It is an officially announced national currency of the Federal Democratic Republic of Nepal with currency code NPR and symbol Rs. It is subdivided into 100 paisa. The issuance of Nepalese rupee is administrated by the central bank of Nepal, the Nepal Rastra Bank.
Nepalese rupee was announced in 1932 by replacing the Nepalese mohar at rate 2:1. The currency remained pegged to Indian rupee since 1994. The first series of Nepalese rupee was issued between 1945 and 1955 in the course of the rule of King Tribhuvan. The currency was put into general circulation by Saddar Muluki Khanna, as at that time, Nepal did not have a Central Bank.
The Nepal central bank, the Nepal Rastra Bank was established on 26th April 1956, who took over the responsibility of issuing currency in Nepal. The first series of government introduced banknotes were issued on 17th September 1945 in denominations of 5, 10, and 100 Nepalese rupees. Since 2007, the banknotes of Nepalese rupee were produced by the National Mint Public Company of Indonesia.
In 2012, the Nepal central bank issued a new series of banknotes similar to the 2007 series. The current series of Nepalese rupee banknotes and coins in circulation include:
Banknotes:
Frequently used रू5, रू10, रू20, रू50, रू100, रू500, रू1000
Rarely used रू1, रू2, रु25, रु250
Coins:
Frequently used रू1, रू2
Rarely used 1, 5, 10, 25, 50 paisa, रू5, रु10