Indian rupee#1800s

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 Panini was referring specifically to coinage,{{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 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.}} 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 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.{{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 }} 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.{{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 }} Then onwards, the Indian rupee became the official currency of the country till now.

{{Main|Rupee|History of the rupee|:Category:Historical currencies of India|l3 = Historical currencies of India|Paisa|Coinage of India}}

File:MauryanCoin.JPG punch mark coin of the Maurya empire, known as Rūpyarūpa, 3rd century BCE.]]

File:Gupta Kings. Skandagupta. AD 455-467.jpg of Gupta Empire known as Rūpaka(रूपक) in Sanskrit, in the style of the Western Satraps, with peacock on reverse, 455-467]]

File:Sher shah's rupee.jpg issued by Sher Shah Suri, 1540–1545|alt=Silver coins with raised writing]]

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,{{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 }} alongside the Chinese wen and Lydian staters.{{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 }}

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. {{transliteration|sa|ISO|Rūpa}} means 'shape' or 'form'.{{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 }}

The Gupta Empire under Chandragupta II produced large numbers of silver coins clearly influenced by those of the earlier Western Satraps.Allan & Stern (2008) The silver Rūpaka ({{langx|sa|रूपक}}) coins weighed approximately 20 rattis (2.2678g).{{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 }}

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.{{cite book |title=Da Tang Xiyu Ji. 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}}

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.{{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}}{{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}} During Babur's time, the brass to silver exchange ratio was roughly 50:2.{{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}} The silver coin remained in use during the Mughal period, the Maratha era as well as in British India.{{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}} 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).{{citation needed|date=October 2022}}

{{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.}}

File:INDIAN SILVER RUPEE VALUE 1850-1900.png (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. This event was known as "the fall of the rupee". In Britain War, the Long Depression resulted in bankruptcies, escalating unemployment, a halt in public works, and a major trade slump that lasted until 1897.W. B. Sutch, The Long Depression, 1865–1895. (1957)

India was unaffected by the imperial order-in-council of 1825, which attempted to introduce British sterling coinage to the British colonies. 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.

Following the First War of Independence 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, it realised for the same reason 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.{{Cite wikisource|Indian Currency and Finance|chapter=Chapter II}}

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.{{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}}

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.{{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}}

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

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۔

{{Main|Indian Currency Committee}}

File:Government_of_India_5_Rupee_Note_1858.jpg - 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.{{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 ...}} 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.

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.{{cite wikisource|Indian Currency and Finance|chapter=Chapter I |author=John Maynard Keynes|author-link=John Maynard Keynes |year=1913}} 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.

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.

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.

File:IND-1c-Government of India-1 Rupee (1917).jpg {{ndash}} 1 rupee (1917)]]

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.{{cite wikisource|Indian Currency and Finance|chapter=Chapter IV}}

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.

{{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.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

However, the price of gold in India, on the basis of the official exchange rate of the rupee around 1s. 6d., 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 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) valued at about INR 375 crore, or an average price of INR 32-12-4 per tola.{{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 }}

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 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.{{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 }}

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{{clarify|date=May 2023}} Silver Purchase Act (which increased the price of silver) and purchased about 44,000 tons of silver, paying with paper silver certificates.[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.

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".

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).{{cite book|first1=Rezwan |last1=Razack |first2=Kishore |last2=Jhunjhunwalla |title=The Revised Standard Reference Guide to Indian Paper Money|year=2012|publisher=Coins & Currencies|isbn=978-81-89752-15-6|title-link=The Revised Standard Reference Guide to Indian Paper Money }} 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:

• 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.

In 2010, a new rupee sign ({{INR}}) 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.{{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 }} The parallel lines at the top (with white space between them) are said to make an allusion to the flag of India,{{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 }} 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 international level, like India, some nations' currencies are also Rupees. When ({{INR}}) symbol is unavailable then INR is used to represent the Indian currency.

{{Main|Digital rupee}}

{{Excerpt|Digital rupee}}

{{ anchor | 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 & 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".[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.

