![]() ![]() Īrthashastra, written by Chanakya, prime minister to the first Maurya emperor Chandragupta Maurya (c. ![]() The history of the Indian rupee traces back to ancient India in circa 6th century BCE: ancient India was one of the earliest issuers of coins in the world, along with the Chinese wen and Lydian staters. Silver coin of Skandagupta of Gupta Empire known as Rūpaka(रूपक) in Sanskrit, in the style of the Western Satraps, with peacock on reverse, 455-467 CE Rupiya issued by Sher Shah Suri, 1540–1545 CE Main pages: Rupee, History of the rupee, Historical currencies of India, Paisa, and Coinage of India Silver punch mark coin of the Maurya empire, known as Rūpyarūpa, 3rd century BCE. The weight remained unchanged well beyond the end of the Mughals until the 20th century. The immediate precursor of the rupee is the rūpiya-the silver coin weighing 178 grains minted in northern India, first by Sher Shah Suri during his brief rule between 15, and later adopted and standardized by the Mughal Empire. Other types of coins, including gold coins ( suvarṇarūpa), copper coins ( tāmrarūpa), and lead coins ( sīsarūpa), are also mentioned. 340–290 BCE), mentions silver coins as rūpyarūpa. Arthashastra, written by Chanakya, prime minister to the first Maurya emperor Chandragupta Maurya ( c. Panini uses the term rūpa to mean a piece of precious metal (typically silver) used as a coin, and a rūpya to mean a stamped piece of metal, a coin in the modern sense. While Shankar Goyal mentions it is unclear whether Panini was referring to coinage, other scholars conclude that Pāṇini (6th to 4th century BCE) mentions rūpya ( रूप्य). The Reserve Bank manages currency in India and derives its role in currency management on the basis of the Reserve Bank of India Act, 1934. The issuance of the currency is controlled by the Reserve Bank of India. The rupee is subdivided into 100 paise (singular: paisa). The Indian rupee ( symbol ₹ code: INR) is the official currency in the Republic of India.
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