Tell me something about our Indian currency in Vedic period
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Indian Rupee
Indian rupee
Banknotes currently in circulation in India
ISO 4217
Code INR
Number 356
Exponent 2
Denominations
Subunit
1⁄100 paisa
paisa p
Banknotes
Freq. used ₹10, ₹20, ₹50, ₹100, ₹200, ₹500, ₹2000
Rarely used ₹1, ₹5
Coins
Freq. used ₹1, ₹5, ₹10
Rarely used 50p
Demographics
Date of introduction 01.01.1948
Official user(s) India
Unofficial user(s) Bhutan[a]
Nepal
Zimbabwe[b][1]
Issuance
Central bank Reserve Bank of India
Printer Reserve Bank of India
Website www.rbi.org.in
Mint India Government Mint
Website www.spmcil.com
Valuation
Inflation 4.4% (2017–18)
Source RBI – Annual Inflation Report
Method CPI[2]
Pegged by Bhutanese ngultrum (at par)
Nepalese rupee ( ₹1 = 1.6 NPR)
Alongside the Bhutanese ngultrum
Alongside the US dollar, South African rand and Botswana pula
The Indian rupee (sign: ₹; code: INR) is the official currency of the India. The rupee is subdivided into 100 paise (singular paisa), though as of 2018, coins of denomination of 50 paise or half rupee is the lowest value in use. The issuance of the currency is controlled by the Reserve Bank of India.[3] 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 rupee is named after the silver coin, rupiya, first issued by Sultan Sher Shah Suri in the 16th century and later continued by the Mughal Empire.
In 2010, a new rupee symbol '₹', was officially adopted. It was derived from the combination of the Devanagari consonant "र" (ra) and the Latin capital letter "R" without its vertical bar (similar to the R rotunda). The parallel lines at the top (with white space between them) are said to make an allusion to the tricolour Indian flag,[4] 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 symbol started in circulation on 8 July 2011.
On 8 November 2016 the Government of India announced the demonetisation of ₹500 and ₹1000 banknotes[5][6] with effect from midnight of the same day, making these notes invalid.[7] A newly redesigned series of ₹500 banknote, in addition to a new denomination of ₹2000 banknote is in circulation since 10 November 2016.[8][9] The new redesigned series is also expected to be enlarged with banknotes in the denominations of ₹1000, ₹100 and ₹50 in the coming months.[10]
On 25 August 2017, a new denomination of ₹200 banknote was added to Indian currency to fill the gap of notes due to high demand for this note after demonetisation.[11]
In July 2018, the Reserve Bank Of India released the ₹100 banknote.