What Is the Basic Monetary Unit in India?

basic-monetary-unit-india Credit: INDRANIL MUKHERJEE / Staff/AFP/Getty Images

According to Encyclopedia Britannica, the rupee is the basic monetary unit in India that has been used since the 16th century. It is also the basic monetary unit used in Mauritius, Nepal and Seychelles.

Rupees are divided into 100 paisa. After becoming independent of Britain in 1947, India retained the rupee and decimalized it in 1955. Rupee banknotes contain images of Mohandas Gandhi, the 20th century leader against British colonization. Rupees are issued in denominations ranging from 10 to 1,000 rupees. Coins are issued in denominations of 25 and 50 paisa, and there are also 1-, 2-, and 5-rupee coins.