Question

What are the alternative paper currency and coins?Explain the same in detail.Also Suggest various advantages and disadvantages of the same.How is it affecting your life?

Answer 1

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Answer 2

Answer:

Alternative paper currency and coins is the replacement of the original currencies.

Advantages:

1. It costs less than the original currencies and coins

2. It is economical and it is the "cheapest media of exchange".

3. The "wear and tear" of metallic coins is avoided when it comes to paper currency.

4. For a very large quantity, it is convenient to use paper currency.

5. It can be "cheaply remitted" and it is stable

Disadvantages:

1. Outside India, Paper money is of no use while gold coins are valuable still.

2. Paper may get teared up and damaged and the value of it will be lost once teared.