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Bhutan is an independent kingdom in southern Asia, on the southeastern slopes of the Himalayas, north of India. It is bordered by the Tibet Autonomous Region of China in the north, the Chumbi Valley of Tibet and is barely separated from Nepal, from the Indian state of Sikkim in the west and the Indian states of Assam, West Bengal, and Arunachal Pradesh in the south, east and southwest.
The ngultrum (symbol: Nu., code: BTN) is the currency of the Kingdom of Bhutan. It is subdivided into 100 chhertum, spelled as chetrums on coins until 1979. The Royal Monetary Authority of Bhutan is the minting authority of the ngultrum banknotes and coins. The ngultrum is currently pegged to the Indian rupee at parity. On June 2, 1974, the first three notes (Nu.1, Nu.5 and Nu.10) were introduced by the Royal Government of Bhutan, followed by Nu.2, Nu.20, Nu.50, and Nu.100 in 1978.
In 2006, the Monetary Authority introduced its latest series of notes, with denominations of Nu.1, Nu.5, Nu.10, Nu.20, Nu.50, Nu.100, Nu.500, and Nu.1000