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. Before this, India used " ₨" and "Re" as the symbols for multiple rupees and one rupee, respectively. The first series of coins with the new rupee sign started in circulation on 8 July 2011. 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. It was derived from the combination of the Devanagari consonant " र" ( ra) and the Latin capital letter "R" without its vertical bar (similar to the R rotunda). In 2010, a new rupee sign ( ₹) was officially adopted. 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), though as of 2019, coins of denomination of 1 rupee is the lowest value in use. The Indian rupee ( symbol: ₹ code: INR) is the official currency of India.
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