- Know about money and its use
- Learn various denominations of money and coins used in India.
- Analyze situations to enable addition, subtraction, multiplication and division of money.
- Enable a child to count the money.
REAL LIFE EXAMPLES
- People make budget for their money. Budget means to plan before hand how and where to spend money.
- People save money in banks or invest for future.
- People collect coins and notes of older times.
This lesson will help you to:-
- In ancient days before money was invented, the barter system was used.
- Barter is a system where people used to exchange their products with each other because they didn’t have money that time.
- The history of the rupee traces back to 15th century, when the first “rupee” is believed to be introduced by Sher Shah Suri (1486-1545)
QUICK CONCEPT REVIEW
- What is Money? Money is any object or record that is generally accepted as payment for goods and services.
- Money is also known as currency.
- The unit of currency in India is Rupees which is denoted by following symbol: Rs.
- Other important currencies in the world are USD $ (United States Dollar which is used in America), GBP (UK Pound Sterling £) used in United Kingdom and Euro used in Europe.
- Money in India comes in form of paper as well as coins.
- 1 Rupee = 100 paisa
10 coins of 10 paisa make one Rupee.
2 coins of 50 paisa make one Rupee.
1 coins of 25 paisa make one Rupee.
1 coin of 50 paisa and 2 coins of 25 paisa make one Rupee.
- The paper based notes available in India are of
Rs. 1000, Rs. 500, Rs. 100, Rs. 50, Rs. 20, Rs. 10, Rs. 5 as shown below:
- Till few year back there were paper notes for Rs. 2 and Rs. 1 as well but they are no longer in use but are still valid. Their picture is as shown below:
- The coins available in India are of Rs.10, Rs.5, Rs.2, Rs.1, 50p and 25p as shown below;
- Paper notes are called bank notes as they are issued by the Reserve Bank of India (RBI)
- Coins of 50p, 25p and 10p are not in use in many parts of India but still there are few towns/cities where they are being used.
- Picture of Mahatma Gandhi, father of the nation, is printed on every note
- Every note contains signature of RBI Governor
- As the value of currency increases, the size of the paper note also increases.
Misconnect: If a paper note is mutilated or torn, then you feel that it cannot be used as no shopkeeper is ready to take it.
Concept: Torn or spoilt notes can be exchanged in banks and they will give you money depending on the condition of the note.