The Indian rupee 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 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.
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