During the Mughal period, a unified monetary system was established and the silver Rupayya or Rupee was introduced. By the 12th century a new currency referred to as Tanka was introduced. India's coinage designs frequently changed over the next few centuries as various empires rose and fell. India was one of the first issuers of coins, circa 6th Century BC, with the first documented coins being called 'punch-marked' coins because of the way they were manufactured. As such, intervention is used only to maintain low volatility in exchange rates. The INR is a managed float, allowing the market to determine the exchange rate. Please contact us if you are unsure of the validity of your INR banknotes.The central bank in India is called the Reserve Bank of India. Online purchases can be made in valid ₹2,000 banknotes only.
We have however recommenced trading with all valid ₹50, ₹100 and ₹2,000 banknotes, and the newly issued ₹500 banknote in store. Important note: Due to the Reserve Bank of India's demonetisation of the ₹500 and ₹1,000 banknotes in November 2016, Travel Money Oz is no longer able to accept these banknotes.
As of 2011, only 50 paise coins are legal tender in India (there used to be a 25 paise coin in circulation).INR is named after the silver coin, the rupiya, first issued by Sultan Sher Shah Suri in the 16th Century.Each INR banknote has its amount written on it in 17 languages.Unless you’re an Indian citizen or permanent resident, you’ll need to exchange the rest of your money into rupees on arrival. It’s important to note that visitors to India can only bring up to ₹25,000 into the country.
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