Over the years since its introduction, the Indian rupee has gone through significant changes. We saw that the rupee coin was first introduced by Sher Shah Suri. During his time, 40 copper coins amounted to a rupee. This was accepted by the Mughals as well.
The Bank of Hindustan was established by the British. In 1770, one rupee notes were published in the Bank of Hindustan. Following this, some private banks too issued banknotes.
In 1861, the Paper Currency Act was passed, making it a rule that only the government could issue currencies.
In 1935, the Reserve Bank of India was inaugurated, and it took over as the government’s body to issue currencies. The first note it issued was that of five rupees, bearing the image of King George VI.
The first note to be published after the Independence was a one-rupee note. Since then, many changes have come to currencies. A bank-note of 10,000 rupees was printed and circulated, making it the highest denomination issued. Over the years, many currency notes were demonetized, and new series were introduced.