rupee

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Summary of Indian Rupee The rupee is India's official currency and it remains a vital part of Indian culture. The name "Rupee" comes from the Sanskrit word "rūpyakam," which means 'wrought silver.' The first rupees were minted in 1500 BC, during the Mughal Empire. They were made of gold, silver, or copper and featured various designs like the Ashoka Pillar symbol. In 1835, the British East India Company introduced the concept of a standardized currency system in India, which led to the introduction of the Indian rupee in 1862. The first coins minted during this time were made of silver and weighed one-eighth of an ounce. Today, the Indian Rupee is divided into 100 paise. It has undergone several changes over the years, including a demonetization policy introduced by Prime Minister Narendra Modi in 2016 to combat black money and corruption.