan emperor Chandragupta Maurya (c. 340–290 BCE), mentions silver coins as rūpyarūpa, gold coins as suvarṇarūpa, copper coins as tamrarūpa, and lead coins as sīsarūpa. Rūpa means 'shape' or 'form'.^[15]

The Gupta Empire under Chandragupta II produced large numbers of silver coins clearly influenced by those of the earlier Western Satraps.^[16] The silver Rūpaka (Script error: The function "langx" does not exist.) coins weighed approximately 20 rattis (2.2678 g).^[17]

In the intermediate times following the Guptas, there appears to have been no fixed monetary system of coinage as reported in the travelogue Da Tang Xi Yu Ji.^[18]

During his five-year rule from 1540 to 1545, Sultan Sher Shah Suri issued a coin of silver, weighing 178 grains (or 11.53 grams), which was also termed the rupiya.^[19]^[20] During Babur's time, the brass to silver exchange ratio was roughly 50:2.^[21] The silver coin remained in use during the Mughal period, the Maratha era as well as in British India.^[22] Some of the earliest issuers of paper rupees include the Bank of Hindustan (1770–1832), the General Bank of Bengal and Bihar (1773–1775, established by Warren Hastings), and the Bengal Bank (1784–91).^[23]

1800s

Indian silver rupee value (1820–1900)^[24]
Year	Exchange rate (pence per rupee)	Melt value (pence per rupee)
1850	24.3	22.7
1851	24.1	22.7
1852	23.9	22.5
1853	24.1	22.8
1854	23.1	22.8
1855	24.2	22.8
1856	24.2	22.8
1857	24.6	22.9
1858	25.7	22.8
1859	26.0	23.0
1860	26.0	22.9
1861	23.9	22.6
1862	23.9	22.8
1863	23.9	22.8
1864	23.9	22.8
1865	23.8	22.7
1866	23.1	22.7
1867	23.2	22.5
1868	23.2	22.5
1869	23.3	22.5
1870	22.5	22.5
1871	23.1	22.5
1872	22.7	22.4
1873	22.3	22.0
1874	22.1	21.6
1875	21.6	21.1
1876	20.5	19.6
1877	20.8	20.4
1878	19.8	19.5
1879	20.0	19.0
1880	19.9	19.4
1881	19.9	19.2
1882	19.5	19.3
1883	19.5	18.7
1884	19.3	18.8
1885	18.2	18.0
1886	17.4	16.8
1887	16.9	16.6
1888	16.4	15.9
1889	16.5	15.8
1890	18.0	17.7
1891	16.7	16.7
1892	15.0	14.8
1893	14.5	13.2
1894	13.1	10.7
1895	13.6	11.1
1896	14.4	11.5
1897	15.3	10.2
1898	16.0	10.0
1899	16.0	10.2
1900	16.0	10.4

Chart showing exchange rate of Indian silver rupee coin (blue) and the actual value of its silver content (red), against British pence (from 1850 to 1900)

Historically, the rupee was a silver coin. This had severe consequences in the nineteenth century when the strongest economies in the world were on the gold standard (that is, paper linked to gold). The discovery of large quantities of silver in the United States and several European colonies caused the panic of 1873 which resulted in a decline in the value of silver relative to gold, devaluing India's standard currency, an event known as "the fall of the rupee". Following the panic, the world descended into a 'Long Depression', which resulted in bankruptcies, escalating unemployment, a halt in public works, and a major trade slump that lasted until 1897.^[25]

India was unaffected by the imperial order-in-council of 1825, which attempted to introduce British sterling coinage to the British colonies.^[26] India, at that time, was controlled by the British East India Company. The silver rupee coin continued as the currency of India through the British Raj and beyond. In 1835, British India adopted a mono-metallic silver standard based on the rupee coin; this decision was influenced by a letter written by Lord Liverpool in 1805 extolling the virtues of mono-metallism.^[27]^[28]

Following the Sepoy Rebellion in 1857, the British government took direct control of India. From 1851, gold sovereigns were produced en masse at the Royal Mint in Sydney. In an 1864 attempt to make the British gold sovereign the "imperial coin", the treasuries in Bombay and Calcutta were instructed to receive (but not to issue) gold sovereigns; therefore, these gold sovereigns never left the vaults. As the British government gave up hope of replacing the rupee in India with the pound sterling, a conclusion was reached that it could not replace the silver dollar in the Straits Settlements with the Indian rupee (as the British East India Company had desired). Since the silver crisis of 1873, several nations switched over to a gold exchange standard (wherein silver or banknotes circulate locally but with a fixed gold value for export purposes), including India in the 1890s.^[29]

India Council Bill

In 1870, India was connected to Britain by a submarine telegraph cable. Around 1875, Britain started paying India for exported goods in India Council (paper) Bills (instead of silver).

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.^[30]

The great importance of these (Council) Bills, however, is the effect they have on the Market Price of Silver: and they have in fact been one of the most potent factors in recent years in causing the diminution in the Value of Silver as compared to Gold.^[31]

The Indian and Chinese products for which silver is paid were and are, since 1873–74, very low in price, and it therefore 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^[30]

The great nations had recourse to two expedients for replenishing their exchequers, – first, loans, and, second, the more convenient forced loans of paper money۔^[30]

Fowler Committee (1898)

Government of India - 5-rupee note (1858)

The Indian Currency Committee or Fowler Committee was a government committee appointed by the British-run Government of India on 29 April 1898 to examine the currency situation in India.^[32] They collected a wide range of testimony, examined as many as 49 witnesses, and only reported their conclusions in July 1899, after more than a year's deliberation.^[24]

The prophecy made before the Committee of 1898 by Mr. A. M. Lindsay, in proposing a scheme closely similar in principle to that which was eventually adopted, has been largely fulfilled. "This change," he said, "will pass unnoticed, except by the intelligent few, and it is satisfactory to find that by this almost imperceptible process, the Indian currency will be placed on a footing which Ricardo and other great authorities have advocated as the best of all currency systems, viz., one in which the currency media used in the internal circulation are confined to notes and cheap token coins, which are made to act precisely as if they were bits of gold by being made convertible into gold for foreign payment purposes.^[33] The committee concurred in the opinion of the Indian government that the mints should remain closed to the unrestricted coinage of silver and that a gold standard should be adopted without delay...they recommended (1) that the British sovereign be given full legal tender power in India, and (2) that the Indian mints be thrown open to its unrestricted coinage (for gold coins only).

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.^[24]

Silver, therefore, has ceased to serve as, and 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, and Holland, and the United States.^[24]

The Committee of 1898 explicitly declared themselves to be in favour of the eventual establishment of a gold currency.
This goal, if it was their goal, the Government of India have never attained.^[33]

1900s

In 1913, John Maynard Keynes writes in his book Indian Currency and Finance that during the financial year 1900–1901, gold coins (sovereigns) worth £6,750,000 were given to the Indian people in the hope that they would circulate as currency. But against the expectation of the Government, not even half of that was returned to accounts. As this experiment failed spectacularly, the government abandoned the practice but did not abandon the narrative of the gold standard. Subsequently, much of the gold held by the Government of India was shipped to the Bank of England in 1901 and held there.^[34]

During World War II, Colonial British control over parts of Nagaland was lost to Japanese forces, the British Indian rupee was banned and the Japanese rupee (1942–44) was introduced.

In the autumn of 1917 (when the silver price rose to 55 pence), there was danger of uprisings in India (against paper currency) which would handicap seriously British participation in the war. Inconvertibility (of paper currency into silver coin) would lead to a run on Post Office Savings Banks. 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... and the Government could not afford to buy silver at 55 pence per ounce to coin into rupees with a bullion parity of 43.1 pence per ounce. To let silver be replaced by gold, as Mexico had done in 1906, was also impossible, for the world had no gold to spare. The Government, therefore, did the only possible thing, and raised the value of the (silver) rupee in terms of gold...^[35]

Problems caused by the gold standard

At the onset of the First World War, the cost of gold was very low and therefore the pound sterling (silver) had high value. But during the war, the value of the pound fell alarmingly due to rising war expenses. At the end of the war, the value of the pound was only a fraction of what it had been before the war. It remained low until 1925, when the then Chancellor of the Exchequer (finance minister) of the United Kingdom, Winston Churchill, restored it to pre-war levels. As a result, the price of gold fell rapidly. While the rest of Europe purchased large quantities of gold from the United Kingdom, there was little increase in her gold reserves (in United Kingdom). This dealt a blow to an already deteriorating British economy. The United Kingdom began to look to its possessions as India to compensate for the gold that was sold.^[36]

However, the price of gold in India, on the basis of the official exchange rate of the (silver) rupee around 1s. 6d., was lower than the price prevailing abroad practically throughout^{[clarification needed]}; the disparity in prices made the export of the (gold) metal profitable; and this continued for almost a decade. Thus, in 1931–32, there were net exports of 7.7 million ounces, valued at INR 57.98 crore. In the following year, both the quantity and the price rose further: net exports totalled 8.4 million ounces, valued at INR 65.52 crore. In the ten years ended March 1941, total net exports were of the order of 43 million ounces (1337.3 tons (of gold)) valued at about INR 375 crore, or an average price of INR 32-12-4 per tola.^[37]

From 1931 to 1941, the United Kingdom purchased large amounts 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, Roosevelt made^{[clarification needed]} Silver Purchase Act (which increased the price of silver) and purchased about 44,000 tons of silver, paying with paper silver certificates.^[38]

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".^[35]

In their respective former colonies, the Indian rupee replaced the Danish Indian rupee in 1845, the French Indian rupee in 1954 and the Portuguese Indian escudo in 1961. Following the independence of India in 1947 and the accession of the princely states to the new Union, the Indian rupee replaced all the currencies of the previously autonomous states (although the Hyderabadi rupee was not demonetised until 1959).^[39] Some of the states had issued rupees equal to those issued by the British (such as the Travancore rupee). Other currencies (including the Hyderabadi rupee and the Kutch kori) had different values.

The values of the subdivisions of the rupee during British rule (and in the first decade of independence) were:

Subdivisions of the rupee during the 20th century
Value (in anna)	Popular name	Value (in paise)
16 anna	1 rupee	100 paise
8 anna	1 ardharupee / 1 athanni (dheli)	50 paise
4 anna	1 pavala / 1 chawanni	25 paise
2 anna	1 beda / 1 duanni	12 paise
1 anna	1 ekanni	6 paise
¹⁄₂ anna	1 paraka / 1 taka / 1 adhanni	3 paise
¹⁄₄ anna	1 kani (pice) / 1 paisa (old paise)	1¹⁄₂ paise
¹⁄₈ anna	1 dhela	³⁄₄ paisa
¹⁄₁₂ anna	1 pie	¹⁄₂ paisa

In 1957, the rupee was decimalised and divided into 100 naye paise (Hindi for "new paise"); in 1964, the initial naye was dropped.
Many still refer to 25-, 50- and 75-paise coins as 4, 8, and 12 annas, respectively; compare the expression "two bits" in colloquial American English for a quarter-dollar coin.

New currency sign for the Indian rupee

In 2010, a new rupee sign (₹) was officially adopted. As its designer explained, it was derived from the combination of the Devanagari consonant "र" (ra) and the Latin capital letter "R" without its vertical bar.^[40] The parallel lines at the top (with white space between them) are said to make an allusion to the flag of India,^[41] and also depict an equality sign that symbolises the nation's desire to reduce economic disparity. The first series of coins with the new rupee sign started in circulation on 8 July 2011. Before this, India used "₨" and "Re" as the symbols for multiple rupees and one rupee, respectively, and these symbols are still used in situations where the official symbol is unavailable. At an international level, like India, some nations' currencies are also Rupees. When the (₹) symbol is unavailable, then INR is used to represent the Indian currency.

Digitization of Indian rupee

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Legal framework

British East India Company (EIC) was given the right in 1717 to mint coins in the name of the Mughal emperor Farrukhsiyar on the island of Bombay. By 1792 the EIC demonetised all other coins till they were reduced to only 3 types of coins, i.e. EIC, Mughal and Maratha coins. After EIC expanded its control over India, it brought the "Coinage Act of 1835" and started to mint coins in the name of the British king. EIC rule was replaced by British Crown raj which brought the "Paper Currency Act of 1861" and the "Uniform Coinage Act of 1906".^[42]

After 2021, the government of independent India amended "The Coinage Act, 2011",^[43] the "Foreign Exchange Management Act (FEMA), 1999," the "Information Technology Act, 2000" and the "Crypto-currency and Regulation of Official Digital Currency Bill, 2021".^[44]^[45]

Coins

Post-independence issues

Independent pre-decimal issues, 1950–1957

India's first coins after independence were issued in 1950 in denominations of 1 pice, ¹⁄₂, one and two annas, ¹⁄₄, ¹⁄₂ and one-rupee. The sizes and composition were the same as the final regal issues, except for the one-piece (which was bronze, but not holed).

Independent decimal issues, 1957–present

Row of six differently-shaped aluminium coins, arranged by size

In 1964, India introduced aluminium coins for denominations up to 20p.

The first decimal-coin issues in India consisted of 1, 2, 5, 10, 25 and 50 naye paise, and 1 rupee. The 1 naya paisa was bronze; the 2, 5, and 10 naye paise were cupro-nickel, and the 25 naye paise (nicknamed chawanni; 25 naye paise equals 4 annas), 50 naye paise (also called athanni; 50 naye paise equalled 8 old annas) and 1-rupee were nickel. In 1964, the words naya/naye were removed from all coins. Between 1957 and 1967, aluminium one-, two-, three-, five- and ten-paise coins were introduced. In 1968 nickel-brass 20-paise coins were introduced, and replaced by aluminium coins in 1982. Between 1972 and 1975, cupro-nickel replaced nickel in the 25- and 50-paise and the 1-rupee coins; in 1982, cupro-nickel two-rupee coins were introduced. In 1988 stainless steel 10-, 25- and 50-paise coins were introduced, followed by 1- and 5-rupee coins in 1992. Five-rupee coins, made from brass, are being minted by the Reserve Bank of India (RBI).

In 1997 the 20 paise coin was discontinued, followed by the 10 paise coin in 1998, and the 25 paise in 2002.

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 – nicknamed athanni – 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. Coins commonly in circulation are one, two, five, ten, and twenty rupees.^[46]^[47] Although it is still legal tender, the 50-paise (athanni) coin is rarely seen in circulation.^[48]

Circulating coins^[46]^[49]
Value	Technical parameters				Description		Year of
Value	Diameter	Mass	Composition	Shape	Obverse	Reverse	First minting	Last minting
50 paise	19 mm	3.79 g	Ferritic stainless steel	Circular	Emblem of India	Value, the word "PAISE" in English and Hindi, floral motif and year of minting	2011	2016
50 paise	22 mm	3.79 g	Ferritic stainless steel	Circular	Emblem of India	Value, hand in a fist	2008
₹1	25 mm	4.85 g	Ferritic stainless steel	Circular	Emblem of India, value	Value, two stalks of wheat	1992	2004
₹1	25 mm	4.95 g	Ferritic stainless steel	Circular	Unity from diversity, cross dividing 4 dots	Value, Emblem of India, Year of minting	2004	2007
₹1	25 mm	4.85 g	Ferritic stainless steel	Circular	Emblem of India	Value, hand showing thumb (an expression in the Bharata Natyam Dance)	2007	2011
₹1	22 mm	3.79 g	Ferritic stainless steel	Circular	Emblem of India	Value, new rupee sign, floral motif and year of minting	2011	2018
₹2	26 mm	6 g	Cupro-Nickel	Eleven-sided	Emblem of India, Value	National integration	1982	2004
₹2	26.75 mm	5.8 g	Ferritic stainless steel	Circular	Unity from diversity, cross dividing 4 dots	Value, Emblem of India, Year of minting	2005	2007
₹2	27 mm	5.62 g	Ferritic stainless steel	Circular	Emblem of India, year of minting	Value, hand showing two fingers (Hasta Mudra – hand gesture from the dance Bharata Natyam)	2007	2011
₹2	25 mm	4.85 g	Ferritic stainless steel	Circular	Emblem of India	Value, new rupee sign, floral motif and year of minting	2011	2018
₹2	23 mm	4.07 g	Ferritic stainless steel	Circular	Emblem of India	Value, rupee sign, year of issue, grains depicting the agricultural dominance of the country	2019
₹5	23 mm	9 g	Cupro-Nickel	Circular	Emblem of India	Value	1992	2006
₹5	23 mm	6 g	Ferritic stainless steel	Circular	Emblem of India	Value, wavy lines	2007	2009
₹5	23 mm	6 g	Brass	Circular	Emblem of India	Value, wavy lines	2009	2011
₹5	23 mm	6 g	Nickel-Brass	Circular	Emblem of India	Value, new rupee sign, floral motif and year of minting	2011	2018
₹5	25 mm	6.74 g	Nickel-Brass	Circular	Emblem of India	Value, rupee sign, year of issue, grains depicting the agricultural dominance of the country	2019
₹10	27 mm	7.62 g	Bimetallic	Circular	Emblem of India and year of minting	Value with outward radiating pattern of 15 spokes	2006	2010
₹10	27 mm	7.62 g	Bimetallic	Circular	Emblem of India and year of minting	Value with an outward radiating pattern of 10 spokes, new rupee sign	2011	2018
₹10	27 mm	7.74 g	Bimetallic	Circular	Emblem of India	Value, rupee sign, year of issue, grains depicting the agricultural dominance of the country	2019
₹20	27 mm	8.54 g	Bimetallic	Dodecagonal	Emblem of India	Value, rupee sign, year of issue, grains depicting the agricultural dominance of the country	2020

The coins are minted at the four locations of the India Government Mint. The ₹1, ₹2, and ₹5 coins have been minted since independence. The Government of India is set to introduce a new ₹20 coin with a dodecagonal shape, and like the ₹10 coin, also bi-metallic, along with new designs for the new versions of the ₹1, ₹2, ₹5 and ₹10 coins, which were announced on 6 March 2019.^[50]

Minting

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 Mints at Mumbai, Kolkata, Hyderabad, and Noida.^[51] The coins are issued for circulation only through the Reserve Bank in terms of the RBI Act.^[52]

Commemorative coins

After independence, the Government of India Mint, minted numismatic coins imprinted with Indian statesmen, historical and religious figures. In the years 2010 and 2011, for the first time ever, ₹75, ₹150 and ₹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 ₹60 piececoins was also issued to commemorate 60 years of the Government of India Mint, Kolkata. ₹100 coin was also released commemorating the 100th anniversary of Mahatma Gandhi's return to India.^[53] Commemorative coins of ₹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.^[54]^[55]

Pre-independence issues

1840 East India Company rupee. It was minted in Bombay, Calcutta and Madras

Indian rupee (from 1862)

Obverse: Crowned bust of Queen Victoria

Reverse: Face value, country and year of issue

Coin made of 91.7% silver

Silver rupee of Sayajirao Gaekwad III of Baroda State (ruled 1875–1939), showing his profile. This coin is dated 1955 in the Vikrami calendar (1897 CE)

Regal issue minted during the reign of King/Emperor George V

1 Indian rupee (1947) featuring George VI on obverse and Indian Lion on reverse

Both sides of copper-coloured coin — Indian one pice, minted in 1950

1 Indian rupee (1905) featuring Edward VII

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One-rupee coin issued by Mir Mahbub Ali Khan of Hyderabad State, 1329 AH (1911)

1 Indian rupee (1918) featuring George V

East India Company, 1835

The three Presidencies established by the British East India Company (Bengal, Bombay and Madras) each issued their own coinages until 1835. All three issued rupees and fractions thereof down to ¹⁄₈- and ¹⁄₁₆-rupee in silver. Madras also issued two-rupee coins.

Copper denominations were more varied. Bengal issued one-pie, ¹⁄₂-, one- and two-paise coins. Bombay issued 1-pie, ¹⁄₄-, ¹⁄₂-, 1-, 1¹⁄₂-, 2- and 4-paise coins. In Madras, there were copper coins for two and four pies and one, two and four paise, with the first two denominated as ¹⁄₂ and one dub (or ¹⁄₉₆ and ¹⁄₄₈) rupee. Madras also issued the Madras fanam until 1815.

All three Presidencies issued gold mohurs and fractions of mohurs including ¹⁄₁₆, ¹⁄₂, ¹⁄₄ in Bengal, ¹⁄₁₅ (a gold rupee) and ¹⁄₃ (pancia) in Bombay and ¹⁄₄, ¹⁄₃ and ¹⁄₂ in Madras.

In 1835, a single coinage for the EIC was introduced. It consisted of copper ¹⁄₁₂, ¹⁄₄ and ¹⁄₂ anna, silver ¹⁄₄, ¹⁄₃ and 1 rupee and gold 1 and 2 mohurs. In 1841, silver 2 annas were added, followed by copper ¹⁄₂ pice in 1853. The coinage of the EIC continued to be issued until 1862, even after the company had been taken over by the Crown.

Regal issues, 1862–1947

In 1862, coins were introduced (known as "regal issues") which bore the profile of Queen Victoria and the designation "India". Their denominations were ¹⁄₁₂ anna, ¹⁄₂ pice, ¹⁄₄ and ¹⁄₂ anna (all in copper), 2 annas, ¹⁄₄, ¹⁄₂ and one rupee (silver),^[56] and five and ten rupees and one mohur (gold). The gold denominations ceased production in 1891, and no ¹⁄₂-anna coins were issued after 1877.

In 1906, bronze replaced copper for the lowest three denominations; in 1907, a cupro-nickel one-anna coin was introduced. In 1918–1919 cupro-nickel two-, four- and eight-annas were introduced, although the four- and eight-annas coins were only issued until 1921 and did not replace their silver equivalents. In 1918, the Bombay mint also struck gold sovereigns and 15-rupee coins identical in size to the sovereigns as an emergency measure during the First World War.

In the early 1940s, several changes were implemented. The ¹⁄₁₂ anna and ¹⁄₂ pice ceased production, the ¹⁄₄ anna was changed to a bronze, holed coin, cupro-nickel and nickel-brass ¹⁄₂-anna coins were introduced, nickel-brass was used to produce one- and two-annas coins, and the silver composition was reduced from 91.7 to 50 per cent. The last of the regal issues were cupro-nickel ¹⁄₄-, 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 on the reverse.

Banknotes

Post-independence issues

First banknote of independent India, one rupee (1949)

After independence, new designs were introduced to replace the portrait of George VI. The government continued issuing the ₹1 note, while the Reserve Bank of India (RBI) issued other denominations (including the ₹5,000 and ₹10,000 notes introduced in 1949). All pre-independence banknotes were officially demonetised with effect from 28 April 1957.^[57]^[58]

During the 1970s, ₹20 and ₹50 notes were introduced; denominations higher than ₹100 were demonetised in 1978. In 1987, the ₹500 note was introduced, followed by the ₹1,000 note in 2000 while ₹1 and ₹2 notes were discontinued in 1995.

The design of banknotes is approved by the central government, on the recommendation of the central board of the Reserve Bank of India.^[3] Currency notes are printed at the Currency Note Press in Nashik, the Bank Note Press in Dewas, the Bharatiya Reserve Bank Note Mudran (P) Ltd at Salboni and Mysore and at the Watermark Paper Manufacturing Mill in Narmadapuram. 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. The RBI introduced the series in 1996 with ₹10 and ₹500 banknotes. The printing of ₹5 notes (which had stopped earlier) resumed in 2009.

As of January 2012, the new '₹' sign has been incorporated into banknotes of the Mahatma Gandhi Series in denominations of ₹10, ₹20, ₹50, ₹100, ₹500 and ₹1,000.^[59]^[60]^[61]^[62] In January 2014 RBI announced that it would be withdrawing from circulation all currency notes printed prior to 2005 by 31 March 2014. The deadline was later extended to 1 January 2015. The deadline was further extended to 30 June 2016.^[63]

On 8 November 2016, the RBI announced the issuance of new ₹500 banknotes in a new series after demonetisation of the older ₹500 and ₹1000 notes. The new ₹500 banknote has a stone-grey base colour with an image of the Red Fort along with the Indian flag printed on the back. Both the banknotes also have the Swachh Bharat Abhiyan logo printed on the back. The banknote denominations of ₹200, ₹100 and ₹50 have also been introduced in the new Mahatma Gandhi New Series intended to replace all banknotes of the previous Mahatma Gandhi Series.^[64] On 13 June 2017, RBI introduced new ₹50 notes, but the old ones continue being legal tender. The design is similar to the current notes in the Mahatma Gandhi (New) Series, except they will come with an inset 'A'.

On 8 November 2016, the Government of India announced the demonetisation of ₹500 and ₹1,000 banknotes^[65]^[66] with effect from midnight of the same day, making these notes invalid.^[67] A newly redesigned series of ₹500 banknote, in addition to a new denomination of ₹2,000 banknote is in circulation since 10 November 2016.^[68]^[69]

From 2017 to 2019, the remaining banknotes of the Mahatma Gandhi New Series were released in denominations of ₹10, ₹20, ₹50, ₹100 and ₹200.^[70]^[71] The ₹1,000 note has been suspended.^[64]

Current circulating banknotes

As of 27 April 2025, current circulating banknotes are in denominations of ₹1, ₹5, ₹10, ₹20, ₹50 and ₹100 from the Mahatma Gandhi Series (retired) and in denominations of ₹10, ₹20,^[72] ₹50, ₹100, ₹200, ₹500 and ₹2000 (recalled but still legal tender)^[73] from the Mahatma Gandhi New Series.


