We often use rupees and paise as money. Money serves as the medium of exchange. By exchanging money we can have required things. In our day-to-day life, we purchase the required things from a shop and pay money to the shopkeeper for the purchased thing. At present money is made and available in two forms (i) Coins and (ii) Currency notes.
Read More: Money Names and Values
Coins
The shapes and sizes of coins are different from time to time. Nowadays the coins of one paise, five paise, Ten paise, twenty paise, 50 paise are not in use. The coins of 1-rupee, 2-rupee, and 5-rupee denominations are mostly in use. Different types of old coins as shown in the figure:
Currency Notes
The shapes, sizes, and designs of these currency notes are different from time to time. In the case of 1-rupee, 2-rupee, and 5-rupee denominations, both coins as well as notes are used. One rupee, two rupee notes are rarely available now. The value of 1- rupee note, 5-rupee notes, and coins of 1 rupee, 5 rupees are the same. Five rupees, ten rupees, twenty rupees, fifty rupee notes are available now. Different types of New notes as shown in figure
The abbreviation for Rupee is Rs. i.e. we write 3 rupees as Rs 3. Sometimes we use a decimal point to separate rupees and paisa. For example, we will write 3 rupees 90 paise as Rs 3.90. The abbreviation for paise is p. We can write p after the number of paise.
For example, we can write 10 Rupees 50 paisa as Rs. 10.50
If the given number of paisa is one digit we can make it two-digit by placing 0 as the first number.
We can convert paisa to rupee and rupee to paisa.
Ex: Rs 20.06 is converted to paisa is 2006 paisa.
Rs 5 is converted to 500 paisa.
775 paisa is converted to 7rs 75 paisa
800 paisa is converted to 8 rs.
Examples of Expressing the Amount of Money in Words and Figures
1. Express the amount Rs. 15.35 in words.
We can express the amount in words as fifteen rupees thirty-five paise.
2. Express rupees thirty and ten paise in figures.
We can express rupees thirty and ten paise as Rs. 30.10
3. Express the money in the figures 15 rupees and 25 paise.
We express 15 rupees and 25 paise in the figures as Rs 15.25.
4. Express 2 paise in figures.
We express 2 paise as Re 0.02.
5. Express Rs 6.75 in rupees and paise.
We express Rs 6.75 as Six rupees seventy-five paise.
FAQs on Money
1. What is the purpose of money?
The purpose of money is to serve as the medium of exchange.
2. In how many forms money is divided?
Money is divided into two forms 1. coins and 2. currency
3. What is the abbreviation for rupees?
The abbreviation for rupees is Rs.
4.What is the abbreviation for paise?
The abbreviation for paise is p.
5. How many paise is 1 rupee?
One rupee has 100 paise.