₹

India's official unit of money is the rupee. Although the rupee is divisible into 100 paise as of 2019, coins with a value of one rupee are the lowest denomination used. The Reserve Bank of India has power over currency issuance. The Reserve Bank of India Act, 1934, serves as the foundation for the Reserve Bank of India's function in currency control. A new rupee symbol was formally introduced in 2010. It was created by fusing the Latin capital letter "R" without its vertical bar with the Devanagari consonant "r." According to legend, the parallel lines at the top reference the tricolor Indian flag and show an equality sign, which stands for the country's ambition to lessen economic inequality. On July 8, 2011, the first batch of coins bearing the redesigned rupee sign entered circulation. Prior to this, India used the letters "Rs" and "Re" to denote many rupees and a single rupee, respectively. The Indian government stated on November 8 that it would demonetize its 500 and 1,000 rupee notes at midnight on that day, rendering them useless. Since November 10th, 2016, a newly redesigned series of 500 banknotes and a new denomination of 2,000 banknote are both in use. The remaining 10, 20, 50, 100, and 200-dollar bills from the Mahatma Gandhi New Series were issued between 2017 and 2019. The $1,000 bill has been put on hold.