Disclaimer:
Some images and videos are may be in copyright.
This video is not monetized.
For any copyright issue, Please mail @ channelmayday@gmail.com
Do you know why Rs 200 note is required? Why not Rs 250
The Reserve Bank of India recently announced the introduction of 200 rupee note.
Why was it so important to have a 200 rupee note, and big question is how are currency denominations determined in the first place?
Currency Denomination is mainly based on series called Renard Series, This series was proposed by French army engineer Charles Renard.
this Renard Series also called the 1 2 5 series, in which a ‘decade’ or a 1:10 ratio is covered in 3 steps.
The first number in the series would be 1, the second would be 2, and the third would be 5. When extended, it would read 1, 2, 5, 10, 20, 50, 100, 200, 500, 1000, and so on.
As you can see, the numbers in the 1 2 5 series are very conveniently arranged to simplify transacting. So if a person has a 10-rupee note and buy something of 3 rupee, he would be able to get his change in the form of a 5-rupee note or coin and a 2-rupee coin, instead of getting seven 1-rupee coins or, three 2-rupee coins, and a 1-rupee coin if the currency had not been denominated that way.
Since India already had 100-rupee, and 500-rupee denominations, the 200-rupee note was added to complete the 100 200 500 part of the series.
The euro and the British pound are two of the most notable currencies that are denominated in the 1 2 5 series.
Some images and videos are may be in copyright.
This video is not monetized.
For any copyright issue, Please mail @ channelmayday@gmail.com
Do you know why Rs 200 note is required? Why not Rs 250
The Reserve Bank of India recently announced the introduction of 200 rupee note.
Why was it so important to have a 200 rupee note, and big question is how are currency denominations determined in the first place?
Currency Denomination is mainly based on series called Renard Series, This series was proposed by French army engineer Charles Renard.
this Renard Series also called the 1 2 5 series, in which a ‘decade’ or a 1:10 ratio is covered in 3 steps.
The first number in the series would be 1, the second would be 2, and the third would be 5. When extended, it would read 1, 2, 5, 10, 20, 50, 100, 200, 500, 1000, and so on.
As you can see, the numbers in the 1 2 5 series are very conveniently arranged to simplify transacting. So if a person has a 10-rupee note and buy something of 3 rupee, he would be able to get his change in the form of a 5-rupee note or coin and a 2-rupee coin, instead of getting seven 1-rupee coins or, three 2-rupee coins, and a 1-rupee coin if the currency had not been denominated that way.
Since India already had 100-rupee, and 500-rupee denominations, the 200-rupee note was added to complete the 100 200 500 part of the series.
The euro and the British pound are two of the most notable currencies that are denominated in the 1 2 5 series.
Comments
Post a Comment