The margin of Globalexchange.es is lower than that offered at the airport. This is a peripheral service for them and they always try to give you dollars.Īlways ready, immediately, in our branches at the airport.īanks order currency and have to await delivery. Current Indian rupee coins and banknotes Today, there are coins of 1, 2 and 5 rupees and of 10, 25 and 50 paises in circulation. The management of issuing currency is the responsibility of the Reserve Bank of India, which is the central bank, while the responsibilities for matters related to coinage correspond to the country's government. In 1957, India adopted a decimal currency system whereby a rupee consisted of 100 paises. However, the existing currency kept frozen until 26th January 1950, when India became a republic. The country gained its independence on 15th August 1947. In 1947 these were replaced by coins of pure nickel. The situation during the Second World War led to experiments in the currency for which standard rupee was replaced by the Quaternary Silver Alloy, coins being issued from 1940. Silver coins of smaller denominations were issued in cupronickel. The shortage of silver occurred during the First World War led to the British Government, George V on the throne, to issue paper money of one rupee, two rupees and two and a half. In 1906 the Coinage Act of India, governing the establishment of mints and the issuance of coins was passed and today still remains in force. The first coin issued under the crown was released in 1862. The new design of the coins issued in 1835 included William IV’s effigy on the obverse and the denomination on the reverse, written in English and Persian.Ĭoins issued after 1840, meanwhile, bore the portrait of Queen Victoria. The emergence of a dominant power after more than a hundred years of turmoil, allowed the passage of the Coinage Act of 1835, so a uniform coinage could be possible. In early 1830, English power had become predominant in India. As a consequence, British coins in gold, silver, copper and tin were used for trade in these areas. Origins and historyįirst English settlements in India were located mainly in three areas: Western India (Bombay and Surat), South India (Madras) and those of the Western province of Bengala (Calcuta). The rupee is the official currency in India, and the Reserve Bank of India is the authority in charge of issuing currency.

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