<P> The first "Mahatma Gandhi Series" was introduced in 1996 . Prominent new features included a changed watermark, windowed security thread, latent image and intaglio features for the visually handicapped . </P> <P> The five hundred (₹ 500) and one thousand rupee notes (₹ 1,000) were demonetised by an unscheduled address to the nation by Prime Minister Narendra Modi starting from midnight 8 November 2016 . These notes are being replaced by the Mahatma Gandhi New Series of notes . </P> <P> For the record, the rupee was never equal to the dollar . At the time of independence (in 1947), India's currency was pegged to pound sterling, and the exchange rate was a shilling and six pence for a rupee--which worked out to Rs 13.33 to the pound . The dollar - pound exchange rate then was $4.03 to the pound, which in effect gave a rupee - dollar rate in 1947 of around Rs 3.30 . The pound was devalued in 1949, changing its dollar parity from 4.03 to 2.80 . India was then a part of the sterling area, and the rupee was devalued on the same day by the same percentage, so that the new dollar exchange rate in 1949 became Rs 4.76--which is where it stayed till the rupee devaluation of 1966 made it Rs 7.50 to the dollar and the pound moved to Rs 21 . </P> <Table> <Tr> <Th> Year </Th> <Th> Exchange rate (INR per USD) </Th> </Tr> <Tr> <Td> 1947 </Td> <Td> 3.30 </Td> </Tr> <Tr> <Td> 1949 </Td> <Td> 4.76 </Td> </Tr> <Tr> <Td> 1966 </Td> <Td> 7.50 </Td> </Tr> <Tr> <Td> </Td> <Td> 8.39 </Td> </Tr> <Tr> <Td> 1980 </Td> <Td> 7.86 </Td> </Tr> <Tr> <Td> 1985 </Td> <Td> 12.38 </Td> </Tr> <Tr> <Td> </Td> <Td> 17.01 </Td> </Tr> <Tr> <Td> 1995 </Td> <Td> 32.427 </Td> </Tr> <Tr> <Td> 2000 </Td> <Td> 43.50 </Td> </Tr> <Tr> <Td> 2005 (Jan) </Td> <Td> 43.47 </Td> </Tr> <Tr> <Td> 2006 (Jan) </Td> <Td> 45.19 </Td> </Tr> <Tr> <Td> 2007 (Jan) </Td> <Td> 39.42 </Td> </Tr> <Tr> <Td> 2008 (October) </Td> <Td> 48.88 </Td> </Tr> <Tr> <Td> 2009 (October) </Td> <Td> 46.37 </Td> </Tr> <Tr> <Td> 2010 (22 January) </Td> <Td> 46.21 </Td> </Tr> <Tr> <Td> 2011 (April) </Td> <Td> 44.17 </Td> </Tr> <Tr> <Td> 2011 (21 September) </Td> <Td> 48.24 </Td> </Tr> <Tr> <Td> 2011 (17 November) </Td> <Td> 55.3950 </Td> </Tr> <Tr> <Td> 2012 (22 June) </Td> <Td> 57.15 </Td> </Tr> <Tr> <Td> 2013 (15 May) </Td> <Td> 54.73 </Td> </Tr> <Tr> <Td> 2013 (12 Sep) </Td> <Td> 62.92 </Td> </Tr> <Tr> <Td> 2014 (15 May) </Td> <Td> 59.44 </Td> </Tr> <Tr> <Td> 2014 (12 Sep) </Td> <Td> 60.95 </Td> </Tr> <Tr> <Td> 2015 (15 Apr) </Td> <Td> 62.30 </Td> </Tr> <Tr> <Td> 2015 (15 May) </Td> <Td> 64.22 </Td> </Tr> <Tr> <Td> 2015 (19 sep) </Td> <Td> 65.87 </Td> </Tr> <Tr> <Td> 2015 (30 nov) </Td> <Td> 66.79 </Td> </Tr> <Tr> <Td> 2016 (20 Jan) </Td> <Td> 68.01 </Td> </Tr> <Tr> <Td> 2016 (25 Jan) </Td> <Td> 67.63 </Td> </Tr> <Tr> <Td> 2016 (25 Feb) </Td> <Td> 68.82 </Td> </Tr> <Tr> <Td> 2016 (14 April) </Td> <Td> 66.56 </Td> </Tr> <Tr> <Td> 2016 (22 Sep) </Td> <Td> 67.02 </Td> </Tr> <Tr> <Td> 2016 (24 Nov) </Td> <Td> 67.63 </Td> </Tr> <Tr> <Td> 2017 (28 Mar) </Td> <Td> 65.04 </Td> </Tr> <Tr> <Td> 2017 (28 April) </Td> <Td> 64.27 </Td> </Tr> <Tr> <Td> 2017 (15 May) </Td> <Td> 64.05 </Td> </Tr> <Tr> <Td> 2017 (14 August) </Td> <Td> 64.13 </Td> </Tr> <Tr> <Td> 2017 (24 October) </Td> <Td> 64.94 </Td> </Tr> </Table>

Dollar rate at the time of indian independence
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