During the Chola rule, the basis of exchange for common place articles in rural areas was Paddy. Paddy refers to the unhusked rice or rice in its natural form. It was commonly used as a medium of exchange for various goods and services in the rural areas of the Chola kingdom.

Paddy as a Medium of Exchange:
1. Economic Significance: Paddy was an essential agricultural produce and a staple food in the Chola kingdom. Its value and availability made it a convenient medium of exchange in the rural areas.
2. Barter System: The rural economy during the Chola rule was primarily based on the barter system, where goods and services were exchanged directly without the use of currency. Paddy became a common item for barter due to its widespread use and demand.
3. Agricultural Surplus: The Chola kingdom was known for its agricultural productivity and surplus. Paddy was a significant agricultural surplus, and its availability in abundance made it a suitable means of exchange.
4. Storage and Preservation: Paddy could be stored for a long duration without losing its value. This made it a preferred medium of exchange in rural areas where perishable goods were not as suitable for long-term storage.
5. Universal Acceptance: Paddy was accepted universally in rural areas as a medium of exchange. It was recognized as a valuable commodity and could be easily traded for other goods and services.
6. Local Market System: The rural areas in the Chola kingdom had a well-established local market system, where people would come together to exchange their goods. Paddy served as a common medium of exchange in these markets.
7. Tax Payment: Paddy was also used for paying taxes to the Chola rulers. The farmers would give a portion of their paddy harvest as taxes, which further reinforced its importance as a medium of exchange.

In conclusion, Paddy served as the basis of exchange for common articles in rural areas during the Chola rule. Its economic significance, agricultural surplus, and universal acceptance made it a convenient medium of exchange in the barter-based rural economy.