<P> The "Anna Series" was introduced on 15 August 1950 . This was the first coinage of the Republic of India . The King's Portrait was replaced by the Ashoka's Lion Capital . A corn sheaf replaced the Tiger on the one Rupee coin . The monetary system was retained with one Rupee consisting of 16 Annas . The 1955 Indian Coinage (Amendment) Act, that came into force with effect from 1 April 1957, introduced a "Decimal series". The rupee was now divided into 100' Paisa' instead of 16 Annas or 64 Pice . The "Naye Paise" coins were minted in the denominations of 1, 2, 5, 10, 20 and 50 Naye Paise . Both the Anna series and the Naye Paise coins were valid for some time . From 1968 onward, the new coins were called just Paise instead of Naye Paise because they were no more naye = new . </P> <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>

Who is called the father of indian rupee