What was India's monetary system after independence?

After India became independent in 1947, India’s monetary system remained unchanged for a while, with 1 rupee consisting of 64 pice. The first banknote printed by independent India was a 1 rupee note. On August 15, 1950, the new ‘ anna system’ was introduced – the first coinage of the Republic of India.

What currency is used in India?

The Indian rupee (symbol: ₹; code: INR) is the official currency in the Republic of 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.

When was the first currency issued by the Reserve Bank of India?

The first Reserve Bank issues were signed by the second Governor, Sir James Taylor. The first paper currency issued by the Reserve Bank of India was a five rupee note bearing King George VI’s portrait, in January 1938. After gaining Independence in 1947, India’s modern Rupee reverted back to the design of the signature Rupee coin.