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The first rupee coins of the Republic of India were minted in 1950. [3] These included ₹1/2, ₹1/4, 2 anna, 1 anna, 1/2 anna & 1 pice coins, and are referred to as the anna series or pre-decimal coinage. Under the anna series, one rupee was divided into 16 annas or 64 pice, with each anna equal to 4 pice.
The data on exchange rate for Japanese Yen is in per 100 Yen. The end year rate for 1998–99 pertain to March 26, 1999 of Deutsche Mark rate. Data from 1971 to 1991–92 are based on official exchange rates. Data from 1992 to 1993 onward are based on FEDAI (Foreign Exchange Dealers' Association of India) indicative rates.
From 1957 to 1964, the paisa was called naya paisa (transl. 'new paisa') to distinguish it from the old paisa/pice which was a 1 ⁄ 64 subdivision of the Indian Rupee. On 1 June 1964, the term "naya" was dropped and the denomination was named paisa .
India was then a part of the sterling area, and the rupee was devalued on the same day by the same percentage so that the new dollar exchange rate in 1949 became ₹4.76 — which is where it stayed till the rupee devaluation of 1966 made it ₹7.50 to the dollar and the pound moved to ₹21.
Between 1972 and 1975, cupro-nickel replaced nickel in the 25-and 50-paise and the 1-rupee coins; in 1982, cupro-nickel two-rupee coins were introduced. In 1988 stainless steel 10-, 25- and 50-paise coins were introduced, followed by 1- and 5-rupee coins in 1992. Five-rupee coins, made from brass, are being minted by the Reserve Bank of India ...
Currently in India (from 2010 onwards), the 50 paise coin (half a rupee) is the lowest valued legal tender coin. Coins of 1, 2, 5, and 10 rupees and banknotes of 5, 10, 20, 50, 100, 200, 500, and 2000 rupees are commonly in use for cash transaction.
Paisa coins were introduced in 1957, but from 1957 to 1964 the coin was called "Naya Paisa" (English: New Paisa). On 1 June 1964, the term "Naya" was dropped and the denomination was simply called "One paisa". Paisa coins were issued as a part of "The Decimal Series". [1] [2] [3]
Paisa coins were introduced in 1957, but from 1957 to 1964 the coin was called "Naya Paisa" (English: New Paisa). On 1 June 1964, the term "Naya" was dropped and the denomination was simply called "One paisa". Paisa coins were issued as a part of "The Decimal Series". [1] [2] [3]