Denomination
Formerly the rupee (11.66 g, .917 fine silver) was divided into 16 annas, 64 paise, or 192 pies.
Coins of Pakistan Coins in circulation in Pakistan
Each circulating coin of British India and later India and Pakistan, until the Rupee was decimalized, had a different name in practice. A paisa was equal to two dhelas, three pies and six damarees. While a coin was minted for pie after independence in Pakistan for a very short period, a dhela and a damaree were never minted. Other coins for two paisas (taka), two annas (dawannee),four annas (a chawanee, or a quarter of a rupee), eight annas (an atthannee, or half a rupee)were widely in use until decimalization in 1961.The names of these coins denotes the numeral of their value in annas in Urdu except taka (two paisas or half an anna). While the word Taka was commonly used in East Pakistan (now Bangladesh), alternatively for rupee, the two paise coin was called a taka in West Pakistan. Taka is an ancient Sanskrit word for money. After the partition of India these coins remained in circulation until decimalization in 1961 in Pakistan. As the value of rupee rapidly eroded over the years, minting of the fractions of decimalized rupee has been completely abandoned. Presently, bank notes and some coins of 5, 10 rupees are rarely in use and the paper currency is the sole method of any cash transaction. All fractions of the rupee are of only historical significance and no fractions are in use at all. It is however interesting that a Taka in West Pakistan was worth two paises while this word was used alternatively for rupee in East Pakistan. After its independence Bangladesh started to officially call its currency "Taka" (BDT) in 1971.
Early 19th century East India Company rupees were used in Australia for a limited period. Decimalisation occurred in Ceylon (Sri Lanka) in 1969, India in 1957 and in Pakistan in 1961. Thus an Indian rupee is now divided into 100 Paise and so is the Pakistani rupee. Paisa is sometimes referred to as Naya-Paisa, meaning the "new-money" in India, a habit continued from when India became independent—when the new country introduced new currency, people used Naya-Paisa to distinguish it from the old currency. The issuance of the currency is controlled by the Reserve Bank of India, whereas in the Pakistan it is controlled by State Bank of Pakistan. The most commonly used symbol for the rupee is "Rs.". India adopted a new symbol for Indian rupees on 15 July 2010.
In most parts of India, the rupee is known as rupaya, rupaye, or one of other terms derived from the Sanskrit rupya, meaning silver. However, in the Bengali and Assamese languages, spoken in Assam, Tripura, and West Bengal, the rupee is known as a Taka, and is written as such on Indian banknotes. In India and Pakistan currency is issued in denominations of 1, 2, 5, 10, 20, 50, 100, 500 and 1000 rupees. Pakistan currency is also issued in a denomination of 5000 rupees. Large denominations of rupees are often counted in lakh (100,000 = 1 Lakh, 100 Lakh = 1 Crore/karor, 100 Crore/karor = 1 Arab, 100 Arab = 1 Kharab/khrab, 100 Kharab/khrab = 1 Neel, 100 Neel = 1 Padma, 100 Padma = 1 Shankh, 100 shankh = 1 Udpadha, 100 Udpadha= 1 ank). Terms beyond a crore are not generally used in the context of money, e.g. an amount would be called Rs 1 lakh crore (equivalent to 1 trillion) instead of Rs 10 Kharab.
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