Money – What it is
Rupees, Dollars, Yen, Euros, Pounds so much of currency around the world. Money is a word you will often hear growing up. You might be asking for money at this age for your birthday or to buy some chocolates. The world seems to be running after money.
The news is filled with a million ways to make money but also with another million ways to spend the money. Our parents teach us to save our money, shops and markets give us products when we give them money.
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Some facts about money
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- The Indian currency is issued and controlled by the RBI (the Reserve Bank of India) Swedish Stockholm bank in 1661 was the first bank to issue printed money.
- The current abbreviation of INR began in July 2010, before which the abbreviation ‘Rs.’ was in use.
- The ‘rupee’ originated from the Sanskrit word ‘raupya’ which means silver.
- D. Udaya Kumar created the ‘₹ ‘symbol on 15th July 2010.
- In Indian English, the use of million and billion for lakhs and crore isn’t quite common.
- In 1964, the aluminium coins were introduced for denominations up to 20 paise.
- The foreigners can’t import or export Indian rupees, while the Indian nationals can import and export up to INR 5000 at a time.