Image		Value	Dimensions	Main colour	Description			Date of issue	Circulation
Obverse	Reverse	Value	Dimensions	Main colour	Obverse	Reverse	Watermark	Date of issue	Circulation
		₹1	97mm × 63mm	Pink	New ₹1 coin	Sagar Samrat oil rig	National Emblem of India	2015^[74]	Limited
		₹5	117mm × 63mm	Green	Mahatma Gandhi	Tractor	Mahatma Gandhi and electrotype denomination	2002 / 2009	Limited

New series banknotes
Image		Value	Dimensions	Main colour	Description			Date of issue	Circulation
Obverse	Reverse	Value	Dimensions	Main colour	Obverse	Reverse	Watermark	Date of issue	Circulation
		₹10	123mm × 63mm	Chocolate Brown	Mahatma Gandhi	Konark Sun Temple	Mahatma Gandhi and electrotype denomination	2017	Wide
		₹20	129mm × 63mm	Greenish Yellow		Ellora Caves		2019
		₹50	135mm × 66mm	Fluorescent Blue		Hampi		2017
		₹100	142mm × 66 mm	Lavender		Rani ki vav		2018
		₹200	146mm × 66mm	Orange		Sanchi Stupa		2017
		₹500	150mm × 66mm	Stone Grey		Red Fort		2016
		₹2000	166mm × 66mm	Magenta		Mangalyaan		2016	Withdrawn from 2023 circulation (still legal tender)^[75]
For table standards, see the banknote specification table.

Micro printing

The new Indian banknote series features a few micro-printed texts in various locations. The first one lies on the inner surface of the left temple of Gandhi's spectacles that reads "भारत" (Bhārata), the Hindi word for India. The next one (which is printed only in 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. Currency notes have 17 languages on the panel which appears on the reverse of the notes.

Micro printed texts on Gandhi's spectacles

Pre-independence issues

Government of India – 10 rupees (1910), Red Underprint Series

Old 1 rupee note — British Indian one rupee note, Reserve Bank of India 1940 issue

In 1861, the Government of India introduced its first paper money through the Paper Currency Act.^[76] The ₹10 note was introduced in 1864, ₹5 note in 1872, ₹10,000 note in 1899, ₹100 note in 1900, ₹50 note in 1905, ₹500 note in 1907 and ₹1,000 note in 1909. The first set of notes, known as the "Victoria Portrait" Series, were unifaced and featured two language panels on hand-moulded paper. This series' name is derived from the portrait of Queen Victoria which appeared in the upper-left corner of the notes.^[77] In 1917, ₹1 and ₹2¹⁄₂ notes were introduced.^[78]

In 1867, the Victoria Portrait series was withdrawn and replaced with the unifaced "Underprint Series" in response to forgery. Underprint Series notes featured 4 language panels in the "Green Series" (notes which featured a green underprint). The languages on the notes differed in relation to where the note was issued. The amount of language panels was increased to 8 in the "Red Series" (notes which featured a red underprint). The Underprint Series remained largely unchanged until the introduction of the "King's Portrait" Series in 1923.^[77]

The King's Portrait Series were introduced in May of 1923 on a ten rupee note.

After the accession of King George V lower denominations such as ₹1 and ₹2.5 were printed along with notes for specific territories like Burma.^[78]

The Reserve Bank of India began banknote production in 1938, issuing ₹2, ₹5, ₹10, ₹50, ₹100, ₹1,000 and ₹10,000 notes while the government continued issuing ₹1 note but demonetized the ₹500 and ₹2 ¹⁄₂ notes.^[77]

Convertibility

Most traded currencies by value
Currency distribution of global foreign exchange market turnover^[79]
Rank	Currency	ISO 4217 code (symbol)	% of daily trades (bought or sold) (April 2019)
1	United States dollar	USD (US$)	88.3%
2	Euro	EUR (€)	32.3%
3	Japanese yen	JPY (¥)	16.8%
4	File:Flag of the United Kingdom.svg Pound sterling	GBP (£)	12.8%
5	Australian dollar	AUD (A$)	6.8%
6	Canadian dollar	CAD (C$)	5.0%
7	Swiss franc	CHF (CHF)	5.0%
8	Renminbi	CNY (元 / ¥)	4.3%
9	Hong Kong dollar	HKD (HK$)	3.5%
10	New Zealand dollar	NZD (NZ$)	2.1%
11	Swedish krona	SEK (kr)	2.0%
12	South Korean won	KRW (₩)	2.0%
13	Singapore dollar	SGD (S$)	1.8%
14	Norwegian krone	NOK (kr)	1.8%
15	Mexican peso	MXN ($)	1.7%
16	Indian rupee	INR (₹)	1.7%
17	Russian ruble	RUB (₽)	1.1%
18	South African rand	ZAR (R)	1.1%
19	Turkish lira	TRY (₺)	1.1%
20	Brazilian real	BRL (R$)	1.1%
21	New Taiwan dollar	TWD (NT$)	0.9%
22	Danish krone	DKK (kr)	0.6%
23	Polish złoty	PLN (zł)	0.6%
24	Thai baht	THB (฿)	0.5%
25	Indonesian rupiah	IDR (Rp)	0.4%
26	Hungarian forint	HUF (Ft)	0.4%
27	Czech koruna	CZK (Kč)	0.4%
28	Israeli new shekel	ILS (₪)	0.3%
29	Chilean peso	CLP (CLP$)	0.3%
30	Philippine peso	PHP (₱)	0.3%
31	UAE dirham	AED (د.إ)	0.2%
32	Colombian peso	COP (COL$)	0.2%
33	Saudi riyal	SAR (﷼)	0.2%
34	Malaysian ringgit	MYR (RM)	0.1%
35	Romanian leu	RON (L)	0.1%
Other			2.2%
Total^{[note 1]}			200.0%

Officially, the Indian rupee has a market-determined exchange rate. However, the Reserve Bank of India trades actively in the USD/INR currency market to impact effective exchange rates. Thus, the currency regime in place for the Indian rupee with respect to the US dollar is a de facto controlled exchange rate. This is sometimes called a "managed float". On 9 May 2022, the Indian rupee traded at ₹77.41 against the US dollar, hitting an all-time low.^[80] Other rates (such as the EUR/INR and INR/JPY) have the volatility typical of floating exchange rates, and often create persistent arbitrage opportunities against the RBI.^[81] Unlike China, successive administrations (through RBI, the central bank) have not followed a policy of pegging the INR to a specific foreign currency at a particular exchange rate. RBI intervention in currency markets is solely to ensure low volatility in exchange rates, and not to influence the rate (or direction) of the Indian rupee in relation to other currencies.^[82]

Also affecting convertibility is a series of customs regulations restricting the import and export of rupees. Legally, only up to ₹25000 can be imported or exported in cash at a time, and the possession of ₹200 and higher notes in Nepal is prohibited.^[83]^[84] The conversion of currencies for and from rupees is also regulated.

RBI also exercises a system of capital controls in addition to (through active trading) in currency markets. On the current account, there are no currency-conversion restrictions hindering buying or selling foreign exchange (although trade barriers exist). On the capital account, foreign institutional investors face restrictions on convertibility when bring money into/out of the country and buying securities (subject to quantitative restrictions). Local firms can take capital out of the country to expand globally. However, local households are restricted in their ability to diversify globally. Because of the expansion of the current and capital accounts, India is increasingly moving towards full de facto convertibility.

There is some confusion regarding the interchange of the currency with gold, but the system that India follows is that money cannot be exchanged for gold under any circumstances due to gold's lack of liquidity;^{[citation needed]} therefore, money cannot be converted into gold by the RBI. India follows the same principle as Great Britain and the US.

Reserve Bank of India clarifies its position regarding the promissory clause printed on each banknote:

"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 that 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."^[85]

Chronology

1991 – India began to lift restrictions on its currency. Several reforms removed restrictions on current account transactions (including trade, interest payments, and remittances) and some capital asset-based transactions. Liberalised Exchange Rate Management System (LERMS) (a dual-exchange-rate system) introduced partial convertibility of the rupee in March 1992.^[86]
1997 – A panel (set up to explore capital account convertibility) recommended that India move towards full convertibility by 2000, but the timetable was abandoned in the wake of the 1997–1998 Asian financial crisis.
2006 – Prime Minister Manmohan Singh asked the Finance Minister and the Reserve Bank of India to prepare a road map for moving towards capital account convertibility.^[87]
2016 – The Government of India announced the demonetisation of all ₹500 and ₹1,000 banknotes of the Mahatma Gandhi Series.^[88] The government claimed that the action would curtail the shadow economy and crack down on the use of illicit "black money" and counterfeit cash to fund illegal activity and terrorism.^[89]^[90]
2023 – Reserve Bank of India issued a circular on 19 May stating currency notes of ₹2,000 denomination will be withdrawn from circulation.^[91] The reason given for this withdrawal is the decline in the number of currency notes in circulation. According to the circular, there were only 10.8% of Notes in Circulation on March 31, 2023.^[92]

Exchange rates

Historic exchange rates

Pre-Independence

Graph of exchange rates of Indian rupee (INR) per USD 1, GBP 1, EUR 1, JPY 100 averaged over the month, from September 1998 to May 2013. *Data Source: Reserve Bank of India reference rate*

For almost a century following the Great Recoinage of 1816, and adoption of the Gold Standard, until the outbreak of World War I, the silver-backed Indian rupee lost its value against a basket of gold-pegged currencies and was periodically devalued to reflect the then current gold to silver reserve ratios. In 1850, the official conversion rate between the pound sterling and the rupee was £0 / 2s / 0d (or £1:₹10), while between 1899 and 1914, the official conversion rate was set at £1 to 1s to 4d (or £1:₹15). However, this was just half of market exchange rates between 1893 and 1917.

The gold-to-silver ratio expanded between 1870 and 1910. Unlike India, Britain was on the gold standard. To meet the Home Charges (i.e., expenditure in the United Kingdom), the colonial government had to remit a larger number of rupees, and this necessitated increased taxation, unrest and nationalism.

Between both world wars, the rate improved from 1s to 6d (or £1:₹13.33), and remained pegged at this rate for the duration of the Bretton Woods agreement, to its devaluation and pegging to the US dollar, at $1:₹7.50, in 1966.^[93]^[94]

Post-Independence

Following the country's independence, India implemented a Par value exchange rate regime until 1971. The country switched to a fixed exchange rate regime in 1971 and graduated to a basket peg against five major currencies in 1975. Since 1991, the rupee has been under a floating exchange rate regime.^[95]

The first major impact on the rupee's exchange rate after independence was the devaluation of the pound sterling against the US dollar in 1949, which impacted currencies that maintained a peg to the sterling, which included the Indian rupee.^[96] In 1966, the Indian rupee was devalued by 57% against United States dollar, which also led to the depreciation of the sterling.^[97] Five years later, when the Bretton Woods system was suspended, India initially announced that it would maintain a fixed rate of $1 to INR 7.50 and leave the sterling under a floating regime.^[98] However, by the end of 1971, following the Smithsonian Agreement and the subsequent devaluation of the US dollar, India pegged the rupee with the pound sterling once again at a rate of £1 to INR 18.9677.^[99] During this period, India had a non-commercial exchange rate with the Soviet Union. The ruble to rupee exchange rates was announced by the Soviet Union, as the ruble was not a freely traded currency and the commercial trade between both nations used to take place in rupees following a treaty between India and the Soviet Union in 1953.

In September 1975, the exchange rate of the Indian rupee started to be determined based on the basket peg. The details of currencies which form the basket, and their weightage were kept confidentially by Reserve Bank of India and the exchange rate of the rupee based on market fluctuation of these currencies was periodically announced by the RBI.^[100]^[101]

The next major change that occurred was the devaluation of the rupee by about 18% in July 1991 following the balance of payments crisis.^[102] Thereafter, in March 1992, the Liberalized Exchange Rate Management System was introduced, enabling the transition to a floating exchange rate regime.

Indian rupees per currency unit averaged over the year^[103]^[104]
Currency	ISO code	1947	1966	1995	1996	2000	2004	2006	2007	2008	2009	2010	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
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	50.01	56.30
Bahraini dinar	BHD	–	13.35	91.75	91.24	117.78	120.39	120.40	109.59	115.65	128.60	121.60	155.95	164.55	170.6	178.3	–	169.77
Bangladeshi taka	BDT	–	–	0.84	0.84	0.77	0.66	0.63	0.57	0.71	0.66	0.68	0.80	0.88	0.84	0.85	–	0.76
Canadian dollar	CAD	–	5.90	23.63	26.00	30.28	34.91	41.09	42.92	44.59	52.17	44.39	56.88	49.53	47.94	52.32	50.21	51.38
Renminbi	CNY	–	–	–	–	–	–	–	–	5.80	–	–	–	9.93	10.19	10.15	–	9.81
Emirate dirham	AED	–	–	–	–	–	–	–	–	–	–	–	–	–	17.47	18.26	17.73	17.80
Euro^a	EUR	–	–	42.41	44.40	41.52	56.38	64.12	68.03	60.59	65.69	–	–	70.21	72.60	75.84	73.53	79.52
Israeli shekel^b	ILS	13.33	21.97	11.45	10.76	10.83	–	–	–	–	–	–	–	17.08	16.57	17.47	–	18.36
Japanese yen^c	JPY	6.6	2.08	32.66	32.96	41.79	41.87	38.93	35.00	42.27	51.73	52.23	60.07	57.79	53.01	62.36	–	56
Kuwaiti dinar	KWD	–	17.80	115.5	114.5	144.9	153.3	155.5	144.6	161.7	167.7	159.2	206.5	214.3	213.1	222.4		211.43
Malaysian ringgit	MYR	1.55	2.07	12.97	14.11	11.84	11.91	12.36	11.98	13.02	13.72	14.22	18.59	18.65	16.47	16.37	–	15.72
Maldivian rufiyaa	MVR	1.00	1.33	2.93	2.91	–	–	–	–	–	–	–	4.58	4.76	5.01	5.23	–	4.13
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	0.46	0.45
Pound sterling	GBP	13.33	17.76	51.14	55.38	68.11	83.06	80.63	76.38	71.33	83.63	70.63	91.08	100.51	98.11	92.00	83.87	90.37
Russian ruble^d	RUB	6.60	15.00	7.56	6.69	1.57	–	–	–	–	–	–	–	–	1.05	0.99	–	1.10
Saudi riyal	SAR	–	1.41	–	–	–	–	–	–	–	–	–	–	–	17.11	17.88	–	17.02
Singapore dollar / Brunei dollar^e	SGD / BND	1.55	2.07	23.13	25.16	26.07	26.83	30.93	33.60	34.51	41.27	33.58	46.84	45.86	46.67	48.86	–	47.70
Sri Lankan rupee	LKR	–	1.33	0.63	0.64	0.58	–	–	–	–	–	–	0.47	0.46	0.45	0.46	–	0.41	0.39	0.39
Swiss franc	CHF	–	1.46	27.48	–	–	–	–	–	–	–	43.95	66.95	66.71	66.70	68.40	–	65.48
US dollar	USD	3.30	7.50	32.45	35.44	44.20	45.34	43.95	39.50	48.76	45.33	45.00	68.80	66.07	66.73	67.19	65.11	72.10	74.20	74.50	82.62	83.25
^a Before 1 January 1999, the European Currency Unit (ECU) ^b Before 1980, the Israeli pound (ILP) ^c 100 Japanese yen ^d Before 1993, the Soviet ruble (SUR), in 1995 and 1996 – per 1000 rubles ^e Before 1967, the Malaya and British Borneo dollar

Current exchange rates

Current INR exchange rates
From Google Finance:	AUD CAD CHF EUR GBP HKD JPY USD AED JPY USD
From Yahoo! Finance:	AUD CAD CHF EUR GBP HKD JPY USD AED JPY USD
From XE.com:	AUD CAD CHF EUR GBP HKD JPY USD AED JPY USD
From OANDA:	AUD CAD CHF EUR GBP HKD JPY USD AED JPY USD
From fxtop.com:	AUD CAD CHF EUR GBP HKD JPY USD AED JPY USD

Worldwide rupee usage

As the Straits Settlements were originally an outpost of the British East India Company, the Indian rupee was made the sole official currency of the Straits Settlements in 1837, as it was administered as part of British India. This attempt was resisted by the locals. However, Spanish dollars continued to circulate and 1845 saw the introduction of coinage for the Straits Settlements using a system of 100 cents = 1 dollar, with the dollar equal to the Spanish dollar or Mexican peso. In 1867, the administration of the Straits Settlements was separated from India and the Straits dollar was made the standard currency, and attempts to reintroduce the rupee were finally abandoned.^[105]

After the Partition of India, the Pakistani rupee came into existence, initially using Indian coins and Indian currency notes simply over-stamped with "Pakistan". Previously the Indian rupee was an official currency of other countries, including Aden, Oman, Dubai, Kuwait, Bahrain, Qatar, the Trucial States, Kenya, Tanganyika, Uganda, the Seychelles and Mauritius.

The Indian government introduced the Gulf rupee as a replacement for the Indian rupee for circulation outside the country with the Reserve Bank of India (Amendment) Act of 1 May 1959.^[106] 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 – Oman, Qatar, and the Trucial States (which became the United Arab Emirates in 1971) – replaced the Gulf rupee with their own currencies. Kuwait and Bahrain had already done so in 1961 with the Kuwaiti dinar and in 1965 with the Bahraini dinar, respectively.^[107]

The Bhutanese ngultrum is pegged at par with the Indian rupee; both currencies are accepted in Bhutan. The Nepalese rupee is pegged at ₹0.625; the Indian rupee is accepted in Bhutan, except ₹500 and ₹1000 banknotes of the Mahatma Gandhi Series and the ₹200, ₹500 banknotes of the Mahatma Gandhi New Series, which are not legal tender in Bhutan and Nepal and are banned by their respective governments.^[108] On 29 January 2014, Zimbabwe added the Indian rupee as a legal tender to be used.^[109]^[110]

Notes

References

Citations

↑ "Frequently Asked Questions". Royal Monetary Authority of BhutanZimbabwe. Archived from the original on 6 February 2022. Retrieved 20 January 2020.
↑ "Nepal writes to RBI to declare banned new Indian currency notes legal". The Economic Times. Times Internet. 6 January 2019. Archived from the original on 5 February 2022. Retrieved 20 January 2020.
↑ ^3.0 ^3.1 "FAQ – Your Guide to Money Matters". Reserve Bank of India. Archived from the original on 12 January 2012. Retrieved 5 November 2014.
↑ ^4.0 ^4.1 Ministry of Finance – Department of Economic Affairs (30 April 2010). Sixth Report, Committee on Public Undertakings – Security Printing and Minting Corporation of India Limited (PDF). Lok Sabha Secretariat. p. 8. Archived (PDF) from the original on 12 April 2018. Retrieved 8 June 2020.
↑ "Inflation Rate In India: September 2024 Data". Forbes Advisor INDIA. 16 September 2024.
↑ "Nepal to keep currency pegged to Indian rupee". Business Line. 11 January 2018. Archived from the original on 10 March 2020. Retrieved 13 May 2019.
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External links

A gallery of all Indian currency issues
"Gallery of Indian Rupee Notes introduced till date". Reserve Bank of India. Retrieved 9 January 2015.
The banknotes of India (in English and German)
Banknotes catalog of India (in English)

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v t e Historic currencies of India
Overview	History of the rupee Coinage of India Coinage of Asia
Ancient and medieval	Punch-marked coins Arched-hill symbol Post-Mauryan coinage (Gandhara) Narwar coinage Kushan coinage Indo-Sasanian coinage Indo-Greek coinage Pallava coinage Pandya coinage Vijayanagara coinage Setu coins
Near modern	British Indian coinage Dutch Indian coinage Hyderabadi rupee Travancore rupee Kutch kori (Banknotes of Kutch) Danish Indian rupee French Indian rupee Portuguese Indian rupia Portuguese Indian escudo Banknote of Ambliara Indian postal orders in Egypt
Modern	Indian rupee (Gulf rupee) Pakistani rupee Sri Lankan rupee Nepalese rupee Bhutanese ngultrum Maldivian rufiyaa
Denomination	Paisa Indian pie Taka Anna Mohur Ashrafi Cash Dam Cowrie Dinar Larin Tola Masha Dam Pagoda Karshapana Shivrai Madras fanam Travancore fanam
See also: Economy of India Economy of Pakistan

v t e Currencies named rupee or similar
Circulating	Indian rupee Indonesian rupiah Maldivian rufiyaa Mauritian rupee Nepalese rupee Pakistani rupee Seychellois rupee Sri Lankan rupee
Obsolete	Afghan rupee Burmese rupee Japanese occupation rupee Danish Indian rupee East African rupee French Indian rupee German East African rupie Gulf rupee Hyderabadi rupee Italian Somaliland rupia Javan rupee Mombasan rupee Netherlands Indian roepiah Portuguese Indian rupia Riau rupiah Travancore rupee West Irian rupiah Zanzibari rupee
Conceptual	Petrorupee
Fictional	Hylian rupee
See also	Rupee sign Indian rupee sign History of the rupee History of the taka Paisa Anna Pie Larin Mohur Ashrafi Cash Dam Cowrie Dinar Tola

v t e Currencies of Asia
Central	Kazakhstani tenge Kyrgyzstani som Tajikistani somoni Turkmenistan manat Uzbekistani soʻm
East	Chinese yuan Hong Kong dollar Japanese yen North Korean won South Korean won Macanese pataca Mongolian tögrög New Taiwan dollar
North	Russian ruble
South	Afghan afghani Bangladeshi taka Bhutanese ngultrum Indian rupee Maldivian rufiyaa Nepalese rupee Pakistani rupee Sri Lankan rupee Pound sterling British Indian Ocean Territory U.S. dollar British Indian Ocean Territory
Southeast	Australian dollar Cocos (Keeling) Islands Christmas Island Brunei dollar Burmese kyat Cambodian riel East Timorese centavo Indonesian rupiah Lao kip Malaysian ringgit Philippine peso (piso) Singapore dollar Thai baht U.S. dollar East Timor Vietnamese đồng
West	Abkhazian apsar Armenian dram Artsakh dram Azerbaijani manat Bahraini dinar Egyptian pound Egypt and Gaza Strip Emirati dirham Euro Cyprus Georgian lari Iranian rial Iraqi dinar Israeli new shekel Jordanian dinar Kuwaiti dinar Lebanese pound Omani rial Russian ruble (Abkhazia and South Ossetia) Qatari riyal Saudi riyal Syrian pound Turkish lira Yemeni rial

v t e National symbols of India
Constitutional	Flag of India (Flag) Ashoka Lion Capital (National Emblem) Satyameva Jayate (Motto) Jana Gana Mana (National Anthem) Vande Mataram (National Song)
Flora and Fauna	Bengal tiger (Animal) Indian peafowl (Bird) Indian Lotus (Flower) Indian Banyan (Tree) Mango (Fruit) Indian elephant (Heritage animal) South Asian river dolphin (Aquatic animal) King cobra (Reptile) Ganges (River)
Days	Independence Day Republic Day Gandhi Jayanti
Others	Indian rupee (Currency) Saka calendar (Calendar)

v t e Economy of India
Companies	BSE SENSEX NIFTY 50 Government-owned companies List of companies
Governance	Ministry of Finance Finance ministers Ministry of Commerce and Industry Commerce ministers Finance Commission Economic Advisory Council Central Statistical Office Securities and Exchange Board of India Enforcement Directorate External debt Foreign trade Foreign direct investment Foreign exchange reserves Remittances Taxation Subsidies Industrial licensing Voluntary guidelines NITI Aayog Make in India Atmanirbhar Bharat
Currency	Indian rupee Sign History Historical exchange rates Coinage Indian paisa Reserve Bank of India Governors India Government Mint Inflation
Financial services	Banking Banks Insurance Bombay Stock Exchange National Stock Exchange Multi Commodity Exchange Bullion Black money Stock exchanges
History	Economic impact of the COVID-19 pandemic Economic development Economic liberalisation Licence Raj Green revolution Government initiatives Numbering system
People	Billionaires Businesspeople Demography Income Poverty Labour law Pensions EPFO NPS PPF
States	Andhra Pradesh Assam Bihar Delhi Goa Gujarat Haryana Himachal Pradesh Jammu and Kashmir Jharkhand Karnataka Kerala Ladakh Madhya Pradesh Maharashtra Mizoram Odisha Punjab Rajasthan Tamil Nadu Telangana Uttarakhand Uttar Pradesh West Bengal
Sectors	Agriculture Livestock Fishing Automotive Defence Construction Education Energy Electricity Nuclear Oil and gas Solar Wind Electronics and semiconductor Entertainment Forestry Gambling Healthcare Information technology Media Cinema FM Radio Television Printing Mining Coal Iron and Steel Pharmaceuticals Pulp and paper Retail Science and technology Biotechnology Telecommunications Textiles Tourism Transport Aviation Civil Ports Rail Utilities Electricity Water
Category Commons Wikiquotes

