what are different types of modern money
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Explanation:
Modern forms of money are:
Currency-paper notes and coins. They are not made of precious things and are not of daily use. ...
Bank deposits are also a form of money. People can open bank accounts and make demand deposits.
Cheques act as a medium of exchange possible through bank accounts.
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Cheques, bank deposits, rupees and currency-paper notes and coins are the different types of modern money.
Explanation:
- Commodity money, fiducialry money, fiat money and commercial bank money are the most relevant types of money.
- In world, most common type of monetary system is fiat money.
- Example of fiat money is US dollar.
- Currency-paper notes and coins are the government authorization form of money.
- Cheques transfer money from one person's account to another person account through bank.
- Rupee is the currency in India and rupee is issued only by reserve bank of India.
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