Current Affairs 1st Class

Category : 1st Class

MONEY

Concept of Money

We all are familiar with Money. In India or anywhere in the world money is available in the form of coins and notes. We pay money while purchasing any things and receive money by selling goods.

Money in India is counted in terms of paise and rupees.

Rupee and Paise  

Let's remember the following:

100 paise =

50 paise =

25 paise =

20 paise =

10 paise =

5 paise =

Identifying Coins

All coins are made up of metal. In India, at present coins of 50 paise, Rs.  1, Rs. 2, Rs. 5 and Rs. 10 are in circulation.

•            Example:

Just see the 50 paise and Rs. 2 coins given below:

From the pictures given above, it is clear that the denominations of coins are written on them. When we see a coin, we find the denomination given on it. It helps us to understand the value of the coin easily.

Identifying Notes

The information that is required to identify the rupees are written on a paper and is called 'Note'. In India, Rs. 5, Rs. 10, Rs. 20, Rs. Rs. 50, Rs. 100, Rs. 500 and Rs. 1000 notes are in circulation.

•          Example:

Look at the Rs.10 and Rs. 20 notes given herewith:   

.Adding Cost of Things                                                           

This is the grouping of the costs of two or more things and converting them into single money value.

For example,                                  

If cost of one apple \[=Rs.\,\,[\,2\,]\]

and cost of one banana\[=Rs.\,\,[\,4\,]\]

and cost of one orange \[=Rs.\,\,[\,6\,]\]

The total cost of all the three fruits, therefore, is:

cost of one apple + cost of one banana + cost of one orange \[=Rs.\,\,[\,2\,]+Rs.\text{  }\!\![\!\!\text{ }\,\text{4}\,\text{ }\!\!]\!\!\text{ }+Rs.\text{  }\!\![\!\!\text{ }\,\text{8}\,\text{ }\!\!]\!\!\text{ }.\]