5 Ngultrum

Bhutan's first domestic banknote series, of which this is part, was issued as the country began establishing formal monetary institutions in the early 1970s. Prior to this period, Indian rupees circulated as the dominant medium of exchange, and the ngultrum was introduced at parity with the rupee — a fixed relationship that persists to this day.

The Security Printing Press at Nasik, operated by the Government of India, produced notes for several newly independent or newly monetized states during this period. Bhutan's reliance on it reflects how closely the two countries' financial systems were intertwined.