Know about our Indian Rupee

The Indian rupee (₹) is the official currency of the Republic of India. The rupee is subdivided into 100 paise (singular paisa). The issuance of the currency is controlled by the Reserve Bank of India.

In 2010, a new symbol '₹', was officially adopted. It was derived from the combination of the Devanagari consonant "र" (ra) 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.

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.

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 termed the Rupiya. The silver coin remained in use during the Mughal period, Maratha era as well as in British India.

The values of the subdivisions of the rupee during British rule (and in the first decade of independence) were:

1 rupee = 16 anna (later 100 naye paise)

1 ardharupee = 8 anna, or  1⁄2 rupee (later 50 naye paise)

1 pavala = 4 anna, or  1⁄4 rupee (later 25 naye paise)

1 beda = 2 anna, or  1⁄8 rupee (later equivalent to 12.5 naye paise)

1 anna =  1⁄16 rupee (later equivalent to 6.25 naye paise)

1 paraka =  1⁄2 anna (later equivalent to 3.125 naye paise)

1 kani (pice) =  1⁄4 anna (later equivalent to 1.5625 naye paise)

1 damari (pie) =  1⁄12 anna (later equivalent to 0.520833 naye paise)

1 rupee = 16 anna

1 Athanni (dheli) =  1⁄2 rupee

1 Chawanni =  1⁄4 rupee

1 Dawanni =  1⁄8 rupee

1 Anna/Ekanni =  1⁄16 rupee

1 Taka/Adhanni =  1⁄32 rupee

Paisa =  1⁄64 rupee

Dhela =  1⁄128 rupee ( 1⁄2 paisa)

Pie =  1⁄3 paisa =  1⁄192 rupee

Damari =  1⁄4 paisa =  1⁄256 rupee.

In 1957, the rupee was decimalised and divided into 100 naye paise (Hindi for "new paise"); in 1964, the initial "naye" was dropped. Many still refer to 25, 50 and 75 paise as 4, 8 and 12 annas respectively, similar to the usage of "two bits" in American English for a quarter-dollar.

Source: Wikipedia