<P> With high inflation in the sixties, small denomination coins which were made of bronze, nickel - brass, cupro - nickel, and aluminium - bronze were gradually minted in Aluminium . This change commenced with the introduction of the new hexagonal 3 paise coin . A twenty paise coin was introduced in 1968 but did not gain much popularity . </P> <P> Over a period, cost - benefit considerations led to the gradual discontinuance of 1, 2 and 3 paise coins in the 1970s . Stainless steel coinage of 10, 25 and 50 paise, was introduced in 1988 and of one rupee in 1992 . The very considerable costs of managing note issues of ₹ 1, ₹ 2, and ₹ 5 led to the gradual coinisation of these denominations in the 1990s . </P> <P> Since its Independence in 1947, India has faced two major financial crises and two consequent devaluations of the rupee: In 1966 and 1991 . </P> <P> A summary of the decimalisation of the Rupee: </P>

When was the indian rupee devalued for the first time