The Pakistani Rupee is the currency currently issued by the State Bank of Pakistan. It is commonly denoted by the sign "Rs" in westernized countries and has received the ISO currency code of "PKR". The modern form of the Pakistani Rupee was first introduced in 1947 after the British Raj was dissolved in 1947. The first editions were little more than Indian currencies stamped over with "Pakistan" and has since undergone several updates. In 1961, the Rupee was standardized to a base ten denomination, subdivided into one-hundred paise. Though, perhaps largely due to inflation, these small denominations have not been issued since the early 1990's.