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Indian rupee

Indian Rupee
ISO 4217
Code INR
Number 356
Exponent 2
Denominations
Subunit
 1/100 paisa
Symbol
paisa p
Banknotes
 Freq. used 10, 20, 50, 100, 500, 2000
 Rarely used 1, 2, 5
Coins
 Freq. used 1, 2, 5, 10
 Rarely used 50 paise
Demographics
Official user(s)  India
Unofficial user(s)  Bhutan
   Nepal
 Zimbabwe
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 4.9%, 2015-16
 Source RBI - Annual Inflation Report
 Method CPI
Pegged by Bhutanese ngultrum (at par)
Nepalese rupee (1 INR = 1.6 NPR)

The Indian National Rupee (sign: ; code: INR), is the official currency of the Republic of India. The rupee is subdivided into 100 paise (singular paisa), though as of 2011, 25 paise and 50 paise coins are no more a legal tender. 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 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 symbol '', was officially adopted. It was derived from the combination of the Devanagari consonant "" (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, 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.

In a major step to check undeclared black money, the Government of India on the 8 November 2016 announced demonetisation of 500 and 1000 banknotes with effect from the same day's midnight, making these notes invalid. Apart from combating black money, the stated purpose is also to eliminate fake currency (used to finance terrorism) and corruption. A newly redesigned series of 500 banknote, in addition to a new denomination of 2000 banknote is in circulation since 10 November 2016. The new redesigned series is also expected to be introduced to the banknote denominations of 1000, 100 and 50 in the coming months.


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