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The present currency system in India is managed by the Reserve Bank of India and is based on inconvertible paper currency. It has transitioned from silver coins to nickel coins to a decimal system. Notes are issued by the RBI under a minimum reserve system where they must maintain at least Rs. 115 crores in gold and coins. The value of the rupee has been devalued several times and it was delinked from the pound sterling in 1975. Exchange controls were introduced during WWII and continued after independence

Author

Ankit Sinha

Language

EN