![]() In November of the same year, the Reserve Bank of India began issuing ₹ 2000 denomination banknotes in the Mahatma Gandhi (New) Series. The removal of the denominations is an attempt to stop corruption and illegal cash holdings. Features Attractive and competitive USD to INR exchange rates One of the FASTEST ways to send money to India - receive transfers generally within a few hours. In 2016, the Rs 500 and Rs 1,000 ceased to be legal tender in India. On top of that, there are no hidden charges or additional fees, so you always know exactly how much money you're sending. Each option has its own fees, which start from as low as 0.99 USD. In USA, zero fees are applicable when sending amount is 1,000 and in Canada, zero fees are applicable when sending amount is 500. Remitly offers three types of services for sending money to India: Express, Economy and Instant. New customers get 54.48 INR to 1 AUD on their first money transfer. Remit2India offers instant money transfer to USA, UK, Ireland and Australia and charges no fees in UK and Australia irrespective of the sending amount. India adopted a decimalization system in 1957. AUD to INR Exchange Rates - Convert Australian Dollars to Indian Rupees Remitly Australian Dollar to Indian Rupee 1 54.05 Remitly offers dependable rates for AUD to INR with no hidden fees. The Indian Rupee was adopted as the country's sole currency, and the use of other domestic coinage was removed from circulation. That same year, the Victoria Portrait series of notes was issued in honor of Queen Victoria, and remained in use for approximately 50 years.Īfter gaining its independence in 1947 and becoming a republic in 1950, India's modern Rupee (INR) was changed back to the design of the signature coin. ![]() In 1866, financial establishments collapsed and control of paper money was shifted to the British government, with the presidency banks being dismantled a year later. Below, youll find Indian Rupee rates and a currency converter. The currency code for Rupees is INR, and the currency symbol is. Our currency rankings show that the most popular Indian Rupee exchange rate is the INR to USD rate. Although India was a colony of Britain, it never adopted the Pound Sterling. The Indian Rupee is the currency of India. In 1825, British India adopted a silver standard system based on the Rupee and was used until the late 20th century. The states of pre-colonial India minted their coins with a similar design to the silver Rupee with variations depending on their region of origin. During the Mughal period, a unified monetary system was established and the silver Rupayya or Rupee was introduced. By the 12th century a new currency referred to as Tanka was introduced. India's coinage designs frequently changed over the next few centuries as various empires rose and fell. India was one of the first issuers of coins, circa 6th Century BC, with the first documented coins being called 'punch-marked' coins because of the way they were manufactured. As such, intervention is used only to maintain low volatility in exchange rates. The INR is a managed float, allowing the market to determine the exchange rate. The central bank in India is called the Reserve Bank of India.
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