What are the modern forms of money?
What is demand deposit?
What is a cheque?
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The facility of cheques against demand deposits makes it possible to directly settle payments without the use of cash. Since demand deposits are accepted widely as a means of payment, along with currency, they constitute money in the modern economy
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Ans-1. Paper notes and coins are the modern forms of money.
Ans-2. A deposit with a bank that can be withdrawn whenever the depositor wants to do is known as demand deposit.
Ans-3. It is a paper that contains account holder's, account number and that instructs bank to pay money.
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