@@ Line 1: / Line 1: @@
-{{short description|Official currency of India}}
+{{Short description|Currency of India}}
 {{Use Indian English|date=September 2016}}
 {{Use dmy dates|date=July 2020}}
@@ Line 5: / Line 5: @@
 | currency_name = Indian rupee
 | subunit_ratio_1 = {{frac|100}}
+| currency_name_in_local = {{collapsible list
+|titlestyle = text-align:center; font-size:85%;
+|title = {{nobold|Scheduled official languages:}}
+|{{Infobox|subbox=yes|bodystyle= font-size:80%;
+| rowclass1 = mergedrow| label1 = [[Assamese language|Assamese]]: | data1 = {{lang|as|ভাৰতীয় টকা}}
+| rowclass2 = mergedrow| label2 = [[Bengali language|Bengali]]: | data2 = {{lang|bn|ভারতীয় টাকা}}
+| rowclass3 = mergedrow| label3 = [[Boro language (India)|Bodo]]: | data3 = {{lang|brx|भारतारी रां}}
+| rowclass4 = mergedrow| label4 = [[Dogri language|Dogri]]: | data4 = {{lang|doi|भारतीय रुपया}}
+| rowclass5 = mergedrow| label5 = [[Gujarati language|Gujarati]]: | data5 = {{lang|gu|ભારતીય રૂપિયો}}
+| rowclass6 = mergedrow| label6 = [[Hindi]]: | data6 = {{lang|hi|भारतीय रुपया}}
+| rowclass7 = mergedrow| label7 = [[Kannada]]: | data7 = {{lang|kn|ಭಾರತೀಯ ರೂಪಾಯಿ}}
+| rowclass8 = mergedrow| label8 = [[Kashmiri language|Kashmiri]]: | data8 = {{lang|ks|ہِندوستٲنؠ رۄپَے}}
+| rowclass9 = mergedrow| label9 = [[Konkani language|Konkani]]: | data9 = {{lang|kok|भारतीय रुपया}}
+| rowclass10 = mergedrow| label10 = [[Maithili language|Maithili]]: | data10 = {{lang|mai|भारतीय रुपया}}
+| rowclass11 = mergedrow| label11 = [[Malayalam]]: | data11 = {{lang|ml|ഭാരതീയ രൂപ}}
+| rowclass12 = mergedrow| label12 = [[Marathi language|Marathi]]: | data12 = {{lang|mr|भारतीय रुपया}}
+| rowclass13 = mergedrow| label13 = [[Meitei language|Meitei]]: | data13 = {{lang|mni|ꯚꯥꯔꯠꯀꯤ ꯂꯨꯄꯥ}}
+| rowclass14 = mergedrow| label14 = [[Nepali language|Nepali]]: | data14 = {{lang|ne|भारतीय रुपैयाँ}}
+| rowclass15 = mergedrow| label15 = [[Odia language|Odia]]: | data15 = {{lang|or|ଭାରତୀୟ ଟଙ୍କା}}
+| rowclass16 = mergedrow| label16 = [[Punjabi language|Punjabi]]: | data16 = {{lang|pa|ਭਾਰਤੀ ਰੁਪਿਆ}}
+| rowclass17 = mergedrow| label17 = [[Sanskrit]]: | data17 = {{lang|sa|भारतीय रुपये}}
+| rowclass18 = mergedrow| label18 = [[Santali language|Santali]]: | data18 = {{lang|sat|ᱵᱷᱟᱨᱚᱛᱤᱭᱚ ᱴᱟᱠᱟ}}
+| rowclass19 = mergedrow| label19 = [[Sindhi language|Sindhi]]: | data19 = {{lang|sd|هندستاني روپيو}}
+| rowclass20 = mergedrow| label20 = [[Tamil language|Tamil]]: | data20 = {{lang|ta|இந்திய ரூபாய்}}
+| rowclass21 = mergedrow| label21 = [[Telugu language|Telugu]]: | data21 = {{lang|te|భారత రూపాయి}}
+| rowclass22 = mergedrow| label22 = [[Urdu]]: | data22 = {{lang|ur|ہندوستانی روپیہ}}
+}}
+}}
 | image_1 = Banknote of india.png
-| image_2 = INR Coins.jpg
+| image_2 = File:INR Coins.jpg
-| image_title_1 = Banknotes of the Indian Rupee
+| image_title_1 = [[Banknotes of the Indian rupee]]
-| image_title_2 = Coins of the Indian rupee
+| image_title_2 = [[Coins of the Indian rupee]]
 | iso_code = INR
 | symbol = [[Indian rupee sign|{{INR}}]]
 | 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]]
-| rarely_used_banknotes = [[Indian 1-rupee note|{{INR}}1]], [[Indian 2-rupee note|{{INR}}2]], [[Indian 5-rupee note|{{INR}}5]], [[Indian 2000-rupee note|{{INR}}2000]]{{NoteTag|₹2000 is discontinued but still legal tender<ref>{{Cite web |url=https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12505&Mode=0 |access-date=2023-05-20 |website=www.rbi.org.in |title=Archived copy |archive-date=19 May 2023 |archive-url=https://web.archive.org/web/20230519164553/https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12505&Mode=0 |url-status=live }}</ref>}}
+| rarely_used_banknotes = [[Indian 1-rupee note|{{INR}}1]], [[Indian 2-rupee note|{{INR}}2]], [[Indian 5-rupee note|{{INR}}5]]
-| 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]]
+| 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 20-rupee coin|{{INR}}20]]
+| rarely_used_coins = [[File:Indian Paisa symbol.svg|10px|frameless|upright=0.6|class=skin-invert]]50 (discontinued, but still legal tender for amounts up to ₹10);
-| unit = Rupee
+[[File:Indian Paisa symbol.svg|10px|frameless|upright=0.6|class=skin-invert]]25 (discontinued, not legal tender)
-<!-- | [[Central bank digital currency]] = [[Digital Rupee]] ??? -->| subunit_name_1 = [[Indian paisa|paisa]]
+| unit = rupee
-| symbol_subunit_1 = [[File:Indian Paisa symbol.svg|10px]]
+<!-- | [[Central bank digital currency]] = [[Digital rupee]] ??? -->| subunit_name_1 = [[Indian paisa|paisa]]
+| symbol_subunit_1 = [[File:Indian_Paisa_symbol.svg|12px|frameless|upright=0.6|class=skin-invert]]
 | coin_article = Modern Indian Coins
-| using_countries = {{ubl|
+| using_countries = {{ubl|{{flag|India}}|{{flag|Bhutan}}|<ref>{{cite web |title=Frequently Asked Questions |url=https://www.rma.org.bt/FAQ.jsp#2 |publisher=[[Royal Monetary Authority of Bhutan]]Zimbabwe |access-date=20 January 2020 |archive-date=6 February 2022 |archive-url=https://web.archive.org/web/20220206104607/http://www.rma.org.bt/FAQ.jsp#2 |url-status=live }}</ref>}}
-{{flag|India}}
+| date_of_introduction = {{ start date and age|1835}}
-| {{flag|Bhutan}}<ref>{{cite web |title=Frequently Asked Questions |url=https://www.rma.org.bt/FAQ.jsp#2 |publisher=[[Royal Monetary Authority of Bhutan]] |access-date=20 January 2020}}</ref>
+| unofficial_users = {{ubl| {{flag|Nepal}}|{{flag|Zimbabwe}}|{{flag|Sri Lanka}}|<ref>{{cite news |title=Nepal writes to RBI to declare banned new Indian currency notes legal |url=https://economictimes.indiatimes.com/news/economy/policy/nepal-writes-to-rbi-to-declare-banned-new-indian-currency-notes-legal/articleshow/67406624.cms |access-date=20 January 2020 |work=[[The Economic Times]] |publisher=[[Times Internet]] |date=6 January 2019 |archive-date=5 February 2022 |archive-url=https://web.archive.org/web/20220205184338/https://economictimes.indiatimes.com/news/economy/policy/nepal-writes-to-rbi-to-declare-banned-new-indian-currency-notes-legal/articleshow/67406624.cms |url-status=live }}</ref>}}
-| {{flag|Nepal}}<ref>{{cite news |title=Nepal writes to RBI to declare banned new Indian currency notes legal |url=https://economictimes.indiatimes.com/news/economy/policy/nepal-writes-to-rbi-to-declare-banned-new-indian-currency-notes-legal/articleshow/67406624.cms |access-date=20 January 2020 |work=[[The Economic Times]] |publisher=[[Times Internet]] |date=6 January 2019}}</ref>}}
-| 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>
 | issuing_authority_website = {{URL|https://www.rbi.org.in/}}
-| printer = [[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>
+| printer = [[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 |archive-date=12 April 2018 |archive-url=https://web.archive.org/web/20180412213713/http://164.100.47.193/lsscommittee/Public%20Undertakings/15_Public%20Undertakings_6.pdf |url-status=live }}</ref>
 | printer_website = {{URL|spmcil.com}}
 | mint = [[India Government Mint]]<ref name=SPMCIL />
-| mint_website = {{URL|spmcil.com}}
+| mint_website = {{URL|indiagovtmint.in}}
-| inflation_rate = {{decrease}}5.66% (March 2023)
+| inflation_rate = {{decrease}}3.4% (September 2024)<ref>{{cite web |last1=   |first1= |title=Inflation Rate In India: September 2024 Data |url=https://www.forbes.com/advisor/in/personal-finance/inflation-rate-in-india/#:~:text=Core%20inflation%20is%20at%203.4%25%20versus%20the%20expectation%20of%203.35%25. |website=Forbes Advisor INDIA |date=16 September 2024}}</ref>
 | inflation_source_date = [https://rbidocs.rbi.org.in/rdocs/AnnualReport/PDFs/4TBE93D257F71548D48A75D589A53E9DEF.PDF RBI – Annual Inflation Report]
-| inflation_method = [[Consumer price index]] ([[Consumer price index by country#India|India]])<ref>{{cite web |title=Reserve Bank of India - Annual Report |url=https://rbi.org.in/scripts/AnnualReportPublications.aspx?Id=1331 |website=rbi.org.in |access-date=9 April 2022}}</ref>
+| inflation_method = [[Consumer price index]] ([[Consumer price index by country#India|India]])<ref>{{cite web |title=Reserve Bank of India - Annual Report |url=https://rbi.org.in/scripts/AnnualReportPublications.aspx?Id=1331 |website=rbi.org.in |access-date=9 April 2022 |archive-date=17 May 2022 |archive-url=https://web.archive.org/web/20220517210417/https://rbi.org.in/scripts/AnnualReportPublications.aspx?Id=1331 |url-status=live }}</ref>
-| pegged_by = {{flagd|Bhutan|size=20px}} [[Bhutanese ngultrum]] (at par)<br />{{flagd|Nepal|size=20px}} [[Nepalese rupee]] (higher value)
+| pegged_by = {{flagd|Bhutan|size=20px}} [[Bhutanese ngultrum]] (at par)<br />{{flagd|Nepal|size=20px}} [[Nepalese rupee]] (₹1 = रु1.60)<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 |archive-date=10 March 2020 |archive-url=https://web.archive.org/web/20200310065324/https://www.thehindubusinessline.com/money-and-banking/nepal-to-keep-currency-pegged-to-indian-rupee/article9689230.ece |url-status=live }}</ref>
- [1INR=1.6 Nepalese Rupee]<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>
 | footnotes = {{reflist|group=lower-alpha}}
 }}
-The '''Indian rupee''' ([[Currency symbol|symbol]] '''[[Indian rupee sign|₹]]'''; [[ISO 4217|code]]: '''INR''') is the official [[currency]] in the [[Republic of India]]. The rupee is subdivided into 100 ''[[Indian paisa|paise]]'' (singular: ''paisa''). 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]].
+The '''Indian rupee''' ([[Currency symbol|symbol]]: '''[[Indian rupee sign|₹]]'''; [[ISO 4217|code]]: '''INR''') is the official [[currency]] of [[India]] and the erstwhile [[British Raj]]. The rupee is subdivided into 100 ''[[Indian paisa|paise]]'' (singular: ''paisa''). The issuance of the currency is controlled by the [[Reserve Bank of India]]. The Reserve Bank derives this role from powers vested in it by the [[Reserve Bank of India Act, 1934]]. It is the world's [[Template: Most traded currencies|eleventh-most-traded cur]][[Template: Most traded currencies|rency]] as of April 2025.<ref>{{cite report |title=Triennial Central Bank Survey Foreign exchange turnover in April 2025 |url=https://www.bis.org/statistics/rpfx25_fx.pdf |publisher=[[Bank for International Settlements]] |page=14 |date=30 September 2025 |archive-date=2025-10-12 |archive-url=https://web.archive.org/web/20251012053635/https://www.bis.org/statistics/rpfx25_fx.pdf |url-status=live}}</ref><!-- Next update expected September 2028 -->
 == Etymology ==
-The immediate precursor of the rupee is the ''rūpiya''—the silver coin weighing 178 [[Grain (mass)|grains]] minted in northern India, first by [[Sher Shah Suri]] during his brief rule between 1540 and 1545, and later adopted and standardized by the [[Mughal Empire]]. The weight remained unchanged well beyond the end of the Mughals until 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 {{transliteration|sa|ISO|rūpya}} ({{lang|sa|रूप्य}}), 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 {{transliteration|sa|ISO|rūpyarūpa}}. Other types of coins, including gold coins ({{transliteration|sa|ISO|suvarṇarūpa}}), copper coins ({{transliteration|sa|ISO|tāmrarūpa}}), and lead coins ({{transliteration|sa|ISO|sīsarūpa}}), are also mentioned.<ref>{{citation |title=Arthashastra Of Chanakya |url=https://archive.org/details/arthashastraofchanakyaenglishrshamasastry/page/n11/mode/2up |pages=115, 119, 125 |author=R Shamasastry |year=1915 |access-date=15 April 2021 }}</ref>
+<!--NOTE: In chronological order. -->
+[[Pāṇini]] (6th to 4th century BCE), the ancient Indian grammarian and logician, writes of the {{transliteration|sa|ISO|rūpya}} ({{lang|sa|रूप्य}}). While it is unclear whether Pāṇini was referring specifically 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> [[Coinage of India#Early|some scholars conclude]] that
+he uses the term ''rūpa'' to mean a piece of precious metal (typically silver) used as a coin, and a ''rūpya'' to mean a stamped piece of metal, a coin in the modern sense.{{sfn|Mookerji, Chandragupta Maurya and His Times|1966|p=214}} The ''[[Arthashastra]]'', written by [[Chanakya]], prime minister to the first [[Maurya Empire|Maurya emperor]] [[Chandragupta Maurya]] ({{circa|340–290 BCE}}), mentions silver coins as {{transliteration|sa|ISO|rūpyarūpa}}. Other types of coins, including gold coins ({{transliteration|sa|ISO|suvarṇarūpa}}), copper coins ({{transliteration|sa|ISO|tāmrarūpa}}), and lead coins ({{transliteration|sa|ISO|sīsarūpa}}), are also mentioned.<ref>{{citation |title=Arthashastra Of Chanakya |url=https://archive.org/details/arthashastraofchanakyaenglishrshamasastry/page/n11/mode/2up |pages=115, 119, 125 |author=R Shamasastry |year=1915 |access-date=15 April 2021 }}</ref> The immediate precursor to the rupee is the ''rūpiya''—the silver coin weighing 178 [[Grain (mass)|grains]] minted in northern India, first by [[Sher Shah Suri]] during his brief rule between 1540 and 1545, and later by the [[Mughal Empire]]. The weight remained unchanged well beyond the end of Mughal rule into 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>
 == History ==
 {{Main|Rupee|History of the rupee|:Category:Historical currencies of India|l3 = Historical currencies of India|Paisa|Coinage of India}}
-[[File:MauryanCoin.JPG|right|thumb|[[Silver]] [[Punch-marked coins|punch mark coin]] of the [[Maurya empire]], known as ''Rūpyarūpa'', 3rd century BCE.]]
+[[File:MauryanCoin.JPG|right|thumb|[[Silver]] [[Punch-marked coins|punch mark coin]] of the [[Maurya Empire]], known as ''Rūpyarūpa'', 3rd century BCE]]
-[[File:Gupta Kings. Skandagupta. AD 455-467.jpg|thumb|Silver coin of [[Skandagupta]] of [[Gupta Empire]] known as ''Rūpaka''(रूपक) in Sanskrit, in the style of the [[Western Satrap]]s, with [[Indian peacock|peacock]] on reverse, 455-467 CE]]
+[[File:Gupta Kings. Skandagupta. AD 455-467.jpg|thumb|Silver coin of [[Skandagupta]] of [[Gupta Empire]] known as ''Rūpaka'' (रूपक) in Sanskrit, in the style of the [[Western Satrap]]s, with [[Indian peacock|peacock]] on reverse, 455—467]]
-[[File:Sher shah's rupee.jpg|right|thumb|''[[Rupiya]]'' issued by [[Sher Shah Suri]], 1540–1545 CE|alt=Silver coins with raised writing]]
+[[File:Sher shah's rupee.jpg|right|thumb|''[[Rupiya]]'' issued by [[Sher Shah Suri]], 1540–1545|alt=Silver coins with raised writing]]
-The history of the Indian [[rupee]] traces back to [[ancient India]] in circa 6th century BCE: ancient India was one of the earliest issuers of [[Coin|coins]] in the world,<ref>{{cite book |first=Subodh |last=Kapoor |title=The Indian encyclopaedia: biographical, historical, religious ..., Volume 6 |publisher=Cosmo Publications |date=January 2002 |page=1599 |url=https://books.google.com/books?id=q5ZM0nZXZEkC&pg=PA1599 |isbn=81-7755-257-0 }}</ref> along with the [[Chinese wen]] and [[Lydia]]n [[stater]]s.<ref>{{citation |first=David M. |last=Schaps |chapter=The Invention of Coinage in Lydia, in India, and in China |title=XIV International Economic History Congress|location=Helsinki|year=2006 |publisher=[[International Economic History Association]] |chapter-url=http://www.helsinki.fi/iehc2006/papers1/Schaps.pdf}}</ref>
+The history of the Indian [[rupee]] traces back to [[ancient India]] around the 6th century BCE; ancient India was one of the earliest issuers of [[coin]]s in the world,<ref>{{cite book |first=Subodh |last=Kapoor |title=The Indian encyclopaedia: biographical, historical, religious ..., Volume 6 |publisher=Cosmo Publications |date=January 2002 |page=1599 |url=https://books.google.com/books?id=q5ZM0nZXZEkC&pg=PA1599 |isbn=81-7755-257-0 }}</ref> alongside the [[Chinese wen]] and [[Lydia]]n [[stater]]s.<ref>{{citation |first=David M. |last=Schaps |chapter=The Invention of Coinage in Lydia, in India, and in China |title=XIV International Economic History Congress |location=Helsinki |year=2006 |publisher=[[International Economic History Association]] |chapter-url=http://www.helsinki.fi/iehc2006/papers1/Schaps.pdf |access-date=27 December 2018 |archive-date=12 July 2018 |archive-url=https://web.archive.org/web/20180712184842/http://www.helsinki.fi/iehc2006/papers1/Schaps.pdf |url-status=live }}</ref>
-''[[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. {{transliteration|sa|ISO|Rūpa}} means 'form' or 'shape'; for example, in the word {{transliteration|sa|ISO|rūpyarūpa}}: {{transliteration|sa|ISO|rūpya}} 'wrought silver' and {{transliteration|sa|ISO|rūpa}} 'form'.<ref name="Redy">{{cite web |author= |title=A short history of ancient Indian coinage. |url=http://worldcoincatalog.com/AC/C3/India/AIndia.htm |access-date=20 June 2013 |publisher=worldcoincatalog.com}}</ref>
+''[[Arthashastra]]'', written by [[Chanakya]], the prime minister to the first [[Maurya Empire|Mauryan emperor]] [[Chandragupta Maurya]] (c. 340–290 BCE), mentions silver coins as ''rūpyarūpa'', gold coins as ''suvarṇarūpa'', copper coins as ''tamrarūpa'', and lead coins as ''sīsarūpa''. {{transliteration|sa|ISO|Rūpa}} means 'shape' or 'form'.<ref name="Redy">{{cite web |author= |title=A short history of ancient Indian coinage. |url=http://worldcoincatalog.com/AC/C3/India/AIndia.htm |access-date=20 June 2013 |publisher=worldcoincatalog.com |archive-date=3 April 2012 |archive-url=https://web.archive.org/web/20120403184349/http://worldcoincatalog.com/AC/C3/India/AIndia.htm |url-status=live }}</ref>
-The [[Gupta Empire]] produced large numbers of silver coins clearly influenced by those of the earlier [[Western Satraps]] by [[Chandragupta II]].<ref name="EBAllan&Stern">Allan & Stern (2008)</ref> The silver ''Rūpaka'' ({{lang-sa|रूपक}}) coins were weighed approximately 20 [[rati]]s (2.2678g).<ref>{{cite web |title=Rupaka, Rūpaka: 23 definitions |url=https://www.wisdomlib.org/definition/rupaka |website=Wisdom Library |date=3 August 2014 |access-date=22 June 2022}}</ref>
+The [[Gupta Empire]] under [[Chandragupta II]] produced large numbers of silver coins clearly influenced by those of the earlier [[Western Satraps]].<ref name="EBAllan&Stern">Allan & Stern (2008)</ref> The silver ''Rūpaka'' ({{langx|sa|रूपक}}) coins weighed approximately 20 [[Ratti (unit)|rattis]] (2.2678 g).<ref>{{cite web |title=Rupaka, Rūpaka: 23 definitions |url=https://www.wisdomlib.org/definition/rupaka |website=Wisdom Library |date=3 August 2014 |access-date=22 June 2022 |archive-date=23 June 2022 |archive-url=https://web.archive.org/web/20220623033054/https://www.wisdomlib.org/definition/rupaka |url-status=live }}</ref>
-In the intermediate times there was no fixed monetary system as reported by the ''[[Great Tang Records on the Western Regions|Da Tang Xi Yu Ji]]''.<ref>{{cite book |title=Da Tang Xiyu Ji. [[Great Tang Records on the Western Regions|Great Tang Dynasty Records of the Western World]] |publisher=[[Kegan Paul, Trench Trubner & Co.]] |year=1906 |edition=First |series=Trübner's Oriental Series |volume=1-2 |location=London |translator=[[Samuel Beal]] |orig-date=1884}}</ref>
+In the intermediate times following the Guptas, there appears to have been no fixed monetary system of coinage as reported in the travelogue ''[[Great Tang Records on the Western Regions|Da Tang Xi Yu Ji]]''.<ref>{{cite book |title=Da Tang Xiyu Ji. [[Great Tang Records on the Western Regions|Great Tang Dynasty Records of the Western World]] |publisher=[[Kegan Paul, Trench Trubner & Co.]] |year=1906 |edition=First |series=Trübner's Oriental Series |volume=1-2 |location=London |translator=[[Samuel Beal]] |orig-date=1884}}</ref>
-During his five-year rule from 1540 to 1545, [[Sultan]] [[Sher Shah Suri]] issued a coin of silver, weighing 178 [[Grain (mass)|grains]] (or 11.53 grams), which was also termed the ''rupiya''.<ref name="etymonline1">{{cite web|url=http://www.etymonline.com/index.php?search=rupee&searchmode=none|title=Etymology of rupee|date=20 September 2008|website=[[Online Etymology Dictionary]]|access-date=20 September 2008}}</ref><ref>{{Cite web |title=Mughal Coinage |url=http://www.rbi.org.in/currency/museum/c-mogul.html |url-status=dead |archive-url=https://web.archive.org/web/20080516085855/http://www.rbi.org.in/currency/museum/c-mogul.html |archive-date=16 May 2008 |website=[[RBI Monetary Museum]] |publisher=Reserve Bank of India}}</ref> During [[Babur]]'s time, the brass to silver exchange ratio was roughly 50:2.<ref>{{Cite book |last=Dughlat |first=Mirza Muhammad Haidar |url=https://archive.org/details/TheTarikh-i-rashidi |title=The Tarikh-I-Rashidi |publisher=Karakoram Books |others=Ebook Version 1.0 Edited and Presented By Mohammed Murad Butt |editor-last=Elias |editor-first=N. |translator-last=Ross |translator-first=E. Denison |chapter=CXII |author-link=Mirza Muhammad Haidar Dughlat |orig-date=1895 |via=Internet Archive}}</ref> The silver coin remained in use during the [[Mughal period]], [[Maratha Empire|Maratha era]] as well as in [[British India]].<ref name="rbi-c-colo">{{cite web |title=Pre-Colonial India & Princely States: Coinage |url=http://www.rbi.org.in/currency/museum/c-colo.html |archive-url=https://web.archive.org/web/20181215222137/http://www.rbi.org.in/currency/museum/c-colo.html |archive-date=15 December 2018 |access-date=20 June 2013 |website=RBI Monetary Museum |publisher=Reserve Bank of India}}</ref> Among the earliest issues of [[banknote|paper rupees]] include; the [[Bank of Hindostan|Bank of Hindustan]] (1770–1832), the General Bank of Bengal and Bihar (1773–1775, established by [[Warren Hastings]]), and the Bengal Bank (1784–91).{{citation needed|date=October 2022}}
+During his five-year rule from 1540 to 1545, [[Sultan]] [[Sher Shah Suri]] issued a coin of silver, weighing 178 [[Grain (mass)|grains]] (or 11.53 grams), which was also termed the ''rupiya''.<ref name="etymonline1">{{cite web|url=http://www.etymonline.com/index.php?search=rupee&searchmode=none|title=Etymology of rupee|date=20 September 2008|website=[[Online Etymology Dictionary]]|access-date=20 September 2008|archive-date=10 November 2013|archive-url=https://web.archive.org/web/20131110165256/http://www.etymonline.com/index.php?search=rupee&searchmode=none|url-status=live}}</ref><ref>{{Cite web |title=Mughal Coinage |url=http://www.rbi.org.in/currency/museum/c-mogul.html |url-status=dead |archive-url=https://web.archive.org/web/20080516085855/http://www.rbi.org.in/currency/museum/c-mogul.html |archive-date=16 May 2008 |website=[[RBI Monetary Museum]] |publisher=Reserve Bank of India}}</ref> During [[Babur]]'s time, the brass to silver exchange ratio was roughly 50:2.<ref>{{Cite book |last=Dughlat |first=Mirza Muhammad Haidar |url=https://archive.org/details/TheTarikh-i-rashidi |title=The Tarikh-I-Rashidi |publisher=Karakoram Books |others=Ebook Version 1.0 Edited and Presented By Mohammed Murad Butt |editor-last=Elias |editor-first=N. |translator-last=Ross |translator-first=E. Denison |chapter=CXII |author-link=Mirza Muhammad Haidar Dughlat |orig-date=1895 |via=Internet Archive}}</ref> The silver coin remained in use during the [[Mughal period]], the [[Maratha Empire|Maratha era]] as well as in [[British India]].<ref name="rbi-c-colo">{{cite web |title=Pre-Colonial India & Princely States: Coinage |url=http://www.rbi.org.in/currency/museum/c-colo.html |archive-url=https://web.archive.org/web/20181215222137/http://www.rbi.org.in/currency/museum/c-colo.html |archive-date=15 December 2018 |access-date=20 June 2013 |website=RBI Monetary Museum |publisher=Reserve Bank of India}}</ref> Some of the earliest issuers of [[banknote|paper rupees]] include the [[Bank of Hindostan|Bank of Hindustan]] (1770–1832), the General Bank of Bengal and Bihar (1773–1775, established by [[Warren Hastings]]), and the Bengal Bank (1784–91).<ref>{{Cite web |date=2021-04-25 |title=Throwback: How India's paper currency came into existence and evolved over decades |url=https://www.timesnownews.com/business-economy/industry/article/throwback-how-indias-paper-currency-came-into-existence-and-evolved-over-decades/749261 |access-date=2025-10-28 |website=www.timesnownews.com |language=en}}</ref>
