The Reserve Bank of India has the sole authority to issue banknotes and coins in that country. 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. Pakistan began creating its independent money in 1948 and adopted the decimal system in 1961. 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.Īfter independence in 1947, India retained the rupee and decimalized it in 1955. In 1671 the British East India Company minted coins copied from local types, using the rupee as the basic unit of account. 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. The rupee is also the name of the monetary unit used in Mauritius, Nepal, and Seychelles. The name derives from the Sanskrit rupya (“silver”). The modern unit is divided into 100 paisa in India and Pakistan. Rupee, monetary unit of Muslim India from the 16th century and the modern monetary unit of India and Pakistan.

All country money in indian rupees