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Island in the Indian Ocean off the southern tip of India, Ceylon became a sovereign member of the British Commonwealth on February 4, 1948. As of May 22, 1972 Ceylon declared itself a republic and declared its former name, in Singhalese, to be Sri Lanka, the latter also to be used exclusively on an International basis. As of December 16, 1929 the Ceylon Rupee replaced the Indian Rupee, but remained at par until 1966. Since May 22, 1972 the monetary unit is called the Sri Lanka Rupee.
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