explain the various types of money prevalent in india
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Indian notes are convertible into the standard money of the country— rupees—as and when desired by holders. ... One-rupee notes are not convertible into rupee coins—they are treated as rupees. They are issued by the Government of India, while all other notes are issued by the Reserve Bank of India.
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The four most relevant types of money are commodity money, fiat money, fiduciary money, and commercial bank money. Commodity money relies on intrinsically valuable commodities that act as a medium of exchange. Fiat money, on the other hand, gets its value from a government order.
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