The Indian rupee is the official currency of India, managed by the Reserve Bank of India. It is divided into 100 paise. The rupee symbol was officially adopted in 2010 and features elements of the Devanagari letter "Ra" and the Latin letter "R". India has a history of demonetizing high-value banknotes to combat issues like inflation, corruption, and a cash-dependent economy. In 2016, Rs 500 and Rs 1000 banknotes were demonetized as they accounted for 86% of currency in circulation by value. This move was aimed at reducing the cash economy and encouraging digital and cashless transactions using methods like mobile wallets, debit cards, and online transfers.