Indian rupee
The Indian rupee (symbol: ₹; code: INR) is the official currency in India. The rupee is subdivided into 100 paise (Hindi plural; 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 based on the Reserve Bank of India Act, 1934.
ISO 4217
INR (numeric: 356)
0.01
Rupee
₹
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5.02% (October 2023)[6]
Bhutanese ngultrum (at par)
Nepalese rupee (higher value)
[1₹=1.6 Nepalese Rupee][7]
Etymology[edit]
Pāṇini (6th to 4th century BCE) mentions rūpya (रूप्य). While Shankar Goyal mentions it is unclear whether Panini was referring to coinage,[11] other scholars conclude that Panini 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.[12] 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.[13] The immediate precursor of 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 adopted and standardized by the Mughal Empire. The weight remained unchanged well beyond the end of the Mughals until the 20th century.[14]
Legal framework[edit]
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".[47]
After 2021, the government of independent India amended "The Coinage Act, 2011",[48] the "Foreign Exchange Management Act (FEMA), 1999," the "Information Technology Act, 2000" and the "Crypto-currency and Regulation of Official Digital Currency Bill, 2021".[49][50]