The rupee is the official currency of the Republic of India. The word “rupee” is derived from the Sanskrit word rupaya, meaning “wrought silver,” and was first used in reference to coins in the 16th century. The rupee was subdivided into 16 annas, each of which was further subdivided into 4 pice. In 1957, decimalization occurred and the rupee was divided into 100 naye paise.
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