rupee

In the late 16th century the rulers of the Mughal dynasty of central and northern India established the silver rupee, which was divided into 16 annas. In 1671 the British East India Company minted coins copied from local types, using the rupee as the basic unit of account. The value of the rupee varied from region to region, however, depending on the minter, and not until 1835 was the rupee made uniform by law.

After independence in 1947, India retained the rupee and decimalized it in 1955. Pakistan began creating its independent money in 1948 and adopted the decimal system in 1961. Ceylon (now Sri Lanka) in 1872 adopted a decimal system based on the Indian rupee; it adopted an autonomous monetary system in 1929 and an independent system in 1949.

The Reserve Bank of India has the sole authority to issue banknotes and coins in that country. The symbol ₹ represents the Indian rupee. Introduced in 2010, it is a combination of the Latin letter R and the Devanagari letter र (ra), symbolizing India’s cultural heritage and economic strength.

All banknotes feature images of Mohandas Gandhi (1869–1948) on the obverse and are issued in denominations of ₹5 to ₹500. Notes in ₹1,000 denominations were withdrawn during India’s 2016 demonetization drive, and ₹2,000 notes have since been withdrawn. Coins are available in denominations of 50 paise and ₹1, ₹2, ₹5, and ₹10. The 25 paise coin (a quarter of a rupee) was demonetized in 2011, while the 50 paise coin remains in circulation but is rarely used.

The State Bank of Pakistan exclusively issues banknotes and coins in Pakistan. Banknotes range from 10 to 5,000 rupees. The obverse of each note contains a picture of Mohammed Ali Jinnah, the founder of Pakistan. Coins circulate in values of 1, 2, and 5 rupees, though higher-value commemorative coins are also legal tender.