Rupees and Paise Word Problems: Solving Practical Math Challenges
Table of Contents
Introduction: Rupees and Paise
The paper thing and the coins which we see on a daily basis and use for buying or getting anything we want in exchange let it be your favorite eraser or a candy or anything else which catches your eye is called the “Money”. The currency is the system of money used in the entire world, every country has its own unique currency.
This money runs the entire world and you are already aware of its importance. The money which we use in our country India is defined by the terms Rupees and Paise. We generally come across various notes and coins having different denominations (numbers).
Rupees and Paise are the basic units of currency used in India. Rupee is the common currency name being used in many other countries apart from India, such as Pakistan, Nepal, Seychelles, and Sri Lanka.
- A Rupee consists of 100 paise or you could say one rupee = 100 paise. An Indian Rupee symbol is ₹.
- Paise is a monetary unit that is used in India, Nepal, Bangladesh, Bhutan, and Pakistan and it is worth one-hundredth of a rupee, or a coin of this value.
- The value of the rupee has changed significantly over the years due to changes in economic and political factors, nonetheless, it remains as an important part of India’s Financial System.
What is the Indian Currency System and How Does it Work?
Indian currency notes and coins are issued by the monetary authorities of the country. The monetary authorities of India go by the name “Reserve Bank of India (RBI)”.
RBI Act of 1934, empowers RBI to supply all the banknotes except one rupee note.
- Under the coinage act of 1909, coins and 1 Rupee notes are issued by the Government of India.
- Moreover, the Indian currency system is based on an inconvertible paper currency system i.e. money cannot be converted into gold or precious metal.
- The Indian currency system has two important features;
- Internal Aspect, and
- External Aspect
- Internal feature deals with the circulation of currency notes and coins.
- Whereas the external deals with the external currency value and the method in which it is regulated.
What is Rupee (₹) ?
It is the common name of money (currencies) used in India and a few other countries.
- In the republic of India, the Indian Rupee is the official currency. INR is the currency code for the Indian Rupee, and the currency symbol is ₹.
- Moreover, the rupee is subdivided into 100 paise, although the coin of 1 rupee has the lowest value when it comes to use. Whereas, 2000 rupees possess the highest denomination.
- On the other hand, one rupee isn’t written in usual way as “₹ 1” instead it is written as “₨ 1”.
- The Reserve Bank of India (RBI) controls the issuance of these currencies.
- Various factors affect the value of the Rupees such as the exchange rate of the Indian currency, oil prices, investment flows, and trade flows.
- Examples of the Indian Rupee (INR) are as follows;
What is Paisa?
- The term Paisa is a universal idiom for money and wealth. It is a monetary unit/currency in India and several other countries.
- The Indian paisa is denoted by the प.
- It is equal to a 1/100 (one-hundredth) subdivision of 1 Rupee.
History of the Indian Rupee & Paise
- The Indian rupee was actually derived from the term rupiya, a silver coin which was first introduced and issued by Sultan Sher Shah Suri in the 16th century. Though it was for a brief period which was then undertaken and standardized by the Mughal Empire.
The history of the Indian Rupee traces back to ancient India in the 6th century BCE.
- Ancient India was one of the earliest civilizations in the world who issued the use of coins along with the Chinese wen and Lydian staters.
- The paisa was equal to 3 pies abbreviated as Ps (was a unit of currency in India, Burma and Pakistan until 1947), ¼ of an anna, or 1/64 of a rupee until the 1950’s of the British Rule.
- The term Paisa is derived from the Sanskrit term padaṁśa (basic unit).
- The term padaṁśa is split into two parts for its meaning. For instance, Pada means “quarter part base” and aṁśa means a portion or a unit.
- In the year 1955, the Government of India first amended the Indian Coinage Act and adopted the metric system for Coinage.
- On 1 April 1957, after the conversion of the currency from non-decimal sub-units to decimal Units also known as “Decimalisation”, the paise became equal to 1/100 of a rupee and was known as a naya paisa.
- In decimalization, India has one basic currency unit and subunits with the power of 10.
Difference Between Rupees and Paise
Rupees is the currency unit of India.
Similarly, Paise is also the currency unit of India.
Rupees come in the form of notes.
Paise comes in the form of coins.
Rupees i.e. notes are larger units of money.
Paise i.e. coins are comparatively smaller units of money.
1 rupee is equal to 100 paise.
1 paisa is equivalent to 1/100 rupee.
The symbol used to denote rupees is “₹” or “₨”.
The symbol used to denote paise is “p”.
Rupees when written in figures and words are represented separately by “.” and “and” respectively.
For eg- 21 rupees 50 paise is written as 21.50.
In word form, we write it as “Twenty-one rupees and fifty paise”.
Similarly when paise For eg- 100 rupees 21 paise is written as 100.21.
In word form we write it as “One Hundred rupees and Twenty-one paise” has to be written in figures, it is also differentiated by “.” and “ and” respectively.
