were finally abandoned. This weighed 178 grains and was the precursor of the modern rupee. British India, at that time, was controlled by the British East India Company. The Nepalese rupee is pegged.625; the Indian rupee is accepted in Bhutan and Nepal, except 5 banknotes, which are not legal tender in Bhutan and Nepal and are banned by their respective governments, though accepted by many retailers. A b c "The Silver Question". This is payable on demand by RBI, being the issuer. Reserve Bank of India Act, 1934. A look back at US Dollar to Indian Rupee rates. This dealt a blow to an already deteriorating British economy. In different thinkmarkets forexpeacearmy parts of India, the currency is known as the rupee, rupiya, rupaye, taka, Tanka. Local firms are able to take capital out of the country in order to expand globally. Retrieved "RBI Master Circular on Export of Goods and Services".
51 Convertibility edit Officially, the Indian rupee has a market-determined exchange rate. The 1 naya paisa was bronze; the 2, 5 10 naye paise were cupro-nickel, and the 25 naye paise (nicknamed chawanni ; 25 naye paise equals 4 annas 50 naye paise (also called athanni ; 50 naye paise equalled 8 old annas) and 1-rupee coins. Data source: Reserve Bank of India reference rate For almost a century following the Great Recoinage of 1816, and adoption of the Gold Standard, until the outbreak of World War I, the silver backed Indian rupee lost value against a basket of Gold pegged currencies. The word taka in Bengali is also commonly used generically to mean any money, currency, or notes. Archived from the original on Retrieved 5 November 2014.