what are the various form of modern money in about 100 words
Answers
Answer:
The various forms of morden money is cash or currency people use morden money for exchange of commodity in exchange of money
In the modern monetary systems, there are three forms of money in actual use: (i) Metallic Money, (ii) Paper Money, and (iii) Credit Money.
The first two kinds of money are in the form of currency money and the last one is credit or bank money.
Metallic Money:
Metallic money refers to coins made out of various metals like gold, silver, bronze, nickel, etc. A coin is a piece of metal of a given size, shape, weight and fineness whose value is certified by the State.
Paper Money:
Paper money consists of currency notes issued by the State Treasury or the Central Bank of the country. In India, one rupee notes are issued by the Minister of Finance of the Government of India, while all other currency notes of higher denominations are issued by the Reserve Bank of India.
Credit Money:
In modern economic societies, with the development of banking activity, along with paper money, another form of convertible money has developed in the form of credit money or bank money.