History of paper currency in Indian subcontinent

[2][3] The expansionist strategies of the East India Company led Bengal to a scarcity of gold and silver bullion.

Sensing an emerging credit crisis, the British official introduced paper currency in India.

The government formed by the East India Company didn't recognize these paper currencies officially.

After the enactment of the paper currency act in 1861, a series of banknotes and coins were issued in the honor of Queen Victoria in 1862 with her portrait on them.

[6][7] In January 1936, the Reserve Bank of India first issued five rupee notes containing the portrait of King George VI.