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

{{Main|Coins of the Indian rupee|Indian paisa}}

India's first coins after independence were issued in 1950 in denominations of 1 pice, {{frac|1|2}}, one and two annas, {{frac|1|4}}, {{frac|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).

File:IN Aluminium Series Paise.jpg coins for denominations up to 20p.|alt=Row of six differently-shaped aluminium coins, arranged by size]]

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.{{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}}{{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}} Although it is still legal tender, the 50-paise (athanni) coin is rarely seen in circulation.{{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}}

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.{{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 |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 }}

{{Main|India Government Mint|Security Printing and Minting Corporation of India}}

File:BOMBAY MINT Post Card.jpg.]]

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.[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. The coins are issued for circulation only through the Reserve Bank in terms of the RBI Act.[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.

{{Main|Commemorative coins of India}}

After independence, the 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 piececoins was also issued to commemorate 60 years of the Government of India Mint, Kolkata. {{INR}}100 coin was also released commemorating the 100th anniversary of Mahatma Gandhi's return to India.{{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}} Commemorative coins 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.{{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 |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 }}{{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 |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 }}

{{Main|Coins of British India}}

{{more citations needed section|date=November 2016}}

File:India 1835 2 Mohurs.jpg 2 Mohurs]]

File:Rupee, 1840 - British India, Victoria.jpg 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]]

File:Silver rupee of Sayaji Rao III of Baroda.jpg 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]]

File:1 Indian rupee coin, 1947.jpg (1947) featuring George VI on obverse and Indian Lion on reverse]]

File:Indian one pice minted in 1950.jpg, minted in 1950|alt=Both sides of copper-coloured coin]]

File:1 Indian rupee (1905).jpg (1905) featuring Edward VII]]

File:Hyderabad_-_One_Rupee_-_Mahboob_Ali_Khan_-_1329_AH_Silver_-_Kolkata_2016-06-28_5271-5272.png of Hyderabad State, 1329 AH (1911)]]

File:1 Indian rupee (1918).jpg (1918) featuring George V]]

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 {{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, {{frac|1|2}}-, one- and two-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 mohurs 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 1835, a single coinage for the EIC was introduced. It consisted of copper {{frac|1|12}}, {{frac|1|4}} and {{frac|1|2}} 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}} 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.

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}} anna, {{frac|1|2}} pice, {{frac|1|4}} and {{frac|1|2}} anna (all in copper), 2 annas, {{frac|1|4}}, {{frac|1|2}} and one rupee (silver),{{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}} 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 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 {{frac|1|12}} anna and {{frac|1|2}} pice ceased production, the {{frac|1|4}} anna was changed to a bronze, holed coin, cupro-nickel and 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.

{{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, 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 {{INR}}5,000 and {{INR}}10,000 notes introduced in 1949). All pre-independence banknotes were officially demonetised with effect from 28 April 1957.{{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}}{{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}}

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

File:10 Rupees banknotes of India.jpg

The design of banknotes is approved by the central government, on the recommendation of the central board of the Reserve Bank of India. 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}}10 and {{INR}}500 banknotes. The printing of {{INR}}5 notes (which had stopped earlier) resumed in 2009.

As of January 2012, the new '{{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.{{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}}{{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}}{{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}}{{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}} 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.{{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 }}

On 8 November 2016, the RBI announced the issuance of new {{INR}}500 banknotes in a new series after 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 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}}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.{{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 }} 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 the demonetisation of {{INR}}500 and {{INR}}1,000 banknotes{{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}}{{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}} with effect from midnight of the same day, making these notes invalid.{{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 }} A newly redesigned series of {{INR}}500 banknote, in addition to a new denomination of {{INR}}2,000 banknote is in circulation since 10 November 2016.{{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 }}{{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 }}

From 2017 to 2019, the remaining banknotes of the Mahatma Gandhi New Series were released in denominations of {{INR}}10, {{INR}}20, {{INR}}50, {{INR}}100 and {{INR}}200.{{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}}{{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}} The {{INR}}1,000 note has been suspended.