 === 1800s ===
-{{more citations needed section|date=November 2016|talk=The Indian currency is called the Indian Rupee (INR) and the coins are called paise. One Rupee consists of 100 paise. The symbol of the Indian Rupee is ₹ . The design resembles both the Devanagari letter "₹" (ra) and the Latin capital letter "R", with a double horizontal line at the top.}}
 {| class="wikitable floatright collapsible collapsed"
-!colspan="3" style="background:#ffdead;"|Indian silver rupee value (1820
+!colspan="3" style="background:#ffdead;"|Indian silver rupee value (1820–1900)<ref name="Indian Currency Problems of the Last Decade">{{cite web |last=Andrew |first=A. Piatt |author-link=A. Piatt Andrew |date=August 1901 |title=Indian Currency Problems of the Last Decade |url=https://archive.org/details/jstor-1884973 |access-date=18 April 2018 |publisher=The Quarterly Journal of Economics |pages=483–514}}</ref>
-–1900)<ref name="Indian Currency Problems of the Last Decade">{{cite web |last=Andrew |first=A. Piatt |author-link=A. Piatt Andrew |date=August 1901 |title=Indian Currency Problems of the Last Decade |url=https://archive.org/details/jstor-1884973 |access-date=18 April 2018 |publisher=The Quarterly Journal of Economics |pages=483–514}}</ref>
 |-
 | Year ||Exchange rate (pence per rupee)||Melt value (pence per rupee)
@@ Line 170: / Line 196: @@
 | 1900||16.0||10.4
 |}
-[[File:INDIAN SILVER RUPEE VALUE 1850-1900.png|thumb|Chart showing exchange rate of Indian [[Silver Rupee|silver rupee coin]] (blue) and the actual value of its silver content (red), against [[Penny (British pre-decimal coin)|British pence]]. (From 1850 to 1900)]]
+[[File:INDIAN SILVER RUPEE VALUE 1850-1900.png|thumb|Chart showing exchange rate of Indian [[Silver rupee|silver rupee coin]] (blue) and the actual value of its silver content (red), against [[Penny (British pre-decimal coin)|British pence]] (from 1850 to 1900)]]
-Historically, the [[rupee]] was a [[Bullion coin|silver coin]]. This had severe consequences in the nineteenth century when the strongest economies in the world were on the [[gold standard]] (that is, paper linked to gold). The discovery of large quantities of silver in the United States and several European colonies caused the [[panic of 1873]] which resulted in a decline in the [[Relative value (economics)|value]] of [[Silver as an investment|silver relative]] to gold, devaluing India's standard currency. This event was known as "the fall of the rupee." In Britain the [[Long Depression]] resulted in bankruptcies, escalating unemployment, a halt in public works, and a major trade slump that lasted until 1897.<ref>[[W. B. Sutch]], ''The Long Depression, 1865–1895''. (1957)</ref>
-India was unaffected by the imperial [[Order in Council|order-in-council]] of 1825, which attempted to introduce British [[Pound sterling|sterling]] coinage to the British colonies. India, at that time, was [[Company rule in India|controlled]] by the British [[East India Company]]. The [[Silver Rupee|silver rupee coin]] continued as the currency of India through the [[British Raj]] and beyond. In 1835, British India adopted a [[Fine silver|mono-metallic]] [[Silver standards|silver standard]] based on the rupee coin; this decision was influenced by a letter written by [[Lord Liverpool]] in 1805 extolling the virtues of mono-metallism.
+Historically, the [[rupee]] was a [[Bullion coin|silver coin]]. This had severe consequences in the nineteenth century when the strongest economies in the world were on the [[gold standard]] (that is, paper linked to gold). The discovery of large quantities of silver in the United States and several European colonies caused the [[panic of 1873]] which resulted in a decline in the [[Relative value (economics)|value]] of [[Silver as an investment|silver relative]] to gold, devaluing India's standard currency, an event known as "the fall of the rupee". Following the panic, the world descended into a '[[Long Depression]]', which resulted in bankruptcies, escalating unemployment, a halt in public works, and a major trade slump that lasted until 1897.<ref>[[W. B. Sutch]], ''The Long Depression, 1865–1895''. (1957)</ref>
-Following the [[Indian Rebellion of 1857|First war of Independence]] in 1857, the British government took direct [[British Raj|control]] of India. From 1851, gold sovereigns were produced ''en masse'' at the [[Royal Mint]] in [[Sydney]]. In an 1864 attempt to make the British [[gold sovereign]] the "imperial coin", the treasuries in [[Bombay]] and [[Calcutta]] were instructed to receive (but not to issue) gold sovereigns; therefore, these gold sovereigns never left the vaults. As the British government gave up hope of replacing the rupee in India with the pound [[Sterling silver|sterling]], it realised for the same reason it could not replace the [[trade coin|silver dollar]] in the [[Straits Settlements]] with the Indian rupee (as the British East India Company had desired). Since the [[silver crisis of 1873]], several nations switched over to a [[Gold standard#Gold exchange standard|gold exchange standard]] (wherein silver or banknotes circulate locally but with a fixed gold value for export purposes), including India in the 1890s.<ref>{{Cite wikisource|Indian Currency and Finance|chapter=Chapter II}}</ref>
+India was unaffected by the imperial [[Order in Council|order-in-council]] of 1825, which attempted to introduce British [[Pound sterling|sterling]] coinage to the British colonies.<ref>{{Cite journal |last1=Teucher |first1=Andy |last2=Albers |first2=Sam |last3=Hazlitt |first3=Stephanie |date=2017-12-20 |title=bcmaps: Map Layers and Spatial Utilities for British Columbia |url=https://doi.org/10.32614/cran.package.bcmaps |access-date=2025-12-26 |website=CRAN: Contributed Packages |doi=10.32614/cran.package.bcmaps }}</ref> India, at that time, was [[Company rule in India|controlled]] by the British [[East India Company]]. The [[Silver rupee|silver rupee coin]] continued as the currency of India through the [[British Raj]] and beyond. In 1835, British India adopted a [[Fine silver|mono-metallic]] [[Silver standards|silver standard]] based on the rupee coin; this decision was influenced by a letter written by [[Lord Liverpool]] in 1805 extolling the virtues of mono-metallism.<ref>{{Citation |last=Garg |first=Sanjay |title=Acts, Proclamations, Declarations and Notifications of the Government of India Concerning the Coinage, Currency and its Legal Tender (1835–56) |date=2019-05-14 |work=Monetary Foundations of the Raj |pages=415–434 |url=https://doi.org/10.4324/9781315271903-27 |access-date=2025-12-26 |publisher=Routledge |doi=10.4324/9781315271903-27 |isbn=978-1-315-27190-3|url-access=subscription }}</ref><ref>{{Cite book |last=Liverpool |first=Charles Jenkinson |url=http://archive.org/details/treatiseoncoinso00liveuoft |title=A treatise on the coins of the realm, in a letter to the King |date=1805 |publisher=Oxford, Univ. Press |others=Robarts - University of Toronto}}</ref>
+Following the [[Indian Rebellion of 1857|Sepoy Rebellion]] in 1857, the British government took direct [[British Raj|control]] of India. From 1851, gold sovereigns were produced ''en masse'' at the [[Royal Mint]] in [[Sydney]]. In an 1864 attempt to make the British [[gold sovereign]] the "imperial coin", the treasuries in [[Bombay]] and [[Calcutta]] were instructed to receive (but not to issue) gold sovereigns; therefore, these gold sovereigns never left the vaults. As the British government gave up hope of replacing the rupee in India with the pound [[Sterling silver|sterling]], a conclusion was reached that it could not replace the [[trade coin|silver dollar]] in the [[Straits Settlements]] with the Indian rupee (as the British East India Company had desired). Since the [[silver crisis of 1873]], several nations switched over to a [[Gold standard#Gold exchange standard|gold exchange standard]] (wherein silver or banknotes circulate locally but with a fixed gold value for export purposes), including India in the 1890s.<ref>{{Cite wikisource|Indian Currency and Finance|chapter=Chapter II}}</ref>
 === India Council Bill ===
@@ Line 182: / Line 209: @@
 <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 |last=Moore |first=J S |date=23 October 2016 |title=The Silver Question |url=https://archive.org/stream/jstor-25110026/25110026_djvu.txt |access-date=18 April 2018 |publisher=The North American Review}}</ref></blockquote>
-<blockquote>The great importance of these (Council) Bills, however, is the effect they have on the Market Price of Silver : and they have in fact been one of the most potent factors in recent years in causing the diminution in the Value of Silver as compared to Gold.<ref name="Henry Dunning Macleod">{{cite web |last1=MacLeod |first1=Henry Dunning |author-link=Henry Dunning Macleod |year=1883 |title=The Theory and Practice of Banking |url=https://books.google.com/books?id=yEMIAAAAQAAJ&q=syria&pg=PA10 |access-date=18 April 2018 |via=Google Books}}</ref></blockquote>
+<blockquote>The great importance of these (Council) Bills, however, is the effect they have on the Market Price of Silver: and they have in fact been one of the most potent factors in recent years in causing the diminution in the Value of Silver as compared to Gold.<ref name="Henry Dunning Macleod">{{cite web |last1=MacLeod |first1=Henry Dunning |author-link=Henry Dunning Macleod |year=1883 |title=The Theory and Practice of Banking |url=https://books.google.com/books?id=yEMIAAAAQAAJ&q=syria&pg=PA10 |access-date=18 April 2018 |via=Google Books}}</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" /></blockquote>
+<blockquote>The Indian and Chinese products for which silver is paid were and are, since 1873–74, very low in price, and it therefore 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" /></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" /></blockquote>
@@ Line 190: / Line 217: @@
 === Fowler Committee (1898) ===
 {{Main|Indian Currency Committee}}
-[[File:Government_of_India_5_Rupee_Note_1858.jpg|thumb|[[Government of India]] - 5 [[Rupee]] note (1858)]]
-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 |author=Chishti |first=M. Anees |title=Committees and commissions in pre-independence India 1836–1947, Volume 3 |url=https://books.google.com/books?id=J5JipbQyOCQC |year=2001 |publisher=Mittal Publications |isbn=978-81-7099-803-7 |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" />
-<blockquote>The prophecy made before the Committee of 1898 by Mr. A. M. Lindsay, in proposing a scheme closely similar in principle to that which was eventually adopted, has been largely fulfilled. "This change," he said, "will pass unnoticed, except by the intelligent few, and it is satisfactory to find that by this almost imperceptible process the Indian currency will be placed on a footing which Ricardo and other great authorities have advocated as the best of all currency systems, viz., one in which the currency media used in the internal circulation are confined to notes and cheap token coins, which are made to act precisely as if they were bits of gold by being made convertible into gold for foreign payment purposes.<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> The committee concurred in the opinion of the Indian government that the mints should remain closed to the unrestricted coinage of silver, and that a gold standard should be adopted without delay...they recommended (1) that the British sovereign be given full legal tender power in India, and (2) that the Indian mints be thrown open to its unrestricted coinage (for gold coins only).</blockquote>
-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" />
-<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" /></blockquote>
+[[File:Government_of_India_5_Rupee_Note_1858.jpg|thumb|[[Government of India]] - 5-[[rupee]] note (1858)]]
+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 |author=Chishti |first=M. Anees |title=Committees and commissions in pre-independence India 1836–1947, Volume 3 |url=https://books.google.com/books?id=J5JipbQyOCQC |year=2001 |publisher=Mittal Publications |isbn=978-81-7099-803-7 |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 49 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" />
+<blockquote>The prophecy made before the Committee of 1898 by Mr. A. M. Lindsay, in proposing a scheme closely similar in principle to that which was eventually adopted, has been largely fulfilled. "This change," he said, "will pass unnoticed, except by the intelligent few, and it is satisfactory to find that by this almost imperceptible process, the Indian currency will be placed on a footing which Ricardo and other great authorities have advocated as the best of all currency systems, viz., one in which the currency media used in the internal circulation are confined to notes and cheap token coins, which are made to act precisely as if they were bits of gold by being made convertible into gold for foreign payment purposes.<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> The committee concurred in the opinion of the Indian government that the mints should remain closed to the unrestricted coinage of silver and that a gold standard should be adopted without delay...they recommended (1) that the British sovereign be given full legal tender power in India, and (2) that the Indian mints be thrown open to its unrestricted coinage (for gold coins only).</blockquote>
+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" />
+<blockquote>Silver, therefore, has ceased to serve as, and 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, and Holland, and the United States.<ref name="Indian Currency Problems of the Last Decade" /></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" /></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" /></blockquote>
 === 1900s ===
 [[File:IND-1c-Government of India-1 Rupee (1917).jpg|thumb|[[British Raj|Government of India]] {{ndash}} [[Indian 1-rupee note|1 rupee]] (1917)]]
-In 1913, [[John Maynard Keynes]] writes in his book ''Indian Currency and Finance'' that during financial year 1900{{ndash}}1901, gold coins (sovereigns) worth £6,750,000 were given to the Indian people in the hope that they would circulate as currency. But against the expectation of Government, not even half of that was returned to Government, and this experiment failed spectacularly, so Government abandoned this practice (but did not abandon the narrative of the gold standard). Subsequently, much of the gold held by the Government of India was shipped to the [[Bank of England]] in 1901 and held there.<!-- And in March the Post Offices in the
+In 1913, [[John Maynard Keynes]] writes in his book ''Indian Currency and Finance'' that during the financial year 1900{{ndash}}1901, gold coins (sovereigns) worth £6,750,000 were given to the Indian people in the hope that they would circulate as currency. But against the expectation of the Government, not even half of that was returned to accounts. As this experiment failed spectacularly, the government abandoned the practice but did not abandon the narrative of the gold standard. Subsequently, much of the gold held by the Government of India was shipped to the [[Bank of England]] in 1901 and held there.<ref>{{cite wikisource|Indian Currency and Finance|chapter=Chapter IV}}</ref>
-Presidency towns began to give gold in payment of money orders, and the
-Presidency Banks were requested to issue sovereigns in making payments
+<!-- And in March the Post Offices in the Presidency towns began to give gold in payment of money orders, and the Presidency Banks were requested to issue sovereigns in making payments on Government account. These arrangements continued in force throughout the financial year 1900–1901, and by 31 March 1901, the amount put into the hands of the public reached the considerable total of £6,750,000. But of this amount part was exported, not far short of half
-on Government account. These arrangements continued in force throughout
+was returned to Government, and it was supposed that the greater part of the remainder went into the hands of bullion dealers.[35] Further attempts to force gold into circulation were, therefore, abandoned, and a large part of the gold which had accumulated in the currency reserve in India was, a little later on, shipped to England to be held "ear–marked" at the Bank of England.... The defeat of the experiment of 1900–1901 was due to a variety of causes, -->
-the financial year 1900–1901, and by 31 March 1901, the amount put
+During [[World War II]], Colonial British control over parts of Nagaland was [[Battle of Imphal|lost to Japanese forces]], the [[Coins of British India|British Indian rupee]] was banned and the [[Japanese government–issued rupee in Burma|Japanese rupee]] (1942–44) was introduced.
-into the hands of the public reached the considerable total of
-£6,750,000. But of this amount part was exported, not far short of half
+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 war. Inconvertibility (of paper currency into silver coin) would lead to a run on [[Postal savings system|Post Office Savings Banks]]. 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... and the Government could not afford to buy silver at 55 pence per ounce to coin into rupees with a bullion parity of 43.1 pence per ounce. To let silver be replaced by gold, as Mexico had done in 1906, was also impossible, for the world had no gold to spare.
-was returned to Government, and it was supposed that the greater part
+The Government, therefore, did the only possible thing, and raised the value of the (silver) rupee in terms of gold...<ref name="Silver Money">{{cite web |author=Leavens |first=Dickson H |year=1939 |title=Silver Money |url=http://cowles.yale.edu/sites/default/files/files/pub/mon/m04-all.pdf |website=[[Cowles Foundation]] |access-date=21 January 2017 |archive-date=18 December 2015 |archive-url=https://web.archive.org/web/20151218012440/http://cowles.yale.edu/sites/default/files/files/pub/mon/m04-all.pdf |url-status=dead }}</ref>
-of the remainder went into the hands of bullion dealers.[35] Further
-attempts to force gold into circulation were, therefore, abandoned, and
-a large part of the gold which had accumulated in the currency reserve
-in India was, a little later on, shipped to England to be held
-"ear–marked" at the Bank of England.... The defeat of the experiment of 1900–1901 was due to a variety of
-causes, --><ref>{{cite wikisource|Indian Currency and Finance|chapter=Chapter IV}}</ref>
 === Problems caused by the gold standard ===
 {{See also|Gold standard}}
-At the onset of the [[First World War]], the cost of gold was very low and therefore the pound sterling had high value. But during the war, the value of the pound fell alarmingly due to rising war expenses. At the end of the war, the value of the pound was only a fraction of what it had been before the war. It remained low until 1925, when the then [[Chancellor of the Exchequer]] (finance minister) of the United Kingdom, [[Winston Churchill]], restored it to pre-war levels. As a result, the price of gold fell rapidly. While the rest of Europe purchased large quantities of gold from the United Kingdom, there was little increase in her gold reserves. This dealt a blow to an already deteriorating British economy. The United Kingdom began to look to its possessions as India to compensate for the gold that was sold.<ref>Balachandran, G. (1996). John Bullion's Empire: Britain's Gold Problem and India Between the Wars. Routledge. {{ISBN|978-0-7007-0428-6}}., p. 6</ref>
+At the onset of the [[First World War]], the cost of gold was very low and therefore the pound sterling (silver) had high value. But during the war, the value of the pound fell alarmingly due to rising war expenses. At the end of the war, the value of the pound was only a fraction of what it had been before the war. It remained low until 1925, when the then [[Chancellor of the Exchequer]] (finance minister) of the United Kingdom, [[Winston Churchill]], restored it to pre-war levels. As a result, the price of gold fell rapidly. While the rest of Europe purchased large quantities of gold from the United Kingdom, there was little increase in her gold reserves (in United Kingdom). This dealt a blow to an already deteriorating British economy. The United Kingdom began to look to its possessions as India to compensate for the gold that was sold.<ref>Balachandran, G. (1996). John Bullion's Empire: Britain's Gold Problem and India Between the Wars. Routledge. {{ISBN|978-0-7007-0428-6}}, p. 6</ref>
-However, the price of gold in India, on the basis of the official exchange rate of the rupee around 1[[Shilling (British coin)|s.]] 6[[Penny (British pre-decimal coin)|d]]., was lower than the price prevailing abroad practically throughout{{clarify|date=May 2023}}; the disparity in prices made the export of the metal profitable; and this continued for almost a decade. Thus, in 1931–32, there were net exports of 7.7&nbsp;million [[troy ounce|ounces]], valued at Rs. 57.98&nbsp;crore. In the following year, both the quantity and the price rose further: net exports totalled 8.4&nbsp;million ounces, valued at Rs. 65.52&nbsp;crore. In the ten years ended March 1941, total net exports were of the order of 43&nbsp;million ounces (1337.3 tons) valued at about Rs. 375&nbsp;crore, or an average price of Rs. 32-12-4 per tola.<ref>{{Cite book |chapter-url=https://rbidocs.rbi.org.in/rdocs/content/PDFs/89630.pdf |title=History of the Reserve Bank of India |publisher=The Reserve Bank of India |editor=S. L. N. Simha |year=2005 |pages=40–81 |chapter=2. Currency, Exchange and Banking Prior to 1935 |orig-date=1970}}</ref>
+However, the price of gold in India, '''on the basis of the official exchange rate''' of the (silver) rupee around 1[[Shilling (British coin)|s.]] 6[[Penny (British pre-decimal coin)|d]]., was lower than the price prevailing abroad practically throughout{{clarify|date=May 2023}}; the disparity in prices made the export of the (gold) metal profitable; and this continued for almost a decade. Thus, in 1931–32, there were net exports of 7.7 million [[troy ounce|ounces]], valued at INR 57.98 [[crore]]. In the following year, both the quantity and the price rose further: net exports totalled 8.4 million ounces, valued at INR 65.52 crore. In the ten years ended March 1941, total net exports were of the order of 43 million ounces (1337.3 tons (of gold)) valued at about INR 375 crore, or an average price of INR 32-12-4 per [[tola (unit)|tola]].<ref>{{Cite book |chapter-url=https://rbidocs.rbi.org.in/rdocs/content/PDFs/89630.pdf |title=History of the Reserve Bank of India |publisher=The Reserve Bank of India |editor=S. L. N. Simha |year=2005 |pages=40–81 |chapter=2. Currency, Exchange and Banking Before 1935 |orig-date=1970 |access-date=28 October 2022 |archive-date=28 October 2022 |archive-url=https://web.archive.org/web/20221028142244/https://rbidocs.rbi.org.in/rdocs/content/PDFs/89630.pdf |url-status=live }}</ref>
-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 war. Inconvertibility (of paper currency into coin) would lead to a run on [[Postal savings system|Post Office Savings Banks]]. 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 |author=Leavens |first=Dickson H |year=1939 |title=Silver Money |url=http://cowles.yale.edu/sites/default/files/files/pub/mon/m04-all.pdf |website=[[Cowles Foundation]]}}</ref>
