In 1866, financial establishments collapsed and control of paper money was shifted to the British government, with the presidency banks being dismantled a year later. Although India was a colony of Britain, it never adopted the Pound Sterling. In 1825, British India adopted a silver standard system based on the Rupee and was used until the late 20th century. The states of pre-colonial India minted their coins with a similar design to the silver Rupee with variations depending on their region of origin. 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. You’ll pay up to $30 for overnight delivery.The central bank in India is called the Reserve Bank of India. For example, while CXI doesn’t charge an exchange fee, it does charge a large fee for shipping. Make sure to research any providers by reading online reviews and to make note of the fees they charge. Be aware, however, that not all online currency websites are created equal.
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