ThE ruppes is widely accepted as a medium of exchange. explain
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rupees is widely accepted as a medium of exchange as it is authorised by the government of india and no individual can refuse to take it.
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Rupees in India is widely accepted as medium of exchange because :-
1. Rupees is authorized by govt. of India
Rupees is legally authorised as Medium of exchange by central government. No company or individuals can deny to setting transaction in India.
2. RBI issue currency on behalf of central govt.
RBI issues currency and no individual organisation is allowed to publish cash. so there is less chance of duplicate notes.
3. Rupees act as an intermediate in exchange process.
It overcome the problem the lack of double coincidence of wants.
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