The Indian rupee (symbol: ₹; code: INR) is the official currency of India. The rupee is subdivided into 100 paise (singular: paisa), though as of 2019, coins of denomination of 1 rupee is the lowest value in use. The issuance of the currency is controlled by the Reserve Bank of India. 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.
In 2010, a new rupee sign (₹) was officially adopted. It was derived from the combination of the Devanagari consonant "र" (ra) and the Latin capital letter "R" without its vertical bar. The parallel lines at the top (with white space between them) are said to make an allusion to the tricolour Indian flag, and also depict an equality sign that symbolises the nation's desire to reduce economic disparity. The first series of coins with the new rupee sign started in circulation on 8 July 2011. Before this, India used "₨" and "Re" as the symbols for multiple rupees and one rupee, respectively.
On 8 November 2016, the Government of India announced the demonetisation of ₹500 and ₹1,000 banknotes with effect from midnight of the same day, making these notes invalid. A newly redesigned series of ₹500 banknote, in addition to a new denomination of ₹2,000 banknote is in circulation since 10 November 2016.
From 2017 to 2019 the remaining banknotes of the Mahatma Gandhi New Series were released in denominations of ₹10, ₹20, ₹50, ₹100 and ₹200. The ₹1,000 note has been suspended