+From 1931 to 1941, the United Kingdom purchased large amounts 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{{clarify|date=May 2023}} [[American Silver Purchase Act|Silver Purchase Act]] (which increased the price of silver) and purchased about 44,000 tons of silver, paying with paper [[silver certificate]]s.<ref>[http://library.cqpress.com/cqresearcher/document.php?id=cqresrre1937121400 Four Years of the Silver Program] {{Webarchive|url=https://web.archive.org/web/20191222234329/http://library.cqpress.com/cqresearcher/document.php?id=cqresrre1937121400 |date=22 December 2019 }}. 14 December 1937. [[CQ Press]].</ref>
-From 1931 to 1941, the United Kingdom purchased large amounts 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{{clarify|date=May 2023}} [[American Silver Purchase Act|Silver Purchase Act]] (which increased the price of silver) and purchased about 44,000 tons of silver, paying with paper [[silver certificate]]s.<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" />
@@ Line 233: / Line 254: @@
 The values of the subdivisions of the rupee during [[British Raj|British rule]] (and in the first decade of independence) were:
 {| class="wikitable"
-|+Subdivisions of the rupee during 20th century
+|+Subdivisions of the rupee during the 20th century
-!Value (in [[Indian anna|anna]])
+!Value (in [[Anna (monetary subunit)|anna]])
 !Popular name
 !Value (in [[Indian paisa|paise]])
@@ Line 271: / Line 292: @@
 |-
 |{{frac|1|12}} anna
-|1 [[Indian pie|pie]]
+|1 [[Pie (monetary subunit)|pie]]
 |{{frac|1|2}} paisa
 |}
 * 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 coins as 4, 8, and 12 [[Indian anna|annas]], respectively; compare the expression "two [[Bit (money)|bits]]" in colloquial [[American English]] for a quarter-dollar coin.
+* Many still refer to [[Indian 25-paisa coin|25-]], [[Indian 50-paisa coin|50-]] and 75-paise coins as 4, 8, and 12 [[Anna (monetary subunit)|annas]], respectively; compare the expression "two [[Bit (money)|bits]]" in colloquial [[American English]] for a quarter-dollar coin.
 ===New currency sign for the Indian rupee===
-In 2010, a [[Indian rupee sign|new rupee sign]] ({{INR}}) was officially adopted. As [[D. Udaya Kumar|its designer]] explained, it was derived from the combination of the [[Devanagari]] consonant "[[र]]" (''ra'') and <!--PLEASE read the citation before changing this again. The designer says clearly that his design references both. --> the [[Latin alphabet|Latin]] capital letter "R" without its vertical bar.<ref>{{cite web |url=http://www.idc.iitb.ac.in/events/Indian_Rupee_Symbol.pdf |title=Currency Symbol for Indian Rupee |first=D. Udaya |last=Kumar |author-link=D. Udaya Kumar | publisher=Indian Institute of Technology Bombay |website=IDC School of Design |access-date=5 October 2022}}</ref> The parallel lines at the top (with white space between them) are said to make an allusion to the [[flag of India]],<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.
+In 2010, a [[Indian rupee sign|new rupee sign]] ({{INR}}) was officially adopted. As [[D. Udaya Kumar|its designer]] explained, it was derived from the combination of the [[Devanagari]] consonant "[[र]]" (''ra'') and <!--PLEASE read the citation before changing this again. The designer says clearly that his design references both. --> the [[Latin alphabet|Latin]] capital letter "R" without its vertical bar.<ref>{{cite web |url=http://www.idc.iitb.ac.in/events/Indian_Rupee_Symbol.pdf |title=Currency Symbol for Indian Rupee |first=D. Udaya |last=Kumar |author-link=D. Udaya Kumar |publisher=Indian Institute of Technology Bombay |website=IDC School of Design |access-date=5 October 2022 |archive-date=21 August 2010 |archive-url=https://web.archive.org/web/20100821132944/http://www.idc.iitb.ac.in/events/Indian_Rupee_Symbol.pdf |url-status=live }}</ref> The parallel lines at the top (with white space between them) are said to make an allusion to the [[flag of India]],<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 |access-date=25 September 2010 |archive-date=27 April 2015 |archive-url=https://web.archive.org/web/20150427203838/http://www.theworldreporter.com/2010/07/indian-rupee-joins-elite-currency-club.html |url-status=live }}</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, and these symbols are still used in situations where the official symbol is unavailable. At an international level, like India, some nations' currencies are also Rupees. When the ({{INR}}) symbol is unavailable, then INR is used to represent the Indian currency.
 === Digitization of Indian rupee ===
-{{Main|Digital Rupee}}
+{{Main|Digital rupee}}
-At [[2022 Union budget of India]], [[Nirmala Sitharaman]] from [[Ministry of Finance (India)|Ministry of Finance]] announced roll out of Digital Rupee from 2023.<ref>{{cite news |last1=Bose |first1=Shritama |date=2 February 2022 |title=Budget 2022: Digital rupee from FY23 |publisher=Financial Express |url=https://www.financialexpress.com/budget/budget-2022-digital-rupee-from-fy23/2423334/ |access-date=2 February 2022}}</ref> RBI launched it on 1 November 2022 as pilot project.<ref>{{Cite news |date=2022-10-31 |title=India cenbank to start pilot of digital rupee on Nov 1 |language=en |work=Reuters |url=https://www.reuters.com/article/india-cenbank-digital-rupee-idUSKBN2RQ0WO |access-date=2022-11-04}}</ref>
-== Coins ==
+{{Excerpt|Digital rupee}}
-=== Pre-independence issues ===
-{{Main|Coins of British India}}
-{{more citations needed section|date=November 2016}}
-[[File:India 1835 2 Mohurs.jpg|thumb|1835 [[East India Company]] 2 [[Mohur]]s]]
-[[File:Rupee, 1840 - British India, Victoria.jpg|thumb|right|225px|1840 [[East India Company]] rupee. It was minted in [[Bombay]], [[Calcutta]] and [[Madras]].]]
-{{multiple image
- | header = Indian rupee (from 1862).
- | width = 108
- | image1 = India 1 Rupee 1884 Victoria(obv)-4037.jpg
- | alt1 = India 1 rupee 1884 Victoria (obverse)
- | image2 = India 1 Rupee 1884 Victoria(rev)-4038.jpg
- | alt2 = India 1 rupee 1884 Victoria (reverse)
- | caption1 = '''Obverse''': Crowned bust of [[Queen Victoria]] surrounded by name.
- | caption2 = '''Reverse''': Face value, country and year of issue surrounded by wreath.
- | footer = Coin made of 91.7% silver.
-}}
-[[File:India 1862 One Mohur.jpg|thumb|1862 India One [[Mohur]]]]
-[[File:Silver rupee of Sayaji Rao III of Baroda.jpg|thumb|Silver Rupee of [[Sayajirao Gaekwad III]] of [[Baroda State]] (ruled 1875–1939), showing his portrait. This coin is dated 1955 in the [[Vikrama era]] (= 1897 CE).]]
-[[File:INDIAGeorge V King Emperor.jpg|thumb|right|Regal issue minted during the reign of [[George V of the United Kingdom|King/Emperor George V]].]]
-[[File:1 Indian rupee coin, 1947.jpg|thumb|[[Indian 1-rupee coin|1 Indian rupee]] (1947) featuring [[George VI]] on obverse and [[Indian Lion]] on reverse.]]
-[[File:Indian one pice minted in 1950.jpg|thumb|[[Indian 1-paisa coin|Indian one pice]], minted in 1950|alt=Both sides of copper-coloured coin]]
-[[File:1 Indian rupee (1905).jpg|thumb|[[Indian 1-rupee coin|1 Indian rupee]] (1905) featuring [[Edward VII]].]]
-[[File:Hyderabad_-_One_Rupee_-_Mahboob_Ali_Khan_-_1329_AH_Silver_-_Kolkata_2016-06-28_5271-5272.png|thumb|One Rupee coin issued by [[Mahbub Ali Khan, Asaf Jah VI|Mir Mahbub Ali Khan]] of [[Hyderabad State]], 1329 AH (1911 CE).]]
-[[File:1 Indian rupee (1918).jpg|thumb|[[Indian 1-rupee coin|1 Indian rupee]] (1918) featuring [[George V]].]]
-==== East India Company, 1835 ====
+==Legal framework==
-The three [[Presidencies and provinces of British India|Presidencies]] established by the British [[East India Company]] ([[Bengal Presidency|Bengal]], [[Bombay Presidency|Bombay]] and [[Madras Presidency|Madras]]) each issued their [[Coins of British India|own coinages]] until 1835. All three issued rupees and fractions thereof down to {{frac|1|8}}- and {{frac|1|16}}-rupee in silver. Madras also issued two-rupee coins.
+{{ anchor | Legal | Framework }}
-Copper denominations were more varied. Bengal issued one-[[Indian pie|pie]], {{frac|1|2}}-, one- and two-[[Paisa|paise]] coins. Bombay issued 1-pie, {{frac|1|4}}-, {{frac|1|2}}-, 1-, 1{{frac|1|2}}-, 2- and 4-paise coins. In Madras there were copper coins for two and four pies and one, two and four paisa, with the first two denominated as {{frac|1|2}} and one dub (or {{frac|1|96}} and {{frac|1|48}}) rupee. Madras also issued the [[Madras fanam]] until 1815.
+British East India Company (EIC) was given the right in 1717 to mint coins in the name of the [[Mughal emperor]] [[Farrukhsiyar]] on the island of Bombay. By 1792 the EIC demonetised all other coins till they were reduced to only 3 types of coins, i.e. EIC, Mughal and [[Maratha Empire|Maratha]] coins. After EIC expanded its control over India, it brought the "Coinage Act of 1835" and started to mint coins in the name of the British king. [[Company rule|EIC rule]] was replaced by [[British Raj|British Crown raj]] which brought the "Paper Currency Act of 1861" and the "Uniform Coinage Act of 1906".<ref name=act1>[https://theprint.in/feature/around-town/east-india-company-fought-hard-for-its-coins-in-india-even-aurangzebs-fury-couldnt-stop-it/1687918/ East India Company fought hard for its coins in India. Even Aurangzeb’s fury couldn’t stop it] {{Webarchive|url=https://web.archive.org/web/20230727120630/https://theprint.in/feature/around-town/east-india-company-fought-hard-for-its-coins-in-india-even-aurangzebs-fury-couldnt-stop-it/1687918/ |date=27 July 2023 }}, The Print, 27 July 2023.</ref>
-All three Presidencies issued gold [[mohur]]s and fractions of mohurs including {{frac|1|16}}, {{frac|1|2}}, {{frac|1|4}} in Bengal, {{frac|1|15}} (a gold rupee) and {{frac|1|3}} (pancia) in Bombay and {{frac|1|4}}, {{frac|1|3}} and {{frac|1|2}} in Madras.
+After 2021, the government of independent India amended "The Coinage Act, 2011",<ref>{{Cite web|date=1 September 2011|title=THE COINAGE ACT, 2011|url=https://rbidocs.rbi.org.in/rdocs/Publications/PDFs/COIN281114.pdf|access-date=7 August 2021|website=Reserve Bank of India|archive-date=7 August 2021|archive-url=https://web.archive.org/web/20210807120234/https://rbidocs.rbi.org.in/rdocs/Publications/PDFs/COIN281114.pdf|url-status=live}}</ref> the "[[Foreign Exchange Management Act]] (FEMA), 1999," the "[[Information Technology Act, 2000]]" and the "Crypto-currency and Regulation of Official Digital Currency Bill, 2021".<ref>{{Cite web|last=Bhattacharya|first=Saurya|date=25 July 2021|title=Cryptocurrency, CBDC and the RBI Act|url=https://www.thehindubusinessline.com/business-laws/cryptocurrency-cbdc-and-the-rbi-act/article35527446.ece|access-date=2021-08-07|website=Business Line|language=en|archive-date=26 June 2023|archive-url=https://web.archive.org/web/20230626193538/https://www.thehindubusinessline.com/business-laws/cryptocurrency-cbdc-and-the-rbi-act/article35527446.ece|url-status=live}}</ref><ref>{{Cite web|last=Variath|first=Adithya Anil|date=26 November 2021|title=Cryptocurrency Bill {{!}} India's First Step To Exercise Its Sovereignty Over Digital Currency|url=https://www.moneycontrol.com/news/opinion/cryptocurrency-bill-indias-first-step-to-exercise-its-sovereignty-over-digital-currency-7764891.html|access-date=2021-11-26|website=Moneycontrol|language=en|archive-date=21 September 2023|archive-url=https://web.archive.org/web/20230921214010/https://www.moneycontrol.com/news/opinion/cryptocurrency-bill-indias-first-step-to-exercise-its-sovereignty-over-digital-currency-7764891.html|url-status=live}}</ref>
-In 1835, a single coinage for the [[East India Company|EIC]] was introduced. It consisted of copper {{frac|1|12}}, {{frac|1|4}} and {{frac|1|2}} [[Indian anna|anna]], silver {{frac|1|4}}, {{frac|1|3}} and 1 rupee and gold 1 and 2 mohurs. In 1841, silver 2 annas were added, followed by copper {{frac|1|2}} [[Indian pice|pice]] in 1853. The coinage of the EIC continued to be issued until 1862, even after the company had been [[Crown rule in India|taken over by the Crown]].
-==== Regal issues, 1862–1947 ====
-In 1862, coins were introduced (known as "regal issues") which bore the portrait of [[Queen Victoria]] and the designation "India". Their denominations were {{frac|1|12}} [[Indian anna|anna]], {{frac|1|2}} [[Indian pice|pice]], {{frac|1|4}} and {{frac|1|2}} anna (all in copper), 2 annas, {{frac|1|4}}, {{frac|1|2}} and one rupee (silver),<ref>{{cite web|url=http://jfcampbell.us/india/victoria/rupee-mm.htm|title=VICTORIA {{!}} The Coins of British India One Rupee: Mint Mark Varieties (1874–1901)|website=jfcampbell.us|date=13 October 2004|author= J. Franklin Campbell|access-date=17 August 2022|archive-url=https://web.archive.org/web/20190913183949/http://jfcampbell.us/india/victoria/rupee-mm.htm|archive-date=13 September 2019}}</ref> and five and ten rupees and one [[mohur]] (gold). The gold denominations ceased production in 1891, and no {{frac|1|2}}-anna coins were issued after 1877.
-In 1906, bronze replaced copper for the lowest three denominations; in 1907, a [[Cupronickel|cupro-nickel]] one-anna coin was introduced. In 1918–1919 cupro-nickel two-, four- and eight-annas were introduced, although the four- and eight-annas coins were only issued until 1921 and did not replace their silver equivalents. In 1918, the Bombay mint also struck [[gold sovereign]]s and 15-rupee coins identical in size to the sovereigns as an emergency measure during the First World War.
-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]] on the reverse.
+== Coins ==
 === Post-independence issues ===
 {{Main|Coins of the Indian rupee|Indian paisa}}
 ==== Independent pre-decimal issues, 1950–1957 ====
-India's first coins after independence were issued in 1950 in denominations of 1 [[Indian pice|pice]], {{frac|1|2}}, one and two annas, {{frac|1|4}}, {{frac|1|2}} and [[Indian 1-rupee coin|one-rupee]]. The sizes and composition were the same as the final regal issues, except for the one-pice (which was bronze, but not holed).
+India's first coins after independence were issued in 1950 in denominations of 1 [[Indian pice|pice]], {{frac|1|2}}, one and two annas, {{frac|1|4}}, {{frac|1|2}} and [[Indian 1-rupee coin|one-rupee]]. The sizes and composition were the same as the final regal issues, except for the one-piece (which was bronze, but not holed).
 ==== Independent decimal issues, 1957–present ====
 [[File:IN Aluminium Series Paise.jpg|thumb|In 1964, India introduced [[aluminium]] coins for denominations up to 20p.|alt=Row of six differently-shaped aluminium coins, arranged by size]]
 The first [[Decimal coinage|decimal-coin]] issues in India consisted of [[1 naya paisa (Indian coin)|1]], [[2 naye paise (Indian coin)|2]], [[5 naye paise (Indian coin)|5]], 10, 25 and 50 [[Naya paise|naye paise]], and [[Indian 1-rupee coin|1 rupee]]. The 1 naya paisa was bronze; the 2, 5, and 10 naye paise were cupro-nickel, and the 25 naye paise (nicknamed ''[[chawanni]]''; 25 naye paise equals 4 [[Indian anna|annas]]), 50 naye paise (also called ''[[athanni]]''; 50 naye paise equalled 8 old annas) and 1-rupee were nickel. In 1964, the words ''naya''/''naye'' were removed from all coins. Between 1957 and 1967, aluminium [[Indian 1-paisa coin|one]]-, [[Indian 2-paisa coin|two]]-, [[Indian 3-paisa coin|three]]-, [[Indian 5-paisa coin|five]]- and [[Indian 10-paisa coin|ten-paise]] coins were introduced. In 1968 nickel-brass [[Indian 20-paisa coin|20-paise]] coins were introduced, and replaced by aluminium coins in 1982. Between 1972 and 1975, cupro-nickel replaced nickel in the [[Indian 25-paisa coin|25-]] and [[Indian 50-paisa coin|50-paise]] and the 1-rupee coins; in 1982, cupro-nickel [[Indian 2-rupee coin|two-rupee]] coins were introduced. In 1988 [[stainless steel]] 10-, 25- and 50-paise coins were introduced, followed by 1- and [[Indian 5-rupee coin|5-rupee]] coins in 1992. Five-rupee coins, made from [[brass]], are being minted by the [[Reserve Bank of India]] (RBI).
 In 1997 the 20 paise coin was discontinued, followed by the 10 paise coin in 1998, and the 25 paise in 2002.
-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. 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|archive-url=https://web.archive.org/web/20111107053256/http://articles.timesofindia.indiatimes.com/2011-08-29/vadodara/29940658_1_coins-nandan-parikh-new-symbol|url-status=dead|archive-date=7 November 2011|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>
+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. 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|archive-date=29 July 2014|archive-url=https://web.archive.org/web/20140729043050/http://www.rbi.org.in/scripts/BS_ViewCurrencyPressRelease.aspx?Id=24773|url-status=dead}}</ref><ref name="TimesofIndia29082011">{{cite news|title=This numismatist lays hands on coins with Rupee symbol|url=https://timesofindia.indiatimes.com/city/vadodara/This-numismatist-lays-hands-on-coins-with-Rupee-symbol/articleshow/9788223.cms|archive-url=https://web.archive.org/web/20111107053256/http://articles.timesofindia.indiatimes.com/2011-08-29/vadodara/29940658_1_coins-nandan-parikh-new-symbol|url-status=live|archive-date=7 November 2011|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|archive-date=4 October 2011|archive-url=https://web.archive.org/web/20111004170924/http://www.rbi.org.in/scripts/BS_ViewCurrencyPressRelease.aspx?Id=24418|url-status=live}}</ref>
 {| class="wikitable" style="text-align:center; margin:1em auto 1em auto;"
@@ Line 398: / Line 387: @@
 || Value with outward radiating pattern of 15 spokes || 2006 || – |2010
 |- {{Coin-silver-color}}
-|{{INR}}10 || 27&nbsp;mm || 7.62&nbsp;g || Bimetallic || Circular|| Emblem of India and year of minting || Value with outward radiating pattern of 10 spokes, new rupee sign || 2011 || – |2018
+|{{INR}}10 || 27&nbsp;mm || 7.62&nbsp;g || Bimetallic || Circular|| Emblem of India and year of minting || Value with an outward radiating pattern of 10 spokes, new rupee sign || 2011 || – |2018
 |- {{Coin-silver-color}}
 |  {{INR}}10 || 27&nbsp;mm || 7.74 g || Bimetallic || Circular || Emblem of India || Value, rupee sign, year of issue, grains depicting the agricultural dominance of the country || 2019|| – |
@@ Line 405: / Line 394: @@
 |}
-The coins are minted at the four locations of the [[India Government Mint]]. The {{INR}}1, {{INR}}2, and {{INR}}5 coins have been minted since independence. The Government of India is set to introduce a new {{INR}}20 coin with a dodecagonal shape, and like the {{INR}}10 coin, also bi-metallic, along with new designs for the new versions of the {{INR}}1, {{INR}}2, {{INR}}5 and {{INR}}10 coins, which was announced on 6 March 2019.<ref>{{Cite web |date=7 March 2019 |title=PM releases new series of visually impaired friendly coins |url=https://www.pmindia.gov.in/en/news_updates/pm-releases-new-series-of-visually-impaired-friendly-coins/ |access-date=16 May 2019 |website=[[Prime Minister's Office (India)|Prime Minister's Office]]}}</ref>
+The coins are minted at the four locations of the [[India Government Mint]]. The {{INR}}1, {{INR}}2, and {{INR}}5 coins have been minted since independence. The Government of India is set to introduce a new {{INR}}20 coin with a dodecagonal shape, and like the {{INR}}10 coin, also bi-metallic, along with new designs for the new versions of the {{INR}}1, {{INR}}2, {{INR}}5 and {{INR}}10 coins, which were announced on 6 March 2019.<ref>{{Cite web |date=7 March 2019 |title=PM releases new series of visually impaired friendly coins |url=https://www.pmindia.gov.in/en/news_updates/pm-releases-new-series-of-visually-impaired-friendly-coins/ |access-date=16 May 2019 |website=[[Prime Minister's Office (India)|Prime Minister's Office]] |archive-date=16 May 2019 |archive-url=https://web.archive.org/web/20190516175026/https://www.pmindia.gov.in/en/news_updates/pm-releases-new-series-of-visually-impaired-friendly-coins/ |url-status=live }}</ref>
 ==== Minting ====
 {{Main|India Government Mint|Security Printing and Minting Corporation of India}}
 [[File:BOMBAY MINT Post Card.jpg|thumb|A postcard depicting the [[India Government Mint, Mumbai|Bombay Mint]].]]
-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>
+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] {{Webarchive|url=https://web.archive.org/web/20210123074521/https://www.rbi.org.in/scripts/AboutUsDisplay.aspx?pg=DeptOfCM.htm |date=23 January 2021 }}. [[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] {{Webarchive|url=https://web.archive.org/web/20130628233910/http://www.rbi.org.in/currency/coins.html |date=28 June 2013 }}. Rbi.org.in. Retrieved 28 July 2013.</ref>
 ==== Commemorative coins ====
 {{Main|Commemorative coins of India}}
-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>
-== Banknotes ==
+After independence, the [[India Government Mint|Government of India Mint]], minted [[numismatics|numismatic]] 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 piececoins 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|archive-date=16 January 2020|archive-url=https://web.archive.org/web/20200116210219/https://www.thehindu.com/todays-paper/tp-national/india-south-africa-discuss-unsc-reforms/article6769452.ece|url-status=live}}</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>
 === Pre-independence issues ===
-{{unreferenced section|date=December 2016}}
+{{Main|Coins of British India}}
-[[File:IND-A10a-Government of India-10 Rupees (1910).jpg|thumb|[[British Raj|Government of India]] {{En dash}} [[Indian 10-rupee note|10 rupees]] (1910)]]
-[[File:KGVI rupee 1 note obverse.jpg|thumb|British Indian [[Indian 1-rupee note|one rupee note]]|alt=Old 1 rupee note]]
+{{more citations needed section|date=November 2016}}
+[[File:India 1835 2 Mohurs.jpg|thumb|1835 [[East India Company]] 2 [[Mohur]]s]]
+[[File:Rupee, 1840 - British India, Victoria.jpg|thumb|right|225px|1840 [[East India Company]] rupee. It was minted in [[Bombay]], [[Calcutta]] and [[Madras]]]]
+{{multiple image
+ | header = Indian rupee (from 1862)
+ | width = 108
+ | image1 = India 1 Rupee 1884 Victoria(obv)-4037.jpg
+ | alt1 = India 1 rupee 1884 Victoria (obverse)
+ | image2 = India 1 Rupee 1884 Victoria(rev)-4038.jpg
+ | alt2 = India 1 rupee 1884 Victoria (reverse)
+ | caption1 = '''Obverse''': Crowned bust of [[Queen Victoria]]
+ | caption2 = '''Reverse''': Face value, country and year of issue
+ | footer = Coin made of 91.7% silver
+}}
+[[File:India 1862 One Mohur.jpg|thumb|1862 Indian One [[Mohur]]]]
+[[File:Silver rupee of Sayaji Rao III of Baroda.jpg|thumb|Silver rupee of [[Sayajirao Gaekwad III]] of [[Baroda State]] (ruled 1875–1939), showing his profile. This coin is dated 1955 in the [[Vikrami calendar]] (1897 CE)]]
+[[File:INDIAGeorge V King Emperor.jpg|thumb|right|Regal issue minted during the reign of [[George V of the United Kingdom|King/Emperor George V]]]]
+[[File:1 Indian rupee coin, 1947.jpg|thumb|[[Indian 1-rupee coin|1 Indian rupee]] (1947) featuring [[George VI]] on obverse and [[Indian Lion]] on reverse]]
+[[File:Indian one pice minted in 1950.jpg|thumb|[[Indian 1-paisa coin|Indian one pice]], minted in 1950|alt=Both sides of copper-coloured coin]]
+[[File:1 Indian rupee (1905).jpg|thumb|[[Indian 1-rupee coin|1 Indian rupee]] (1905) featuring [[Edward VII]]]]
+[[File:Hyderabad_-_One_Rupee_-_Mahboob_Ali_Khan_-_1329_AH_Silver_-_Kolkata_2016-06-28_5271-5272.png|thumb|One-rupee coin issued by [[Mahbub Ali Khan, Asaf Jah VI|Mir Mahbub Ali Khan]] of [[Hyderabad State]], 1329 [[Islamic calendar|AH]] (1911)]]
