Give the modem forms of money.
Answers
Explanation:
Modern forms of money are:
1. Currency-paper notes and coins. They are not made of precious things and are not of daily use. They are accepted as a form of money because of government authorization.
2. Bank deposits are also a form of money. People can open bank accounts and make demand deposits.
3. Cheques act as a medium of exchange possible through bank accounts. It's a paper that makes the bank transfer money from one person's account to another. 'Rupee' is accepted as a medium of exchange because:
1. The Indian government has sanctioned the use of 'Rupee' as the currency in India. Only Reserve Bank of India can issue it.
Answer:
Modern form of currency in india is plastic notes and coins
It is accepted as the medium of exchange because the currency is authorized by the government of India.