{{Main|Mahatma Gandhi Series|Mahatma Gandhi New Series}}

As of 27 April 2025, current circulating banknotes are in denominations of {{INR}}5, {{INR}}10, {{INR}}20, {{INR}}50 and {{INR}}100 from the Mahatma Gandhi Series (retired) and in denominations of ₹10, ₹20,{{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}} ₹50, {{INR}}100, {{INR}}200, {{INR}}500 and ₹2000 (recalled but still legal tender)^{[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 [74]]} from the Mahatma Gandhi New Series. In addition a ₹1 bank note is also being issued by the Government of India.

{{See also|Bharatiya Reserve Bank Note Mudran|Security Printing and Minting Corporation of India}}

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.

File:Gandhi's Spectacles.jpg's spectacles]]

File:Gandhi's Collar.jpg's collar]]

{{unreferenced section|date=December 2016}}

File:IND-A10a-Government of India-10 Rupees (1910).jpg {{En dash}} 10 rupees (1910)]]

File:KGVI rupee 1 note obverse.jpg|alt=Old 1 rupee note]]

In 1861, the 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.

{{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 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.{{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 }} 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.[http://icrier.org/pdf/wp108.pdf "Convertibility: Patnaik, 2004"] {{Webarchive|url=https://web.archive.org/web/20070621092502/http://icrier.org/pdf/wp108.pdf |date=21 June 2007 }} (PDF). Indian Council for Research on International Economic Relations. 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.{{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}}

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.{{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 }}{{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 }} 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 have concerning convertibility to bring money into and out of the country and buy 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.

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."[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

• 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.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}} .
• 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.{{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}}
• 2016 – The Government of India announced the demonetisation of all ₹500/- and ₹1,000/- banknotes of the Mahatma Gandhi Series.{{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}} 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.{{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|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}}{{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}}
• 2023 – Reserve Bank of India issued a circular on 19 May stating currency notes of ₹ 2000 denomination will be withdrawn from circulation{{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 }} 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.{{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 }}

{{See also|Foreign Exchange Management Act}}

{{Main|Exchange rate history of the Indian rupee}}

File:INR-USD, GBP, EUR, JPY.svg

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 Breton Woods agreement, to its devaluation and pegging to the US dollar, at $1:{{INR}}7.50, in 1966.{{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 }}{{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 }}

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.{{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 }}

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.{{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 }} In 1966, the Indian rupee was devaluated by 57% against United States dollar, which also led to the depreciation of the sterling.{{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 }} Five years later, when the Bretton Woods system was suspended, India initially announced that it will maintain a fixed rate of $1 to INR 7.50 and leave the sterling under a floating regime.{{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 }} 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.{{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 }} 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.{{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 }}{{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 }}

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

{{Exchange rate|INR|AED|JPY|USD|style=navbox}}

{{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 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.{{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 }}

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.{{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 }} 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.{{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 }}

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}}500 and {{INR}}1000 banknotes of the Mahatma Gandhi Series and the {{INR}}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, though accepted by many retailers.{{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 }} On 29 January 2014, Zimbabwe added the Indian rupee as a legal tender to be used.{{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 }}{{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 }}

{{div col|colwidth=30em}}

• Coinage of India
• Rupee
• History of the rupee
• Paisa
• Indian paisa
• History of the taka
• Coins of British India
• Great Depression in India
• Coins of the Indian rupee
• Indian anna
• Indian pie
• Zero-rupee note
• Fake Indian currency note
• The Standard Reference Guide to Indian Paper Money
• Reserve Bank of India
• Reserve Bank of India Act, 1934
• RBI Monetary Museum
• Digital rupee
• British currency in the Middle East

{{div col end}}

{{notelist}}

{{reflist}}

{{refbegin}}

• {{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}}

{{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}}
• [https://onlinecalculator.onl/denomination-calculator/ Denomination Calculator]
• [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}}

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