+[[File:1 Indian rupee (1918).jpg|thumb|[[Indian 1-rupee coin|1 Indian rupee]] (1918) featuring [[George V]]]]
+==== East India Company, 1835 ====
+The three [[Presidencies and provinces of British India|Presidencies]] established by the British [[East India Company]] ([[Bengal Presidency|Bengal]], [[Bombay Presidency|Bombay]] and [[Madras Presidency|Madras]]) each issued their [[Coins of British India|own coinages]] until 1835. All three issued rupees and fractions thereof down to {{frac|1|8}}- and {{frac|1|16}}-rupee in silver. Madras also issued two-rupee coins.
+Copper denominations were more varied. Bengal issued one-[[Pie (monetary subunit)|pie]], {{frac|1|2}}-, one- and two-[[Paisa|paise]] coins. Bombay issued 1-pie, {{frac|1|4}}-, {{frac|1|2}}-, 1-, 1{{frac|1|2}}-, 2- and 4-paise coins. In Madras, there were copper coins for two and four pies and one, two and four paise, with the first two denominated as {{frac|1|2}} and one dub (or {{frac|1|96}} and {{frac|1|48}}) rupee. Madras also issued the [[Madras fanam]] until 1815.
+All three Presidencies issued gold [[mohur]]s and fractions of mohurs including {{frac|1|16}}, {{frac|1|2}}, {{frac|1|4}} in Bengal, {{frac|1|15}} (a gold rupee) and {{frac|1|3}} (pancia) in Bombay and {{frac|1|4}}, {{frac|1|3}} and {{frac|1|2}} in Madras.
-In 1861, the [[British Raj|Government of India]] introduced its first paper money: {{INR}}10 note in 1864, {{INR}}5 note in 1872, {{INR}}10,000 note in 1899, {{INR}}100 note in 1900, {{INR}}50 note in 1905, {{INR}}500 note in 1907 and {{INR}}1,000 note in 1909. In 1917, {{INR}}1 and {{INR}}2{{frac|1|2}} notes were introduced. The [[Reserve Bank of India]] began banknote production in 1938, issuing {{INR}}2, {{INR}}5, {{INR}}10, {{INR}}50, {{INR}}100, {{INR}}1,000 and {{INR}}10,000 notes while the government continued issuing {{INR}}1 note but demonetized the {{INR}}500 and {{INR}}2 {{frac|1|2}} notes.
+In 1835, a single coinage for the [[East India Company|EIC]] was introduced. It consisted of copper {{frac|1|12}}, {{frac|1|4}} and {{frac|1|2}} [[Indian anna|anna]], silver {{frac|1|4}}, {{frac|1|3}} and 1 rupee and gold 1 and 2 mohurs. In 1841, silver 2 annas were added, followed by copper {{frac|1|2}} [[Indian pice|pice]] in 1853. The coinage of the EIC continued to be issued until 1862, even after the company had been [[Crown rule in India|taken over by the Crown]].
+==== Regal issues, 1862–1947 ====
+In 1862, coins were introduced (known as "regal issues") which bore the profile of [[Queen Victoria]] and the designation "India". Their denominations were {{frac|1|12}} [[Indian anna|anna]], {{frac|1|2}} [[Indian pice|pice]], {{frac|1|4}} and {{frac|1|2}} anna (all in copper), 2 annas, {{frac|1|4}}, {{frac|1|2}} and one rupee (silver),<ref>{{cite web|url=http://jfcampbell.us/india/victoria/rupee-mm.htm|title=VICTORIA {{!}} The Coins of British India One Rupee: Mint Mark Varieties (1874–1901)|website=jfcampbell.us|date=13 October 2004|author= J. Franklin Campbell|access-date=17 August 2022|archive-url=https://web.archive.org/web/20190913183949/http://jfcampbell.us/india/victoria/rupee-mm.htm|archive-date=13 September 2019}}</ref> and five and ten rupees and one [[mohur]] (gold). The gold denominations ceased production in 1891, and no {{frac|1|2}}-anna coins were issued after 1877.
+In 1906, bronze replaced copper for the lowest three denominations; in 1907, a [[Cupronickel|cupro-nickel]] one-anna coin was introduced. In 1918–1919 cupro-nickel two-, four- and eight-annas were introduced, although the four- and eight-annas coins were only issued until 1921 and did not replace their silver equivalents. In 1918, the Bombay mint also struck [[gold sovereign]]s and 15-rupee coins identical in size to the sovereigns as an emergency measure during the First World War.
+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 one- and two-annas coins, and the silver composition was reduced from 91.7 to 50 per cent. 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]] on the reverse.
+== Banknotes ==
 === Post-independence issues ===
 {{Main|Lion Capital Series}}
 {{See also|The High Denomination Bank Notes (Demonetisation) Act, 1978|2016 Indian banknote demonetisation}}
 [[File:First banknote of independent India, one rupee, 1949.jpg|thumb|First banknote of [[independent India]], [[Indian 1-rupee note|one rupee]] (1949)]]
-After independence, new designs were introduced to replace the portrait of [[George VI]]. The government continued issuing the [[Indian 1-rupee note|Re1 note]], while the [[Reserve Bank of India]] (RBI) issued other denominations (including the {{INR}}5,000 and {{INR}}10,000 notes introduced in 1949). All pre-independence banknotes were officially demonetised with effect from 28 April 1957.<ref>{{cite web|title=Currency Notes without Asoka Pillar Emblem to Cease to be Legal Tender|url=http://pib.nic.in/archive/docs/DVD_47/ACC%20NO%20921-BR/FIN-1956-04-28_2423.pdf|website=[[Press Information Bureau of India]] – Archive}}</ref><ref>{{cite web|title=Legal Tender of Currency and Bank Notes|url=http://pib.nic.in/archive/docs/DVD_47/ACC%20NO%20922-BR/FIN-1956-10-25_2659.pdf|website=[[Press Information Bureau of India]] – Archive}}</ref>
+After independence, new designs were introduced to replace the portrait of [[George VI]]. The government continued issuing the [[Indian 1-rupee note|₹1 note]], while the [[Reserve Bank of India]] (RBI) issued other denominations (including the {{INR}}5,000 and {{INR}}10,000 notes introduced in 1949). All pre-independence banknotes were officially demonetised with effect from 28 April 1957.<ref>{{cite web|title=Currency Notes without Asoka Pillar Emblem to Cease to be Legal Tender|url=http://pib.nic.in/archive/docs/DVD_47/ACC%20NO%20921-BR/FIN-1956-04-28_2423.pdf|website=[[Press Information Bureau of India]] – Archive|access-date=8 August 2017|archive-date=8 August 2017|archive-url=https://web.archive.org/web/20170808194012/http://pib.nic.in/archive/docs/DVD_47/ACC%20NO%20921-BR/FIN-1956-04-28_2423.pdf|url-status=live}}</ref><ref>{{cite web|title=Legal Tender of Currency and Bank Notes|url=http://pib.nic.in/archive/docs/DVD_47/ACC%20NO%20922-BR/FIN-1956-10-25_2659.pdf|website=[[Press Information Bureau of India]] – Archive|access-date=8 August 2017|archive-date=8 August 2017|archive-url=https://web.archive.org/web/20170808193909/http://pib.nic.in/archive/docs/DVD_47/ACC%20NO%20922-BR/FIN-1956-10-25_2659.pdf|url-status=live}}</ref>
 During the 1970s, {{INR}}[[Indian 20-rupee note|20]] and {{INR}}[[Indian 50-rupee note|50 notes]] were introduced; denominations higher than {{INR}}[[Indian 100-rupee note|100]] were [[The High Denomination Bank Notes (Demonetisation) Act, 1978|demonetised in 1978]]. In 1987, the {{INR}}[[Indian 500-rupee note|500 note]] was introduced, followed by the {{INR}}[[Indian 1000-rupee note|1,000 note]] in 2000 while {{INR}}[[Indian 1-rupee note|1]] and {{INR}}[[Indian 2-rupee note|2 notes]] were discontinued in 1995.
-[[File:10 Rupees banknotes of India.jpg|thumb|10 Rupees banknote from the 1990s]]
+[[File:10 Rupees banknotes of India.jpg|thumb|10-rupee banknote from the 1990s]]
 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]] (P) Ltd at [[Salboni]] and [[Mysore]] and at the Watermark Paper Manufacturing Mill in Narmadapuram. 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]]. 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.
-As of January 2012, the new [[Indian rupee sign|'{{INR}}' sign]] has been incorporated into banknotes of the [[Mahatma Gandhi Series]] in denominations of {{INR}}10, {{INR}}20, {{INR}}50, {{INR}}100, {{INR}}500 and {{INR}}1,000.<ref name="10notes">{{cite web|title=Issue of ' 10/- Banknotes with incorporation of Rupee symbol (')|url=http://www.rbi.org.in/scripts/BS_ViewCurrencyPressRelease.aspx?Id=25121|publisher=RBI|access-date=23 January 2012}}</ref><ref name="500notes">{{cite web|title=Issue of ' 500 Banknotes with incorporation of Rupee symbol|url=http://www.rbi.org.in/scripts/BS_ViewCurrencyPressRelease.aspx?Id=25448|publisher=RBI|access-date=23 January 2012}}</ref><ref name="1000notes">{{cite web|title=Issue of ' 1000 Banknotes with incorporation of Rupee symbol|url=http://www.rbi.org.in/scripts/BS_ViewCurrencyPressRelease.aspx?Id=25448|publisher=RBI|access-date=23 January 2012}}</ref><ref name="100notes">{{cite web|title=Issue of '100 Banknotes with incorporation of Rupee symbol|url=http://www.rbi.org.in/scripts/BS_ViewCurrencyPressRelease.aspx?Id=25462|publisher=RBI|access-date=23 January 2012}}</ref> In January 2014 RBI announced that it would be withdrawing from circulation all currency notes printed prior to 2005 by 31 March 2014. The deadline was later extended to 1 January 2015. The dead line was further extended to 30 June 2016.<ref>{{cite web | url=http://pib.nic.in/newsite/PrintRelease.aspx?relid=107510 | title=Withdrawal of Currencies Issued Prior to 2005 | publisher=Press Information Bureau | date=25 July 2014 | access-date=25 July 2014}}</ref>
+As of January 2012, the new [[Indian rupee sign|'{{INR}}' sign]] has been incorporated into banknotes of the [[Mahatma Gandhi Series]] in denominations of {{INR}}10, {{INR}}20, {{INR}}50, {{INR}}100, {{INR}}500 and {{INR}}1,000.<ref name="10notes">{{cite web|title=Issue of ' 10/- Banknotes with incorporation of Rupee symbol (')|url=http://www.rbi.org.in/scripts/BS_ViewCurrencyPressRelease.aspx?Id=25121|publisher=RBI|access-date=23 January 2012|archive-date=11 June 2015|archive-url=https://web.archive.org/web/20150611055008/https://www.rbi.org.in/scripts/BS_ViewCurrencyPressRelease.aspx?Id=25121|url-status=dead}}</ref><ref name="500notes">{{cite web|title=Issue of ' 500 Banknotes with incorporation of Rupee symbol|url=http://www.rbi.org.in/scripts/BS_ViewCurrencyPressRelease.aspx?Id=25448|publisher=RBI|access-date=23 January 2012|archive-date=29 July 2014|archive-url=https://web.archive.org/web/20140729042118/http://www.rbi.org.in/scripts/BS_ViewCurrencyPressRelease.aspx?Id=25448|url-status=dead}}</ref><ref name="1000notes">{{cite web|title=Issue of ' 1000 Banknotes with incorporation of Rupee symbol|url=http://www.rbi.org.in/scripts/BS_ViewCurrencyPressRelease.aspx?Id=25448|publisher=RBI|access-date=23 January 2012|archive-date=29 July 2014|archive-url=https://web.archive.org/web/20140729042118/http://www.rbi.org.in/scripts/BS_ViewCurrencyPressRelease.aspx?Id=25448|url-status=dead}}</ref><ref name="100notes">{{cite web|title=Issue of '100 Banknotes with incorporation of Rupee symbol|url=http://www.rbi.org.in/scripts/BS_ViewCurrencyPressRelease.aspx?Id=25462|publisher=RBI|access-date=23 January 2012|archive-date=11 June 2015|archive-url=https://web.archive.org/web/20150611233300/https://www.rbi.org.in/scripts/BS_ViewCurrencyPressRelease.aspx?Id=25462|url-status=dead}}</ref> In January 2014 RBI announced that it would be withdrawing from circulation all currency notes printed prior to 2005 by 31 March 2014. The deadline was later extended to 1 January 2015. The deadline was further extended to 30 June 2016.<ref>{{cite web | url=http://pib.nic.in/newsite/PrintRelease.aspx?relid=107510 | title=Withdrawal of Currencies Issued Prior to 2005 | publisher=Press Information Bureau | date=25 July 2014 | access-date=25 July 2014 | archive-date=28 July 2014 | archive-url=https://web.archive.org/web/20140728232422/http://pib.nic.in/newsite/PrintRelease.aspx?relid=107510 | url-status=live }}</ref>
-On 8 November 2016, the RBI announced the issuance of new {{INR}}500 and [[Indian 2000-rupee note|{{INR}}2,000]] banknotes in a new series after [[2016 Indian banknote demonetisation|demonetisation of the older {{INR}}500 and {{INR}}1000 notes]]. The new {{INR}}2,000 banknote has a magenta base colour, with a portrait of [[Mahatma Gandhi]] as well as the [[Ashoka Pillar]] Emblem on the front. The denomination also has a motif of the [[Mars Orbiter Mission]] (MOM) on the back, depicting the country's first venture into interplanetary space. The new {{INR}}500 banknote has a stone grey base colour with an image of the [[Red Fort]] along with the [[Flag of India|Indian flag]] printed on the back. Both the banknotes also have the [[Swachh Bharat Abhiyan]] logo printed on the back. The banknote denominations of {{INR}}[[Indian 200-rupee note|200]], {{INR}}100 and {{INR}}50 have also been introduced in the new [[Mahatma Gandhi New Series]] intended to replace all banknotes of the previous [[Mahatma Gandhi Series]].<ref name="new">{{cite web|url=http://www.thehindubusinessline.com/money-and-banking/rbi-to-issue-1000-100-50-with-new-features-design-in-coming-months/article9328285.ece |title=RBI to issue ₹1,000, ₹100, ₹50 with new features, design in coming months |work=[[Business Line]] |access-date=18 April 2018}}</ref> On 13 June 2017, RBI introduced new {{INR}}50 notes, but the old ones continue being legal tender. The design is similar to the current notes in the Mahatma Gandhi (New) Series, except they will come with an inset 'A'.
+On 8 November 2016, the RBI announced the issuance of new {{INR}}500 banknotes in a new series after [[2016 Indian banknote demonetisation|demonetisation of the older {{INR}}500 and {{INR}}1000 notes]]. The new {{INR}}500 banknote has a stone-grey base colour with an image of the [[Red Fort]] along with the [[Flag of India|Indian flag]] printed on the back. Both the banknotes also have the [[Swachh Bharat Abhiyan]] logo printed on the back. The banknote denominations of {{INR}}[[Indian 200-rupee note|200]], {{INR}}100 and {{INR}}50 have also been introduced in the new [[Mahatma Gandhi New Series]] intended to replace all banknotes of the previous [[Mahatma Gandhi Series]].<ref name="new">{{cite web |url=http://www.thehindubusinessline.com/money-and-banking/rbi-to-issue-1000-100-50-with-new-features-design-in-coming-months/article9328285.ece |title=RBI to issue ₹1,000, ₹100, ₹50 with new features, design in coming months |work=[[Business Line]] |access-date=18 April 2018 |archive-date=16 October 2019 |archive-url=https://web.archive.org/web/20191016075731/https://www.thehindubusinessline.com/money-and-banking/rbi-to-issue-1000-100-50-with-new-features-design-in-coming-months/article9328285.ece |url-status=live }}</ref> On 13 June 2017, RBI introduced new {{INR}}50 notes, but the old ones continue being legal tender. The design is similar to the current notes in the Mahatma Gandhi (New) Series, except they will come with an inset 'A'.
-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]]|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|date=15 November 2016|website=[[Asia Times]]|access-date=16 November 2016}}</ref> with effect from midnight of the same day, making these notes invalid.<ref name=rbi-demonetise>{{cite press 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 press 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 press 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>
+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]]|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|date=15 November 2016|website=[[Asia Times]]|access-date=16 November 2016}}</ref> with effect from midnight of the same day, making these notes invalid.<ref name=rbi-demonetise>{{cite press 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 |archive-date=18 November 2016 |archive-url=https://web.archive.org/web/20161118080913/https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=38520 |url-status=live }}</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 press 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 |archive-date=8 January 2019 |archive-url=https://web.archive.org/web/20190108201007/https://rbidocs.rbi.org.in/rdocs/PressRelease/PDFs/PR114610FD822AC70142AEB274AF376755C293.PDF |url-status=live }}</ref><ref name=rbi-2000-new>{{cite press 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 |archive-date=10 November 2016 |archive-url=https://web.archive.org/web/20161110043657/https://rbidocs.rbi.org.in/rdocs/PressRelease/PDFs/PR1144EFECD860ED0D479D88AB8D5CA036FC35.PDF |url-status=live }}</ref>
-From 2017 to 2019, the remaining banknotes of the [[Mahatma Gandhi New Series]] were released in denominations of [[Indian 10-rupee note|{{INR}}10]], [[Indian 20-rupee note|{{INR}}20]], [[Indian 50-rupee note|{{INR}}50]], [[Indian 100-rupee note|{{INR}}100]] and [[Indian 200-rupee note|{{INR}}200]].<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><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 {{INR}}[[Indian 1000-rupee note|1,000 note]] has been suspended.<ref name="new" />
+From 2017 to 2019, the remaining banknotes of the [[Mahatma Gandhi New Series]] were released in denominations of [[Indian 10-rupee note|{{INR}}10]], [[Indian 20-rupee note|{{INR}}20]], [[Indian 50-rupee note|{{INR}}50]], [[Indian 100-rupee note|{{INR}}100]] and [[Indian 200-rupee note|{{INR}}200]].<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|access-date=26 March 2018|archive-date=5 October 2023|archive-url=https://web.archive.org/web/20231005145255/https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=41460#mainsection|url-status=live}}</ref><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]]|access-date=25 December 2018|archive-date=25 December 2018|archive-url=https://web.archive.org/web/20181225175349/https://rbi.org.in/scripts/FS_PressRelease.aspx?prid=44533&fn=2753|url-status=live}}</ref> The {{INR}}[[Indian 1000-rupee note|1,000 note]] has been suspended.<ref name="new" />
 ==== Current circulating banknotes ====
 {{Main|Mahatma Gandhi Series|Mahatma Gandhi New Series}}
-As of 20 May 2023, current circulating banknotes are in denominations of{{INR}}[[Indian 5-rupee note|5]], {{INR}}[[Indian 10-rupee note|10]], {{INR}}[[Indian 20-rupee note|20]], {{INR}}[[Indian 50-rupee note|50]] and {{INR}}[[Indian 100-rupee note|100]] from the [[Mahatma Gandhi Series]] and in denominations of ₹10, ₹20,<ref>{{Cite web|url=https://m.rbi.org.in//Scripts/BS_PressReleaseDisplay.aspx?prid=46913|title=Reserve Bank of India – Press Releases|website=rbi.org.in|access-date=26 April 2019}}</ref> ₹50, {{INR}}100, {{INR}}[[Indian 200-rupee note|200]], {{INR}}[[Indian 500-rupee note|500]] from the [[Mahatma Gandhi New Series]].
+As of 27 April 2025, current circulating banknotes are in denominations of ₹[[Indian 1-rupee note|1]], {{INR}}[[Indian 5-rupee note|5]], {{INR}}[[Indian 10-rupee note|10]], {{INR}}[[Indian 20-rupee note|20]], {{INR}}[[Indian 50-rupee note|50]] and {{INR}}[[Indian 100-rupee note|100]] from the [[Mahatma Gandhi Series]] (retired) and in denominations of ₹10, ₹20,<ref>{{Cite web|url=https://m.rbi.org.in//Scripts/BS_PressReleaseDisplay.aspx?prid=46913|title=Reserve Bank of India – Press Releases|website=rbi.org.in|access-date=26 April 2019|archive-date=12 October 2023|archive-url=https://web.archive.org/web/20231012171214/https://m.rbi.org.in//Scripts/BS_PressReleaseDisplay.aspx?prid=46913|url-status=live}}</ref> [[Indian 50-rupee note|₹50]], {{INR}}100, {{INR}}[[Indian 200-rupee note|200]], {{INR}}[[Indian 500-rupee note|500]] and ₹[[Indian 2000-rupee note|2000]] (recalled but still legal tender)<ref>{{Cite news |date=2023-05-19 |title=RBI on 2000 Rupee note: RBI to withdraw Rs 2,000 notes from circulation; notes will continue to be legal tender |url=https://timesofindia.indiatimes.com/india/rbi-to-withdraw-rs-2000-currency-notes-from-circulation-notes-will-continue-to-be-legal-tender-till-september-30/articleshow/100360257.cms?from=mdr |access-date=2025-09-10 |work=The Times of India |issn=0971-8257}}</ref> from the [[Mahatma Gandhi New Series]].
 {| class="wikitable" style="text-align:center"
@@ Line 458: / Line 486: @@
 |[[File:Indian 1 Rupee 2020 Reverse.jpg|97x97px]]
 |[[Indian 1-rupee note|₹1]]
-|97&nbsp;mm × 63&nbsp;mm
+|97mm × 63mm
 |[[Shades of pink|Pink]]
 |New ₹1 coin
 |[[Mercator (company)#Sagar Samrat|Sagar Samrat oil rig]]
 |[[State Emblem of India|National Emblem of India]]
-|2020
+|2015<ref>{{Cite news |date=2015-03-09 |title=Rupee 1 note released from Shrinathji temple |url=https://economictimes.indiatimes.com/news/economy/finance/rupee-1-note-released-from-shrinathji-temple/articleshow/46506397.cms?from=mdr |access-date=2025-07-22 |work=The Economic Times |issn=0013-0389}}</ref>
-|Limited
+| rowspan="2" |Limited
 |-
 | style="text-align:center;" | [[File:5 Rupees (Obverse).jpg|117x117px]]
 | style="text-align:center;" | [[File:5 Rupees (Reverse).jpg|117x117px]]
-| style="text-align:center;" | [[Indian 5-rupee note|{{INR}}5]] || 117&nbsp;mm × 63&nbsp;mm || [[Green]] || rowspan="7" | [[Mahatma Gandhi]] || [[Tractor]] || rowspan="7" | Mahatma Gandhi and<br>electrotype denomination || 2002 / 2009 || Limited
+| style="text-align:center;" | [[Indian 5-rupee note|{{INR}}5]] || 117mm × 63mm || [[Green]] || rowspan="7" | [[Mahatma Gandhi]] || [[Tractor]] || rowspan="7" | Mahatma Gandhi and<br>electrotype denomination || 2002 / 2009
 |-
 |}
@@ Line 481: / Line 509: @@
 |  style="text-align:center;"| [[File:India new 10 INR, MG series, 2018, obverse.jpg|122px]]
 |  style="text-align:center;"| [[File:India new 10 INR, MG series, 2018, reverse.jpg|122px]]
-| style="text-align:center;"| [[Indian 10-rupee note|{{INR}}10]]|| 123&nbsp;mm × 63&nbsp;mm ||[[Shades of brown#Brown|Brown]]|| rowspan="6" | [[Mahatma Gandhi]] ||[[Konark Sun Temple]] || rowspan="6" | Mahatma Gandhi and<br>electrotype denomination || 2017 || Wide
+| style="text-align:center;"| [[Indian 10-rupee note|{{INR}}10]]|| 123mm × 63mm ||[[Chocolate (color)|Chocolate Brown]]|| rowspan="7" | [[Mahatma Gandhi]] ||[[Konark Sun Temple]] || rowspan="7" | Mahatma Gandhi and<br>electrotype denomination || 2017 || rowspan="6" | Wide
 |-
 |  style="text-align:center;"| [[File:India new 20 INR, MG series, 2019, obverse.jpg|130px]]
 |  style="text-align:center;"| [[File:India new 20 INR, MG series, 2019, reverse.jpg|130px]]
-| style="text-align:center;"| [[Indian 20-rupee note|{{INR}}20]] || 129&nbsp;mm × 63&nbsp;mm ||[[Shades of yellow|Yellow]]||[[Ellora Caves]] || 2019 || Wide
+| style="text-align:center;"| [[Indian 20-rupee note|{{INR}}20]] || 129mm × 63mm ||[[Shades of yellow|Greenish Yellow]]||[[Ellora Caves]] || 2019
 |-
 |  style="text-align:center;"| [[File:India new 50 INR, MG series, 2018, obverse.jpg|139px]]
 |  style="text-align:center;"| [[File:India new 50 INR, MG series, 2018, reverse.jpg|139px]]
-| style="text-align:center;"| [[Indian 50-rupee note|{{INR}}50]] || 135&nbsp;mm × 66&nbsp;mm ||[[Cyan]]||[[Hampi]] with [[Chariot]] || 2017 || Wide
+| style="text-align:center;"| [[Indian 50-rupee note|{{INR}}50]] || 135mm × 66mm ||[[Shades of blue|Fluorescent Blue]]||[[Hampi]] || 2017
 |-
 |[[File:100 rs note obverse.jpg|147px]]
 |[[File:100 rs note reverse.jpg|147px]]
 |[[Indian 100-rupee note|{{INR}}100]]
-|142&nbsp;mm × 66&nbsp;mm
+|142mm × 66&nbsp;mm
 |[[Lavender (color)|Lavender]]
 |[[Rani ki vav]]
 |2018
-|Wide
 |-
 | style="text-align:center;"| [[File:India, 200 INR, 2018, obverse.jpg|154px]]
 | style="text-align:center;"| [[File:India, 200 INR, 2018, reverse.jpg|154px]]
-| style="text-align:center;"| [[Indian 200-rupee note|{{INR}}200]] || 146&nbsp;mm × 66&nbsp;mm || [[Orange (colour)|Orange]]  ||[[Sanchi Stupa]] || 2017 || Wide
+| style="text-align:center;"| [[Indian 200-rupee note|{{INR}}200]] || 146mm × 66mm || [[Shades of orange|Orange]]||[[Sanchi Stupa]] || 2017
 |-
 | style="text-align:center;"| [[File:India new 500 INR, MG series, 2016, obverse.jpg|160px]]
