A decade after independence in 1957, the amended The Indian Coinage Act was adopted allowing a decimal system for coinage. The Rupee remained unchanged in value and nomenclature, but each rupee was now divided into 100 “Paisa” instead of the earlier 16 Annas or 64 Pice. To allow sufficient time for public recognition, the new decimal “Paisa” was termed “Naya Paisa” until June 1964, after which it was phased out.
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