Shreyas Samudra said:
very very precisely I want to understand -
after switching on the circuit - at that very moment we have some kind of chaotic situation for few nanoseconds , before a steady state (following all rational rules like conservation of energy) establishes !
what happens in that time, which leads to the steady state ??
In the quasistationary limit (which is justified for not too quickly changing fields) you can write down the differential equation for switching on the circuit. In order to make this sensible, you have to take into account the self-induction of the circuit. So we assume we have a series of a resistor and and ideal coil with self-inductance ##L##. Then the equation of motion reads
$$L \dot{I}+R I=U_0,$$
where ##U_0## is the constant voltage of an ideal voltage source.
The solution of this linear first-order ode with constant coefficients is straight-forward. First you solve the homogeneous equation:
$$L \dot{I}+R I=0.$$
This you do with the standard ansatz
$$I(t)=I_0 \exp(\lambda t).$$
Plugging this into the homogeneous equation, leads to the algebraic equation
$$L \lambda+R=0 \; \Rightarrow \; \lambda=-\frac{R}{L}.$$
The general solution of the homogeneous equation thus reads
$$I(t)=I_0 \exp(-R t/L).$$
Now all you need in addition is a special solution of the inhomogeneous equation, which you can get by the ansatz of the type of the right-hand side, i.e., by
$$I=I_{\infty}=\text{const}.$$
Plugging this ansatz into the inhomogeneous equation, you get
$$R I_{\infty}=U_0 \; \Rightarrow \; I_{\infty}=\frac{U_0}{R}.$$
Now the general solution of the inhomogeneous equation is the sum of the general solution of the homogeneous and the just found particular solution of the inhomogeneous equation
$$I(t)=\frac{U_0}{R} + I_0 \exp \left (-\frac{R}{L} t \right).$$
Finally, we fix the integration constant ##I_0## by fulfilling the initial condition, ##I(0)=0##, which leads to ##I_0=-I_{\infty}##. Thus the final solution of your problem is given by
$$I(t)=\frac{U_0}{R} \left [1-\exp \left (-\frac{R}{L} t \right) \right ].$$
For a derivation of the laws underlying this derivation, see my Texas A&M Lecture notes (part III)
http://fias.uni-frankfurt.de/~hees/physics208.html