 | style="text-align:center;"| [[File:India new 500 INR, MG series, 2016, reverse.jpg|160px]]
-| style="text-align:center;"|[[Indian 500-rupee note|{{INR}}500]] || 150&nbsp;mm × 66&nbsp;mm || [[Shades of gray#Stone gray|Stone grey]] || [[Red Fort]]
+| style="text-align:center;"|[[Indian 500-rupee note|{{INR}}500]] || 150mm × 66mm || [[Shades of gray#Stone gray|Stone Grey]] || [[Red Fort]]
-|2016
+| rowspan="2" |2016
-|Wide
+|-
+| style="text-align:center;"| [[File:India_new_2000_INR,_MG_series,_2016,_obverse.jpg|160px]]
+| style="text-align:center;"| [[File:India_new_2000_INR,_MG_series,_2016,_reverse.jpg|160px]]
+|[[Indian 2000-rupee note|₹2000]]
+|166mm × 66mm
+|[[Magenta]]
+|[[Mars Orbiter Mission|Mangalyaan]]
+|Withdrawn from 2023 circulation (still legal tender)<ref>{{Cite web |title=Reserve Bank of India |url=https://www.rbi.org.in/commonperson/English/Scripts/FAQs.aspx?Id=3443#:~:text=for%20normal%20transactions?-,Yes.,or%20before%20September%2030,%202023 |access-date=2025-09-10 |website=www.rbi.org.in}}</ref>
 |-
 | colspan="10" style="text-align:left;"|{{Standard banknote table notice}}
@@ Line 515: / Line 549: @@
 ===== Micro printing =====
 {{See also|Bharatiya Reserve Bank Note Mudran|Security Printing and Minting Corporation of India}}
-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. Currency notes have 17 languages on the panel which appear on the reverse of the notes.
+The new Indian banknote series features a few micro-printed texts in various locations. The first one lies on the inner surface of the left temple of Gandhi's spectacles that reads "भारत" ([[Names for India#Bharat|Bhārata]]), the Hindi word for India. The next one (which is printed only in 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. Currency notes have&nbsp;17 languages&nbsp;on the panel which appears on the reverse of the notes.
 [[File:Gandhi's Spectacles.jpg|none|thumb|500x500px|Micro printed texts on [[Mahatma Gandhi|Gandhi]]'s spectacles]]
 [[File:Gandhi's Collar.jpg|none|thumb|500x500px|Micro printed texts on [[Mahatma Gandhi|Gandhi]]'s collar]]
+=== Pre-independence issues ===
+[[File:IND-A10a-Government of India-10 Rupees (1910).jpg|thumb|[[British Raj|Government of India]] {{En dash}} [[Indian 10-rupee note|10 rupees]] (1910), Red Underprint Series]]
+[[File:KGVI rupee 1 note obverse.jpg|thumb|British Indian [[Indian 1-rupee note|one rupee note]], [[Reserve Bank of India]] 1940 issue|alt=Old 1 rupee note]]
+In 1861, the [[British Raj|Government of India]] introduced its first paper money through the [[The Paper Currency Act, 1861|Paper Currency Act]].<ref name="Spink">{{cite web|url=https://spink.com/media/view?id=48|publisher=Spink and Son|title=Banknotes For The Raj|author=Dr. K. A. Rodgers|access-date=November 4, 2025}}</ref> The {{INR}}10 note was introduced in 1864, {{INR}}5 note in 1872, {{INR}}10,000 note in 1899, {{INR}}100 note in 1900, {{INR}}50 note in 1905, {{INR}}500 note in 1907 and {{INR}}1,000 note in 1909. The first set of notes, known as the "Victoria Portrait" Series, were unifaced and featured two language panels on hand-moulded paper. This series' name is derived from the portrait of [[Queen Victoria]] which appeared in the upper-left corner of the notes.<ref name="RBI">{{cite web|url=https://www.rbi.org.in/scripts/pm_britishindia.aspx|publisher=[[Reserve Bank of India]]|title=British India Issues|access-date=November 4, 2025}}</ref>  In 1917, {{INR}}1 and {{INR}}2{{frac|1|2}} notes were introduced.<ref name="oneindia">{{cite web|url=https://oneindiaonline.com/history-of-indian-currency-notes.php|publisher=oneindiaonline|title=History of Indian Money: The Journey of Currency Notes|access-date=November 4, 2025}}</ref>
+In 1867, the Victoria Portrait series was withdrawn and replaced with the unifaced "[[Underprint]] Series" in response to [[forgery]]. Underprint Series notes featured 4 language panels in the "Green Series" (notes which featured a green underprint). The languages on the notes differed in relation to where the note was issued. The amount of language panels was increased to 8 in the "Red Series" (notes which featured a red underprint). The Underprint Series remained largely unchanged until the introduction of the "King's Portrait" Series in 1923.<ref name="RBI"></ref>
+The King's Portrait Series were introduced in May of 1923 on a [[Indian 10-rupee note|ten rupee note]].
+After the accession of [[King George V]] lower denominations such as ₹1 and ₹2.5 were printed along with notes for specific territories like [[British rule in Burma|Burma]].<ref name="oneindia"></ref>
+The [[Reserve Bank of India]] began banknote production in 1938, issuing {{INR}}2, {{INR}}5, {{INR}}10, {{INR}}50, {{INR}}100, {{INR}}1,000 and {{INR}}10,000 notes while the government continued issuing {{INR}}1 note but demonetized the {{INR}}500 and {{INR}}2 {{frac|1|2}} notes.<ref name="RBI"></ref>
 == Convertibility ==
 {{See also|Monetary policy of India|Monetary Policy Committee (India)}}{{Most traded currencies}}
-Officially, the Indian rupee has a market-determined exchange rate. However, the [[Reserve Bank of India]] trades actively in the USD/INR currency market to impact [[Trade weighted index|effective exchange rates]]. Thus, the currency regime in place for the Indian rupee with respect to the [[US dollar]] is a ''[[de facto]]'' controlled exchange rate. This is sometimes called a "[[managed float]]". On 9 May 2022, Indian Rupee traded at ₹77.41 against the US dollar, hitting an all-time low.<ref>{{Cite web |title=Indian Rupee falls to all-time low against US dollar |url=https://www.businesstoday.in/latest/economy/story/indian-rupee-falls-to-all-time-low-against-us-dollar-332778-2022-05-09 |access-date=2022-05-12 |website=Business Today |date=9 May 2022 |language=en}}</ref> Other rates (such as the EUR/INR and INR/JPY) have the volatility typical of [[floating exchange rate]]s, and often create persistent [[arbitrage]] opportunities against the RBI.<ref>[http://icrier.org/pdf/wp108.pdf "Convertibility: Patnaik, 2004"] (PDF). Indian Council for Research on International Economic Relations.</ref> Unlike [[People's Republic of China|China]], successive [[Government of India|administrations]] (through RBI, the central bank) have not followed a policy of pegging the INR to a specific foreign currency at a particular exchange rate. RBI intervention in currency markets is solely to ensure low volatility in exchange rates, and not to influence the rate (or direction) of the Indian rupee in relation to other currencies.<ref>{{cite news|last=Chandra |first=Shobhana |url=https://www.bloomberg.com/apps/news?pid=20601080&sid=alS4DteWrtco&refer=asia |title='Neither the government nor the central bank takes a view on the rupee (exchange rate movements), as long as the movement is orderly', says Indian Minister of Finance |publisher=Bloomberg L.P. |date=26 September 2007 |access-date=5 November 2011}}</ref>
+Officially, the Indian rupee has a market-determined exchange rate. However, the [[Reserve Bank of India]] trades actively in the USD/INR currency market to impact [[Trade weighted index|effective exchange rates]]. Thus, the currency regime in place for the Indian rupee with respect to the [[US dollar]] is a ''[[de facto]]'' controlled exchange rate. This is sometimes called a "[[managed float]]". On 9 May 2022, the Indian rupee traded at ₹77.41 against the US dollar, hitting an all-time low.<ref>{{Cite web |title=Indian Rupee falls to all-time low against US dollar |url=https://www.businesstoday.in/latest/economy/story/indian-rupee-falls-to-all-time-low-against-us-dollar-332778-2022-05-09 |access-date=2022-05-12 |website=Business Today |date=9 May 2022 |language=en |archive-date=9 May 2022 |archive-url=https://web.archive.org/web/20220509135601/https://www.businesstoday.in/latest/economy/story/indian-rupee-falls-to-all-time-low-against-us-dollar-332778-2022-05-09 |url-status=live }}</ref> Other rates (such as the EUR/INR and INR/JPY) have the volatility typical of [[floating exchange rate]]s, and often create persistent [[arbitrage]] opportunities against the RBI.<ref>[http://icrier.org/pdf/wp108.pdf "Convertibility: Patnaik, 2004"] (PDF). Indian Council for Research on International Economic Relations.</ref> Unlike [[China]], successive [[Government of India|administrations]] (through RBI, the central bank) have not followed a policy of pegging the INR to a specific foreign currency at a particular exchange rate. RBI intervention in currency markets is solely to ensure low volatility in exchange rates, and not to influence the rate (or direction) of the Indian rupee in relation to other currencies.<ref>{{cite news|last=Chandra |first=Shobhana |url=https://www.bloomberg.com/apps/news?pid=20601080&sid=alS4DteWrtco&refer=asia |title='Neither the government nor the central bank takes a view on the rupee (exchange rate movements), as long as the movement is orderly', says Indian Minister of Finance |publisher=Bloomberg L.P. |date=26 September 2007 |access-date=5 November 2011}}</ref>
-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.
+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 |archive-date=23 October 2013 |archive-url=https://web.archive.org/web/20131023063023/http://www.rbi.org.in/commonman/English/scripts/Notification.aspx?Id=301#Foreign |url-status=live }}</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.
-RBI also exercises a system of [[capital control]]s in addition to (through active trading) in currency markets. On the current account, there are no currency-conversion restrictions hindering buying or selling foreign exchange (although trade barriers exist). On the capital account, foreign institutional investors have convertibility to bring money into and out of the country and buy securities (subject to quantitative restrictions). Local firms are able to take capital out of the country to expand globally. However, local households are restricted in their ability to diversify globally. Because of the expansion of the current and capital accounts, India is increasingly moving towards full ''de facto'' convertibility.
+RBI also exercises a system of [[capital control]]s in addition to (through active trading) in currency markets. On the current account, there are no currency-conversion restrictions hindering buying or selling foreign exchange (although trade barriers exist). On the capital account, foreign institutional investors face restrictions on convertibility when bring money into/out of the country and buying securities (subject to quantitative restrictions). Local firms can take capital out of the country to expand globally. However, local households are restricted in their ability to diversify globally. Because of the expansion of the current and capital accounts, India is increasingly moving towards full ''de facto'' convertibility.
-There is some confusion regarding the interchange of the currency with gold, but the system that India follows is that money cannot be exchanged for gold under any circumstances due to gold's lack of liquidity;{{citation needed|date=April 2012}} therefore, money cannot be changed into gold by the RBI. India follows the same principle as Great Britain and the US.
+There is some confusion regarding the interchange of the currency with gold, but the system that India follows is that money cannot be exchanged for gold under any circumstances due to gold's lack of liquidity;{{citation needed|date=April 2012}} therefore, money cannot be converted into gold by the RBI. India follows the same principle as Great Britain and the US.
 Reserve Bank of India clarifies its position regarding the promissory clause printed on each banknote:
-''"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>
+''"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 that 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>
 === Chronology ===
-* 1991 – India began to lift restrictions on its currency. A number of reforms removed restrictions on current account transactions (including trade, interest payments and [[remittances]] and some capital asset-based transactions). Liberalised Exchange Rate Management System (LERMS) (a [[Dual exchange rate|dual-exchange-rate]] system) introduced partial convertibility of the rupee in March 1992.<ref>Rituparna Kar and Nityananda Sarkar: ''Mean and volatility dynamics of Indian rupee/US dollar exchange rate series: an empirical investigation'' in Asia-Pacific Finan Markets (2006) 13:41–69, p. 48. {{doi|10.1007/s10690-007-9034-0}} .</ref>
+* 1991 – India began to lift restrictions on its currency. Several reforms removed restrictions on current account transactions (including trade, interest payments, and [[remittances]]) and some capital asset-based transactions. Liberalised Exchange Rate Management System (LERMS) (a [[Dual exchange rate|dual-exchange-rate]] system) introduced partial convertibility of the rupee in March 1992.<ref>Rituparna Kar and Nityananda Sarkar: ''Mean and volatility dynamics of Indian rupee/US dollar exchange rate series: an empirical investigation'' in Asia-Pacific Financial Markets (2006) 13:41–69, p. 48. {{doi|10.1007/s10690-007-9034-0}} .</ref>
-* 1997 – A panel (set up to explore capital account convertibility) recommended that India move towards full convertibility by 2000, but the timetable was abandoned in the wake of the 1997–1998 [[1997 Asian Financial Crisis|East Asian financial crisis]].
+* 1997 – A panel (set up to explore capital account convertibility) recommended that India move towards full convertibility by 2000, but the timetable was abandoned in the wake of the [[1997 Asian financial crisis|1997–1998 Asian financial crisis]].
 * 2006 – [[Prime Minister]] [[Manmohan Singh]] asked the [[P. Chidambaram|Finance Minister]] and the [[Reserve Bank of India]] to prepare a road map for moving towards [[capital account convertibility]].<ref>{{cite web|title=The 'Fuller Capital Account Convertibility Report'|date=31 July 2006|url=http://rbidocs.rbi.org.in/rdocs/PublicationReport/Pdfs/72250.pdf|access-date=23 January 2009|url-status=dead|archive-url=https://web.archive.org/web/20090205135704/http://rbidocs.rbi.org.in/rdocs/PublicationReport/Pdfs/72250.pdf|archive-date=5 February 2009}}</ref>
-* 2016 – the [[Government of India]] announced the [[2016 Indian banknote demonetisation|demonetisation]] of all ₹500/- and ₹1,000/- banknotes of the [[Mahatma Gandhi Series]].<ref name="withdrawaloflegal">{{cite web|url=https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=38520|title=Withdrawal of Legal Tender Status for ₹ 500 and ₹ 1000 Notes: RBI Notice (Revised)|date=8 November 2016|publisher=[[Reserve Bank of India]]|access-date=8 November 2016}}</ref> The government claimed that the action would curtail the shadow economy and crack down on the use of illicit "black money" and counterfeit cash to fund illegal activity and terrorism.<ref name="India Today2">{{cite web|url=http://indiatoday.intoday.in/story/live-pm-narendra-modi-addresses-nation/1/805755.html|title=Here is what PM Modi said about the new Rs 500, Rs 2000 notes and black money|date=8 November 2016|access-date=9 November 2016|work=[[India Today]]}}</ref><ref>{{cite web|url=http://timesofindia.indiatimes.com/india/Rs-500-and-Rs-1000-notes-pulled-out-of-circulation-immediately-PM-Narendra-Modi/articleshow/55315473.cms|title=Notes out of circulation|date=8 November 2016|work=[[The Times of India]]}}</ref>
+* 2016 – The [[Government of India]] announced the [[2016 Indian banknote demonetisation|demonetisation]] of all ₹500 and ₹1,000 banknotes of the [[Mahatma Gandhi Series]].<ref name="withdrawaloflegal">{{cite web|url=https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=38520|title=Withdrawal of Legal Tender Status for ₹ 500 and ₹ 1000 Notes: RBI Notice (Revised)|date=8 November 2016|publisher=[[Reserve Bank of India]]|access-date=8 November 2016|archive-date=18 November 2016|archive-url=https://web.archive.org/web/20161118080913/https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=38520|url-status=live}}</ref> The government claimed that the action would curtail the shadow economy and crack down on the use of illicit "black money" and counterfeit cash to fund illegal activity and terrorism.<ref name="India Today2">{{cite web|url=https://www.indiatoday.in/india/story/live-pm-narendra-modi-addresses-nation-350943-2016-11-08|title=Here is what PM Modi said about the new Rs 500, Rs 2000 notes and black money|date=8 November 2016|access-date=9 November 2016|work=[[India Today]]|archive-date=18 November 2016|archive-url=https://web.archive.org/web/20161118082404/http://indiatoday.intoday.in/story/live-pm-narendra-modi-addresses-nation/1/805755.html|url-status=live}}</ref><ref>{{cite web|url=http://timesofindia.indiatimes.com/india/Rs-500-and-Rs-1000-notes-pulled-out-of-circulation-immediately-PM-Narendra-Modi/articleshow/55315473.cms|title=Notes out of circulation|date=8 November 2016|work=[[The Times of India]]|access-date=3 June 2017|archive-date=18 November 2016|archive-url=https://web.archive.org/web/20161118082725/http://timesofindia.indiatimes.com/india/Rs-500-and-Rs-1000-notes-pulled-out-of-circulation-immediately-PM-Narendra-Modi/articleshow/55315473.cms|url-status=live}}</ref>
-* 2023 – [[Reserve Bank of India]] issued a circular on [[May 19|19 May]] stating currency notes of ₹ 2000 denomination will be withdrawn from circulation<ref>{{cite web |last1=ET Online |title=Rs 2,000 notes to be withdrawn from circulation, exchange window open till September 30|url=https://economictimes.indiatimes.com/news/economy/policy/rs-2000-notes-to-be-withdrawn-from-circulation-to-continue-as-legal-tender/articleshow/100360379.cms |website=economictimes.indiatimes.com |publisher=The Economic Times |access-date=19 May 2023}}</ref> The reason given for this withdrawal is the decline in the number of currency notes in circulation. According to the circular there were only 10.8% of Notes in Circulation on March 31, 2023.<ref>{{cite web |title=Rs 2,000 notes withdrawn from circulation, RBI says will remain legal tender |url=https://www.indiatoday.in/business/story/rbi-to-withdraw-rs-2000-currency-note-from-circulation-2381590-2023-05-19 |website=www.indiatoday.in |publisher=India Today |access-date=19 May 2023}}</ref>
+* 2023 – [[Reserve Bank of India]] issued a circular on [[May 19|19 May]] stating currency notes of ₹2,000 denomination will be withdrawn from circulation.<ref>{{cite web |last1=ET Online |title=Rs 2,000 notes to be withdrawn from circulation, exchange window open till September 30 |url=https://economictimes.indiatimes.com/news/economy/policy/rs-2000-notes-to-be-withdrawn-from-circulation-to-continue-as-legal-tender/articleshow/100360379.cms |website=economictimes.indiatimes.com |publisher=The Economic Times |access-date=19 May 2023 |archive-date=19 May 2023 |archive-url=https://web.archive.org/web/20230519173725/http://economictimes.indiatimes.com/news/economy/policy/rs-2000-notes-to-be-withdrawn-from-circulation-to-continue-as-legal-tender/articleshow/100360379.cms |url-status=live }}</ref> The reason given for this withdrawal is the decline in the number of currency notes in circulation. According to the circular, there were only 10.8% of Notes in Circulation on March 31, 2023.<ref>{{cite web |title=Rs 2,000 notes withdrawn from circulation, RBI says will remain legal tender |url=https://www.indiatoday.in/business/story/rbi-to-withdraw-rs-2000-currency-note-from-circulation-2381590-2023-05-19 |website=www.indiatoday.in |date=19 May 2023 |publisher=India Today |access-date=19 May 2023 |archive-date=19 May 2023 |archive-url=https://web.archive.org/web/20230519135549/https://www.indiatoday.in/business/story/rbi-to-withdraw-rs-2000-currency-note-from-circulation-2381590-2023-05-19 |url-status=live }}</ref>
 == Exchange rates ==
@@ Line 547: / Line 595: @@
 ==== Pre-Independence ====
-[[File:INR-USD, GBP, EUR, JPY.svg|thumb|upright=2.04|Graph of exchange rates of Indian rupee (INR) per USD 1, GBP 1, EUR 1, JPY 100 averaged over the month, from September 1998 to May 2013. ''Data source: Reserve Bank of India reference rate'']]
+[[File:INR-USD, GBP, EUR, JPY.svg|thumb|upright=2.04|Graph of exchange rates of Indian rupee (INR) per USD 1, GBP 1, EUR 1, JPY 100 averaged over the month, from September 1998 to May 2013. ''Data Source: Reserve Bank of India reference rate'']]
-For almost a century following the [[Great Recoinage of 1816]], and adoption of the [[Gold Standard]], until the outbreak of World War I, the silver backed Indian rupee lost value against a basket of Gold pegged currencies, and was periodically devalued to reflect the then current [[gold silver ratio|gold to silver reserve ratios]], see above. In 1850 the official conversion rate between a [[pound sterling]] and the rupee was £0 / 2[[shilling|s]] / 0d (or £1:₹10), while between 1899 and 1914 the official conversion rate was set low at £0 / 1[[shilling|s]] / 4[[Penny|d]] (or £1:₹15), for comparison during this period the US dollar was pegged at £1:$4.79. However, this was just half of market exchange rates during 1893–1917.
+For almost a century following the [[Great Recoinage of 1816]], and adoption of the [[Gold Standard]], until the outbreak of World War I, the silver-backed Indian rupee lost its value against a basket of gold-pegged currencies and was periodically devalued to reflect the then current [[gold silver ratio|gold to silver reserve ratios]]. In 1850, the official conversion rate between the pound sterling and the rupee was £0 / 2[[shilling|s]] / 0d (or £1:₹10), while between 1899 and 1914, the official conversion rate was set at £1 to 1[[shilling|s]] to 4[[Penny|d]] (or £1:₹15). However, this was just half of market exchange rates between 1893 and 1917.
-The [[gold silver ratio|gold/silver ratio]] expanded during 1870–1910. Unlike India, Britain was on the gold standard. To meet the Home Charges (i.e., expenditure in the United Kingdom) the colonial government had to remit a larger number of rupees and this necessitated increased taxation, unrest and nationalism.
+The [[gold silver ratio|gold-to-silver ratio]] expanded between 1870 and 1910. Unlike India, Britain was on the gold standard. To meet the Home Charges (i.e., expenditure in the United Kingdom), the colonial government had to remit a larger number of rupees, and this necessitated increased taxation, unrest and nationalism.
-Between the wars the rate improved to 1[[shilling|s]] 6[[Penny|d]] (or £1:₹13.33), and remained pegged at this rate for the duration of the [[Bretton Woods system|Breton Woods agreement]], to its devaluation and pegging to the US dollar, at $1:{{INR}}7.50, in 1966.<ref>{{cite news |last=Chandra |first=Saurabh |date=21 August 2013 |title=The fallacy of 'dollar = rupee' in 1947 |url=http://zeenews.india.com/business/news/finance/the-fallacy-of-dollar-rupee-in-1947_82327.html |access-date=22 August 2013}}</ref><ref>{{cite web |title=Historical exchange rates from 1953 with graph and charts |url=http://fxtop.com/en/historical-exchange-rates.php?YA=1&C1=GBP&C2=USD&A=1&YYYY1=1953&MM1=01&DD1=01&YYYY2=2017&MM2=09&DD2=18&LANG=en |access-date=18 April 2018 |publisher=Fxtop.com}}</ref>
