page_title: Indian rupee
section_title: History
hierarchical_section_title: Indian rupee / History
caption_attribution_description: English: A coin of the en:Nanda Empire. The five symbols on this coin are: Sun symbol, six-armed (Magadha) symbol, bull on hilltop, Indradhvaja flanked by four taurines, elephant. Français&#160;: Monnaie de l'fr:Empire Nanda. हिन्दी: hi:नंद वंश के सिक्का Italiano: Moneta dell'Imperoit:Nanda.
context_page_description: The Indian rupee is the official currency of India. The rupee is subdivided into 100 paise, though as of 2019, coins of denomination of 1 rupee is the lowest value in use. The issuance of the currency is controlled by the Reserve Bank of India. The Reserve Bank manages currency in India and derives its role in currency management on the basis of the Reserve Bank of India Act, 1934.
  In 2010, a new rupee sign was officially adopted. It was designed by D. Udaya Kumar. It was derived from the combination of the Devanagari consonant "र" and the Latin capital letter "R" without its vertical bar. The parallel lines at the top 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 sign started in circulation on 8 July 2011. Before this, India used "₨" and "Re" as the symbols for multiple rupees and one rupee, respectively.
  On 8 November 2016, the Government of India announced the demonetisation of ₹500 and ₹1,000 banknotes with effect from midnight of the same day, making these notes invalid.
context_section_description: 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 coins in the world, along with the Chinese wen and Lydian staters.
  Arthashastra, written by Chanakya, prime minister to the first 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. Rūpa means 'form' or 'shape'; for example, in the word rūpyarūpa: rūpya 'wrought silver' and rūpa 'form'.
  In the intermediate times there was no fixed monetary system as reported by the Da Tang Xi Yu Ji.
  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. During Babar's time, the brass to silver exchange ratio was roughly 50:2. The silver coin remained in use during the Mughal period, Maratha era as well as in British India. Among the earliest issues of paper rupees include; the Bank of Hindustan (1770–1832), the General Bank of Bengal and Bihar (1773–75, established by Warren Hastings), and the Bengal Bank (1784–91).
caption: Silver punch mark coin of the Maurya empire, known as Rūpyarūpa, 3rd century BCE.
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