Prior to 1861, paper money in India was produced by a number of private banks. The Paper Currency Act of 1861 gave the British colonial government in India responsibility for the issuance of banknotes ushering in the modern era of Indian paper money. Printed by the Bank of England, notes bearing the image of Queen Victoria and denominated in rupees began to circulate. Other colonial money also circulated from France and Portugal. The Reserve Bank of India was established in 1935. India gained independence in 1947 and by 1950 was issuing rupee paper money. The new banknotes included the image of the Lion capital at Sarnath, which remains the official symbol of India currency.
