Question

‘The Rupee is widely accepted as a medium of exchange’. Explain.

Answer 1

Answer:

bcz we didn't have to depend upon the barter system that was used b4 in which they exchange their good one will give the exactly same the other want

Answer 2

The answer is stated below:

Explanation:

• The medium of exchange is the medium for the exchange used as an instrument of intermediary and facilitate the trade, sale or purchase of the goods among the parties.

• In India, the rupee is accepted widely as a medium of exchange because the currency has authentication of the RBI (Reserve Bank of India). RBI plays a very important role in printing the currencies and there is no authority other than RBI, as RBI has the sole authority.

• As per the laws, the rupee is as a medium to make the payment in the exchange for the services which could not be refused during the transaction in the country.

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