In 1935, under the Paper Currency Act of 1861, the Raj was granted the monopoly of issuing notes, ending the practice of private and presidency banks. But these currencies continued to be in use till the RBI issued its own coins and notes. Interestingly, till about 50 years ago, other currencies besides the RBI’s existed in, for instance, Portuguese Goa and Hyderabad.
For the first time in the country’s minting history, government will issue coins of Rs. 150, marking the number of years of taxation in India.