Within the late 16th century the rulers of the Mughal dynasty of central and northern India established the silver rupee, that was divided into 16 annas. In 1671 the British East India Company minted coins copied from native sorts, using the rupee as the essential unit of account. The value of the rupee varied from region to region, but, depending on the minter, and not till 1835 was the rupee made uniform by law.
Once independence in 1947, India retained the rupee and decimalized it in 1955. Pakistan began creating its freelance money in 1948 and adopted the decimal system in 1961. Ceylon (now Sri Lanka) in 1872 adopted a decimal system based on the Indian rupee; it adopted an autonomous financial system in 1929 and an freelance system in 1949.
The Reserve Bank of India has the only real authority to issue banknotes and coins in that country. Banknotes, all of which are adorned on the obverse with images of Mohandas Gandhi (1869-1948), the leader of the twentieth century movement against British colonization, are issued in denominations starting from 5 to one,000 rupees. Coins are denominated in values from 10 to fifty paisa, and there also are 1-, 2-, and 5-rupee coins.
The State Bank of Pakistan completely problems banknotes and coins in Pakistan. Banknotes vary from five to 1,000 rupees. The obverse of each note contains a picture of Mohammed Ali Jinnah, the founder of Pakistan. Coins flow into in values from twenty five paisa to 2 rupees, though higher-value commemorative coins also are legal tender.