+Between both world wars, the rate improved from 1[[shilling|s]] to 6[[Penny|d]] (or £1:₹13.33), and remained pegged at this rate for the duration of the [[Bretton Woods system|Bretton Woods agreement]], to its devaluation and pegging to the US dollar, at $1:{{INR}}7.50, in 1966.<ref>{{cite news |last=Chandra |first=Saurabh |date=21 August 2013 |title=The fallacy of 'dollar = rupee' in 1947 |url=http://zeenews.india.com/business/news/finance/the-fallacy-of-dollar-rupee-in-1947_82327.html |access-date=22 August 2013 |archive-date=21 August 2013 |archive-url=https://web.archive.org/web/20130821093246/http://zeenews.india.com/business/news/finance/the-fallacy-of-dollar-rupee-in-1947_82327.html |url-status=live }}</ref><ref>{{cite web |title=Historical exchange rates from 1953 with graph and charts |url=http://fxtop.com/en/historical-exchange-rates.php?YA=1&C1=GBP&C2=USD&A=1&YYYY1=1953&MM1=01&DD1=01&YYYY2=2017&MM2=09&DD2=18&LANG=en |access-date=18 April 2018 |publisher=Fxtop.com |archive-date=1 December 2017 |archive-url=https://web.archive.org/web/20171201032700/http://fxtop.com/en/historical-exchange-rates.php?YA=1&C1=GBP&C2=USD&A=1&YYYY1=1953&MM1=01&DD1=01&YYYY2=2017&MM2=09&DD2=18&LANG=en |url-status=live }}</ref>
 ==== Post-Independence ====
-Post Independence India followed [[Par value]] system of exchange until 1971. The country switched to [[Fixed exchange rate system|pegged system]] in 1971 and graduated to basket peg againstfive major currencies from 1975. After the 1991 [[Economic liberalisation in India]] the currency exchange rates became market controlled.<ref>{{Cite web |title=Reserve Bank of India - Publications |url=https://m.rbi.org.in/scripts/PublicationsView.aspx?id=12252 |access-date=2022-04-19 |website=m.rbi.org.in}}</ref>
+Following the country's independence, India implemented a [[Par value]] exchange rate regime until 1971. The country switched to [[Fixed exchange rate system|a fixed exchange rate regime]] in 1971 and graduated to a basket peg against five major currencies in 1975. Since 1991, the rupee has been under a floating exchange rate regime.<ref>{{Cite web |title=Reserve Bank of India - Publications |url=https://m.rbi.org.in/scripts/PublicationsView.aspx?id=12252 |access-date=2022-04-19 |website=m.rbi.org.in |archive-date=22 May 2022 |archive-url=https://web.archive.org/web/20220522005114/https://m.rbi.org.in/scripts/PublicationsView.aspx?id=12252 |url-status=live }}</ref>
-The first major impact on exchange rate after Independence was the devaluation of sterling against the US dollar in 1949, this impacted currencies that maintained a peg to the sterling, such as the Indian rupee.<ref>{{Cite web |date=19 September 1949 |series=Guardian Century 1940-1949 |title=Pound devalued 30 per cent |url=https://www.theguardian.com/century/1940-1949/Story/0,,105127,00.html |access-date=2022-04-19 |website=The Guardian}}</ref> The next major episode was in 1966 when Indian rupee was devaluated by 57% against [[United States dollar]]. Correspondingly the rates against [[Pound sterling]] too suffered depreciation.<ref>{{Cite web |author=Gupta |first=Sujay |date=7 Jun 2016 |title=Forgotten legacy of 6/6/66 - Times of India |url=https://timesofindia.indiatimes.com/business/india-business/forgotten-legacy-of-6/6/66/articleshow/52629071.cms |access-date=2022-04-19 |website=The Times of India |language=en}}</ref> In 1971 August, when the [[Bretton Woods system]] India initially announced that it will maintain a fixed rate of US$1 = Rs. 7.50 and leave [[Pound sterling]] floating.<ref>{{Cite journal |last=Verghese |first=S. K. |year=1973 |title=International Monetary Crises and the Indian Rupee |url=https://www.jstor.org/stable/4362898 |journal=Economic and Political Weekly |volume=8 |issue=30 |pages=1342–1348 |jstor=4362898 |issn=0012-9976}}</ref> However, by the end of 1971, following [[Smithsonian Agreement]] and subsequent devaluation of [[United States dollar]], [[India]] pegged Indian rupee with [[Pound sterling]] once again with a rate of £1 = Rs. 18.9677.<ref>{{Cite journal |last1=Wadhva |first1=Charan D. |last2=Paul |first2=Samuel |year=1973 |title=The Dollar Devaluation and India's Balance of Payments |url=https://www.jstor.org/stable/4362402 |journal=Economic and Political Weekly |volume=8 |issue=10 |pages=517–522 |jstor=4362402 |issn=0012-9976}}</ref> In the above period [[India]] had a non - commercial exchange rate with [[Soviet Union]]. The [[Ruble]] - [[Rupee]] rates were announced by [[Soviet Union]] since [[Ruble]] wasn't a freely traded currency and the commercial trade between both nations use to take place in rupee trade account following the [[India–Russia relations|India–Soviet Trade Treaty 1953.]]
+The first major impact on the rupee's exchange rate after independence was the devaluation of the pound sterling against the US dollar in 1949, which impacted currencies that maintained a peg to the sterling, which included the Indian rupee.<ref>{{Cite web |date=19 September 1949 |series=Guardian Century 1940-1949 |title=Pound devalued 30 per cent |url=https://www.theguardian.com/century/1940-1949/Story/0,,105127,00.html |access-date=2022-04-19 |website=The Guardian |archive-date=9 December 2021 |archive-url=https://web.archive.org/web/20211209092533/https://www.theguardian.com/century/1940-1949/Story/0,,105127,00.html |url-status=live }}</ref> In 1966, the Indian rupee was devalued by 57% against [[United States dollar]], which also led to the depreciation of the sterling.<ref>{{Cite web |author=Gupta |first=Sujay |date=7 Jun 2016 |title=Forgotten legacy of 6/6/66 |url=https://timesofindia.indiatimes.com/business/india-business/forgotten-legacy-of-6/6/66/articleshow/52629071.cms |access-date=2022-04-19 |website=The Times of India |language=en |archive-date=22 April 2022 |archive-url=https://web.archive.org/web/20220422075118/https://timesofindia.indiatimes.com/business/india-business/forgotten-legacy-of-6/6/66/articleshow/52629071.cms |url-status=live }}</ref> Five years later, when the [[Bretton Woods system]] was suspended, India initially announced that it would maintain a fixed rate of $1 to INR 7.50 and leave the sterling under a floating regime.<ref>{{Cite journal |last=Verghese |first=S. K. |year=1973 |title=International Monetary Crises and the Indian Rupee |url=https://www.jstor.org/stable/4362898 |journal=Economic and Political Weekly |volume=8 |issue=30 |pages=1342–1348 |jstor=4362898 |issn=0012-9976 |access-date=19 April 2022 |archive-date=16 April 2022 |archive-url=https://web.archive.org/web/20220416174616/https://www.jstor.org/stable/4362898 |url-status=live }}</ref> However, by the end of 1971, following the [[Smithsonian Agreement]] and the subsequent devaluation of the US dollar, [[India]] pegged the rupee with the pound sterling once again at a rate of £1 to INR 18.9677.<ref>{{Cite journal |last1=Wadhva |first1=Charan D. |last2=Paul |first2=Samuel |year=1973 |title=The Dollar Devaluation and India's Balance of Payments |url=https://www.jstor.org/stable/4362402 |journal=Economic and Political Weekly |volume=8 |issue=10 |pages=517–522 |jstor=4362402 |issn=0012-9976 |access-date=19 April 2022 |archive-date=16 April 2022 |archive-url=https://web.archive.org/web/20220416174751/https://www.jstor.org/stable/4362402 |url-status=live }}</ref> During this period, [[India]] had a non-commercial exchange rate with the [[Soviet Union]]. The ruble to rupee exchange rates was announced by the Soviet Union, as the ruble was not a freely traded currency and the commercial trade between both nations used to take place in rupees following a [[India–Russia relations|treaty between India and the Soviet Union]] in 1953.
-In September 1975, exchange rate of Indian rupee started to be determined on the basis of basket peg. The details of currencies which forms the basket and its weightage were kept confidentially by [[Reserve Bank of India]] and the exchange rate of rupee on the basis of market fluctuation of these currencies were periodically announced by RBI.<ref>{{Cite magazine |author=Tikku |first=M. K. |date=7 April 2015 |title=High-powered Indian team of financial experts to visit Moscow to sort out rouble-rupee exchange rate differences |url=https://www.indiatoday.in/magazine/indiascope/story/19760531-high-powered-indian-team-of-financial-experts-to-visit-moscow-to-sort-out-rouble-rupee-exchange-rate-differences-819182-2015-04-07 |magazine=India Today |language=en |access-date=2022-04-19}}</ref><ref>{{Cite journal |last=Verghese |first=S. K. |year=1979 |title=Exchange Rate of Indian Rupee since Its Basket Link |url=https://www.jstor.org/stable/4367782 |journal=Economic and Political Weekly |volume=14 |issue=28 |pages=1160–1165 |jstor=4367782 |issn=0012-9976}}</ref>
+In September 1975, the exchange rate of the Indian rupee started to be determined based on the basket peg. The details of currencies which form the basket, and their weightage were kept confidentially by [[Reserve Bank of India]] and the exchange rate of the rupee based on market fluctuation of these currencies was periodically announced by the RBI.<ref>{{Cite magazine |author=Tikku |first=M. K. |date=7 April 2015 |title=High-powered Indian team of financial experts to visit Moscow to sort out rouble-rupee exchange rate differences |url=https://www.indiatoday.in/magazine/indiascope/story/19760531-high-powered-indian-team-of-financial-experts-to-visit-moscow-to-sort-out-rouble-rupee-exchange-rate-differences-819182-2015-04-07 |magazine=India Today |language=en |access-date=2022-04-19 |archive-date=19 April 2022 |archive-url=https://web.archive.org/web/20220419174839/https://www.indiatoday.in/magazine/indiascope/story/19760531-high-powered-indian-team-of-financial-experts-to-visit-moscow-to-sort-out-rouble-rupee-exchange-rate-differences-819182-2015-04-07 |url-status=live }}</ref><ref>{{Cite journal |last=Verghese |first=S. K. |year=1979 |title=Exchange Rate of Indian Rupee since Its Basket Link |url=https://www.jstor.org/stable/4367782 |journal=Economic and Political Weekly |volume=14 |issue=28 |pages=1160–1165 |jstor=4367782 |issn=0012-9976 |access-date=19 April 2022 |archive-date=19 April 2022 |archive-url=https://web.archive.org/web/20220419174839/https://www.jstor.org/stable/4367782 |url-status=live }}</ref>
-The next major change that occurred to Indian Rupee was devaluation by about 18% in July 1991 following the [[Balance of payments|Balance of payment]] crisis.<ref>{{Cite web |title=Reserve Bank of India |url=https://www.rbi.org.in/commonman/English/History/Scripts/Chron1991to2000.aspx |access-date=2022-04-19 |website=rbi.org.in}}</ref> Thereafter, in March 1992, Liberalized Exchange Rate Management System was introduced.
+The next major change that occurred was the devaluation of the rupee by about 18% in July 1991 following the [[1991 Indian economic crisis|balance of payments crisis]].<ref>{{Cite web |title=Reserve Bank of India |url=https://www.rbi.org.in/commonman/English/History/Scripts/Chron1991to2000.aspx |access-date=2022-04-19 |website=rbi.org.in |archive-date=28 June 2022 |archive-url=https://web.archive.org/web/20220628091901/https://www.rbi.org.in/commonman/English/History/Scripts/Chron1991to2000.aspx |url-status=live }}</ref> Thereafter, in March 1992, the Liberalized Exchange Rate Management System was introduced, enabling the transition to a [[floating exchange rate]] regime.
 {| class="wikitable" style="text-align: center; margin: 1em auto 1em auto;"
-|+ 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://web.archive.org/web/20060403020304/http://oanda.com/convert/fxhistory |archive-date=3 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>
+|+ 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://web.archive.org/web/20060403020304/http://oanda.com/convert/fxhistory |archive-date=3 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 | archive-date = 26 October 2013 | archive-url = https://web.archive.org/web/20131026004214/http://www.dnaindia.com/analysis/standpoint-the-fallacy-of-dollar-rupee-in-1947-1876776 | url-status = live }}</ref>
 ! Currency !! [[ISO 4217|ISO code]] !! 1947 !! 1966 !! 1995!! 1996 !! 2000 !! 2004 !! 2006 !! 2007 !! 2008 !! 2009 !! 2010 !! 2013 !! 2014 !! 2015 !! 2016 !! 2017 !! 2018 !! 2019 !! 2020 !! 2021 !! 2022 !! 2023
 |-
@@ Line 605: / Line 653: @@
 | style="text-align: left;" | [[Swiss franc]] || CHF || – || 1.46 || 27.48 || – || – || – || – || – || – || – || 43.95 || 66.95 || 66.71 || 66.70 || 68.40 || – || 65.48
 |-
-| style="text-align: left;" | [[United States dollar|US dollar]] || USD || 3.30 || 7.50 || 32.45 || 35.44 || 44.20 || 45.34 || 43.95 || 39.50 || 48.76 || 45.33 || 45.00 || 68.80 || 66.07 || 66.73 || 67.19 || 65.11 || 72.10
+| style="text-align: left;" | [[United States dollar|US dollar]] || USD || 3.30 || 7.50 || 32.45 || 35.44 || 44.20 || 45.34 || 43.95 || 39.50 || 48.76 || 45.33 || 45.00 || 68.80 || 66.07 || 66.73 || 67.19 || 65.11 || 72.10 || 74.20 || 74.50 || 82.62 || 83.25
 |-
 | colspan="20" style="text-align: left;" | <sup>a</sup> <small>Before 1 January 1999, the [[European Currency Unit]] (ECU)</small><br /><sup>b</sup> <small>Before 1980, the [[Israeli pound]] (ILP)</small><br /><sup>c</sup> <small>100 [[Japanese yen]]</small><br /><sup>d</sup> <small>Before 1993, the [[Soviet ruble]] (SUR), in 1995 and 1996 – per 1000 rubles<br /><sup>e</sup> Before 1967, the [[Malaya and British Borneo dollar]]</small>
@@ Line 615: / Line 663: @@
 == Worldwide rupee usage ==
 {{See also|Gulf rupee|Bhutanese ngultrum|Nepalese rupee|Pakistani rupee|Mauritian rupee}}
-As the [[Straits Settlements]] were originally an outpost of the British [[East India Company]], the Indian rupee was made the sole official currency of the Straits Settlements in 1837, as it was administered as part of [[British India]]. This attempt was resisted by the locals. However, [[Spanish dollar]]s continued to circulate and 1845 saw the introduction of coinage for the Straits Settlements using a system of 100 [[Cent (currency)|cents]] = 1 dollar, with the dollar equal to the Spanish dollar or [[Mexican peso]]. In 1867, administration of the Straits Settlements was separated from India and the [[Straits dollar]] was made the standard currency, and attempts to reintroduce the rupee were finally abandoned.<ref>{{cite web|url=http://www.dcstamps.com/?p=739 |title=Straits Settlements (1867–1946) |publisher=Dcstamps.com |date=13 May 2014 |access-date=18 April 2018}}</ref>
+As the [[Straits Settlements]] were originally an outpost of the British [[East India Company]], the Indian rupee was made the sole official currency of the Straits Settlements in 1837, as it was administered as part of [[British India]]. This attempt was resisted by the locals. However, [[Spanish dollar]]s continued to circulate and 1845 saw the introduction of coinage for the Straits Settlements using a system of 100 [[Cent (currency)|cents]] = 1 dollar, with the dollar equal to the Spanish dollar or [[Mexican peso]]. In 1867, the administration of the Straits Settlements was separated from India and the [[Straits dollar]] was made the standard currency, and attempts to reintroduce the rupee were finally abandoned.<ref>{{cite web |url=http://www.dcstamps.com/?p=739 |title=Straits Settlements (1867–1946) |publisher=Dcstamps.com |date=13 May 2014 |access-date=18 April 2018 |archive-date=24 October 2017 |archive-url=https://web.archive.org/web/20171024084205/http://www.dcstamps.com/?p=739 |url-status=live }}</ref>
-After the [[Partition of India]], the [[Pakistani rupee]] came into existence, initially using Indian coins and Indian currency notes simply overstamped with "Pakistan". Previously the Indian rupee was an official currency of other countries, including [[Colony of Aden|Aden]], [[Oman]], [[Dubai]], [[Kuwait]], [[Bahrain]], [[Qatar]], the [[Trucial States]], [[Kenya]], [[Tanganyika (territory)|Tanganyika]], [[Uganda]], the [[Seychelles]] and [[Mauritius]].
+After the [[Partition of India]], the [[Pakistani rupee]] came into existence, initially using Indian coins and Indian currency notes simply over-stamped with "Pakistan". Previously the Indian rupee was an official currency of other countries, including [[Colony of Aden|Aden]], [[Oman]], [[Dubai]], [[Kuwait]], [[Bahrain]], [[Qatar]], the [[Trucial States]], [[Kenya]], [[Tanganyika (territory)|Tanganyika]], [[Uganda]], the [[Seychelles]] and [[Mauritius]].
-The Indian government introduced the [[Gulf rupee]] as a replacement for the Indian rupee for circulation outside the country with the Reserve Bank of India (Amendment) Act of 1 May 1959.<ref>{{Cite web |last=Kamalakaran |first=Ajay |date=14 September 2021 |title=Gulf rupee: When the Reserve Bank of India played central banker in West Asia |url=https://scroll.in/magazine/1005110/gulf-rupee-when-the-reserve-bank-of-india-played-central-banker-in-west-asia |access-date=2022-04-19 |website=Scroll.in |language=en-US}}</ref> 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 – Oman, Qatar, and the Trucial States (which became the [[United Arab Emirates]] in 1971) – 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 |last1=Ranjan |first1=Rajiv |last2=Prakash |first2=Anand |date=April 2010 |title=Internationalisation of currency: the case of the Indian rupee and Chinese renminbi |url=http://rbidocs.rbi.org.in/rdocs/PublicationReport/Pdfs/RRSS180510F.pdf |access-date=1 March 2010 |series=RBI Staff Studies |publisher=Department of Economic Analysis and Policy, Reserve Bank of India}}</ref>
+The Indian government introduced the [[Gulf rupee]] as a replacement for the Indian rupee for circulation outside the country with the Reserve Bank of India (Amendment) Act of 1 May 1959.<ref>{{Cite web |last=Kamalakaran |first=Ajay |date=14 September 2021 |title=Gulf rupee: When the Reserve Bank of India played central banker in West Asia |url=https://scroll.in/magazine/1005110/gulf-rupee-when-the-reserve-bank-of-india-played-central-banker-in-west-asia |access-date=2022-04-19 |website=Scroll.in |language=en-US |archive-date=16 April 2022 |archive-url=https://web.archive.org/web/20220416181455/https://scroll.in/magazine/1005110/gulf-rupee-when-the-reserve-bank-of-india-played-central-banker-in-west-asia |url-status=live }}</ref> 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 – Oman, Qatar, and the Trucial States (which became the [[United Arab Emirates]] in 1971) – replaced the [[Gulf rupee]] with their own [[Currency|currencies]]. Kuwait and Bahrain had already done so in 1961 with the [[Kuwaiti dinar]] and in 1965 with the [[Bahraini dinar]], respectively.<ref name="commoncurrency">{{cite web |last1=Ranjan |first1=Rajiv |last2=Prakash |first2=Anand |date=April 2010 |title=Internationalisation of currency: the case of the Indian rupee and Chinese renminbi |url=http://rbidocs.rbi.org.in/rdocs/PublicationReport/Pdfs/RRSS180510F.pdf |access-date=1 March 2010 |series=RBI Staff Studies |publisher=Department of Economic Analysis and Policy, Reserve Bank of India |archive-date=26 December 2011 |archive-url=https://web.archive.org/web/20111226115513/http://rbidocs.rbi.org.in/rdocs/PublicationReport/Pdfs/RRSS180510F.pdf |url-status=live }}</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 |archive-date=27 October 2014 |archive-url=https://web.archive.org/web/20141027133004/http://www.rediff.com/news/report/dont-take-1-000-and-500-indian-rupee-notes-to-nepal/20120725.html |url-status=dead }}</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 news |last=Hungwe |first=Brian |date=6 February 2014 |title=Zimbabwe's multi-currency confusion |work=BBC News |url=https://www.bbc.com/news/world-africa-26034078}}</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, 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 banknotes of the [[Mahatma Gandhi New Series]], which are not legal tender in Bhutan and Nepal and are banned by their respective governments.<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 |archive-date=27 October 2014 |archive-url=https://web.archive.org/web/20141027133004/http://www.rediff.com/news/report/dont-take-1-000-and-500-indian-rupee-notes-to-nepal/20120725.html |url-status=dead }}</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 |archive-date=8 November 2019 |archive-url=https://web.archive.org/web/20191108094711/https://www.deccanherald.com/content/383402/indian-rupee-legal-tender-zimbabwe.html |url-status=live }}</ref><ref>{{cite news |last=Hungwe |first=Brian |date=6 February 2014 |title=Zimbabwe's multi-currency confusion |work=BBC News |url=https://www.bbc.com/news/world-africa-26034078 |access-date=21 June 2018 |archive-date=16 April 2019 |archive-url=https://web.archive.org/web/20190416041444/https://www.bbc.com/news/world-africa-26034078 |url-status=live }}</ref>
 == See also ==
 {{div col|colwidth=30em}}
-* [[Coinage of India]]
+* {{annotated link|British currency in the Middle East}}
-* [[Rupee]]
+* {{annotated link|Coinage of India}}
-** [[History of the rupee]]
+* {{annotated link|Coins of British India}}
-* [[Paisa]]
+* {{annotated link|Coins of the Indian rupee}}
-** [[Indian paisa]]
+** {{annotated link|Anna (monetary subunit)}}
-* [[History of the taka]]
+** {{annotated link|Pie (monetary subunit)}}
-* [[Coins of British India]]
+* {{annotated link|Digital rupee}}
-* [[Great Depression in India]]
+* {{annotated link|Fake Indian currency note}}
-* [[Coins of the Indian rupee]]
+* {{annotated link|Great Depression in India}}
-** [[Indian anna]]
+* {{annotated link|History of the taka}}
-** [[Indian pie]]
+* {{annotated link|Paisa}}
-* [[Zero rupee note]]
+** {{annotated link|Indian paisa}}
-* [[Fake Indian currency note]]
+* {{annotated link|Reserve Bank of India}}
-* [[The Revised Standard Reference Guide to Indian Paper Money|''The Standard Reference Guide to Indian Paper Money'']]
+** {{annotated link|RBI Monetary Museum}}
-* [[Reserve Bank of India]]
+** {{annotated link|Reserve Bank of India Act, 1934}}
-** [[Reserve Bank of India Act, 1934]]
+* {{annotated link|Rupee}}
-** [[RBI Monetary Museum]]
+** {{annotated link|History of the rupee}}
-* [[Digital rupee]]
+* {{annotated link|The Revised Standard Reference Guide to Indian Paper Money|''The Standard Reference Guide to Indian Paper Money''}}
+* {{annotated link|Zero-rupee note}}
 {{div col end}}
 == Notes ==
-{{NoteFoot}}
+{{notelist}}
 == References ==
 === Citations ===
-{{Reflist}}
+{{reflist}}
 === Sources ===
@@ Line 656: / Line 705: @@
 * {{numis cite SCWC |date = 1991 }}
 * {{numis cite SCWPM |date = 1994 }}
+* {{Cite book |last=Mookerji |first=Radhakumud |title=Chandragupta Maurya and His Times |url=https://books.google.com/books?id=i-y6ZUheQH8C&pg=PA27 |edition=Second |year=1966 |publisher=Motilal Banarsidass |orig-date=1943 |isbn=978-81-208-0405-0 |ref={{sfnref|Mookerji, Chandragupta Maurya and His Times|1966}} |access-date=28 July 2023 |archive-date=31 May 2020 |archive-url=https://web.archive.org/web/20200531130644/https://books.google.com/books?id=i-y6ZUheQH8C&pg=PA27%2F |url-status=live }}
 {{refend}}
 == External links ==
+{{Commons category|Rupee (India)}}
 * [https://web.archive.org/web/20121008074636/http://indianbanknotes.com/book-chapters.html A gallery of all Indian currency issues]
 * {{cite web|url=http://www.rbi.org.in/Scripts/pm_republicindia.aspx |title=Gallery of Indian Rupee Notes introduced till date| publisher=Reserve Bank of India|access-date=9 January 2015}}
 * [http://www.bis-ans-ende-der-welt.net/Indien-B-En.htm The banknotes of India] {{in lang|en|de}}
+* [https://www.worldbanknotescatalog.com/india Banknotes catalog of India] {{in lang|en}}
 {{Indian currency|state=expanded}}
@@ Line 677: / Line 728: @@
 [[Category:Currencies of India]]
 [[Category:Currencies of the British Empire]]
-[[Category:Currencies of the Commonwealth of Nations]]
 [[Category:Currencies of Zimbabwe]]
+[[Category:Currencies of Asia]]
+[[Category:Circulating currencies]]
+[[Category:Rupee]]