Reviewed by Oct 05, 2020| Updated on
The Indian Rupee is India's official currency; ₹ is the Indian currency symbol. The Indian rupee's currency code is INR.
The Indian rupee is named after the word rupiya, a silver coin first issued by Sultan Sher Shah Suri in the 16th century.
Paper currency will be issued in units of 5, 10, 20, 50, 100, 200, 500, and 2,000 rupees. On the paper rupee's reverse side, denominations are written in 15 languages, while denominations are written in English and Hindi on the front side.
Banknotes are regularly updated with new designs, including variations from the old Mahatma Gandhi banknotes series to new notes of the same name. The remarks cover various themes of the rich heritage of India.
Coins in India are released in denominations of 10, 20, 25, and 50 paises, and 1, 2, and 5 rupees. A paise will be equal to 1/100th of a rupee. Coins valued 50 paise or less are known as small coins, while coins valued equal to or greater than one rupee is called as rupee coins.
India has a cash-based economy, which has led to the counterfeit currency being circulated by those involved in illegal behaviour. Over the years, the Reserve Bank of India has had to change and update rupee notes with new security features multiple times.
Over the years, the rupee has been subject to numerous capital controls and limits on convertibility. For example, it is not legal for foreign nationals to either import or export rupees, and only small amounts of rupees can be imported and exported by Indian nationals.