Stem and crush currants, one layer at a time; place in large saucepan. Stir in water. Bring to boil; cover. Simmer 10 min. Place prepared currants in jelly bag; hang and let drip into bowl until dripping stops. Press bag gently to remove any remaining juices. Measure exactly 6-1/2 cups prepared juice into large saucepan. Combine pectin crystals and 1/4 cup sugar; stir into prepared juice.