Difference Between Rupees and Paise [Infographic]
How to Convert Paise to Rupees. Examples?
Conversion of paise to rupees is a pretty simple concept, we are only required to divide the given paise by 100. Here, we are converting a smaller unit of money into a larger unit of money. Hence, we divide.
Example 1: Convert 25 Paise to Rupees.
Simply divide 25 paise by 100 to convert it into rupees.
25 (paise) ➗ 100 = 25/100 = 0.25 (rupees).
Therefore, in decimals 25 , paise equals 0.25 rupees.
(Hint: When the numerator is comparatively smaller than the denominator in value, we will get the solution in decimals. For getting results, we just need to make jumps from right to left starting from the ones place and then place the decimal point. The jumps should be equal to the number of zeros in the denominator. In the above case, the denominator has two zeroes so two jumps from ones place to tens place and then place the decimal point after the tens digit i.e. 2.)
Example 2: Convert 1000 Paise to Rupees.
Divide 1000 paise with 100 to convert it into rupees.
1000 (paise) ➗ 100 = 1000/100 = 10 (rupees).
Therefore, 1000 paise equals 10 rupees.
(Hint: Strike off the equal number of zeroes from the numerator and denominator.)
How to Convert Rupees Into Paise? Examples?
Similarly, to convert rupees into paise one needs to multiply paise by 100 to turn it into rupees. As we are converting from a bigger unit of money to a smaller unit of money. Therefore, we multiply.
Example 1: Convert 55 Rupees to Paise.
Simply, multiply 55 rupees by 100 to convert it into paise.
55 (rupees) ✖ 100 = 5500 (paise).
Therefore, 55 rupees equals 5500 paise.
Example 2: Convert 210 Rupees to Paise.
Multiply 210 rupees by 100 to convert it into paise.
210 (rupees) ✖ 100 = 21000 (paise).
Therefore, 210 rupees equals 21000 paise.
Money Conversion Examples
Example 1: Convert 150 Paise to Rupees
150 Paise × 1 Rupees / 100 Paise = 1.50 Rupees
Rupees = 1.50
Example 2: Convert 50 Paise to Rupees.
Divide 50 paise by 100 to convert it into rupees.
50 (paise) ➗ 100 = 50 ➗ 100 = 0.5 (rupees).
Therefore, in decimals 5,0 paise equals 0.5 rupees.
Example 3: Convert 10 Paise to Rupees.
Divide 10 paise by 100 to convert it into rupees.
10 (paise) ➗ 100 = 10 ➗ 100= 0.1 (rupees).
Therefore, in decimals, 1,0 paise equals 0.1 rupees.
Example 4 : Convert 25 Paise to Rupees.
Divide 25 paise by 100 to convert it into rupees.
25 (paise) ➗ 100 = 25 ➗ 100 = 0.25 (rupees).
Therefore, in decimals, 25 paise equals 0.25 rupees.
Example 5: Express 50 paise to 5 rupees
Step – 1: Converting rupees to paise inorder to find out the ratio of 50 paise to 5 rupees.
We know that, 1 Rupee = 100 paise
Therefore, 5 Rupees = (500 ✖ 100 paise ) / 1
⇒ 5 Rupees = 500 paise … will be taken as equation (i)
Step – 2: Substitute the value obtained from the above equation (i) to find the required ratio.
The Ratio of 50 Paise to 5 Rupees = 50 Paise / 5 Rupees
= 50 Paise / 500 Paise
[From equation (i), we are substituting 500 paise instead of 5 rupees.]
= 1 / 10
(Hint: 50 times 10 is 500.)
Thus, the ratio of 50 paise to 5 rupees is 1:10 or 1/10 0r 1 to 10.
Example 6: 75 paise is equal to how many rupees?
We know that 1 paisa is equal to 0.01 rupees i.e. 1 paisa = 0.01 rupees.
Divide 75 paise by 100 to convert it into rupees.
75 (paise) ➗ 100 = 75 / 100 = 0.75 (rupees).
Therefore, in decimals 75 paise = Rs 0.75 rupees.
- Conversion tool as the name suggests, is a tool that helps in money conversion. Tool as in calculator.
- You have to type the number which needs to be converted inside the box.
- Then you are supposed to click on Find button, as soon as you do that the solution will be displayed in the solution tab.
- Moreover, all of these are displayed step by step for better understanding.
As we are at the end, I would like to share snippets about our National History of Currency. India won its independence day on the 15th August, 1947, during the transition period, our country India worked towards retaining the monetary system and the coinage and currency system belonging to the earlier period.
India introduced a new set of distinctive coins on 15th August, 1950. Over a period of time, many factors contributed to the coinage policy of Republic India such as reforming of coins with the metric system, the varying need to remove the possibility of the metallic value of coins rising beyond the face value and the cost-benefit considerations led to the gradual discontinuance of certain coins.