Question

What is currency? Explain any three features of Indian currency

Answer 1

a system of money in general use of particular country is called currency

currency is easy to use

Answer 2

Answer:

Currency :

1. A system of money in general use in a particular country.

2. The fact or quality of being generally accepted or in use.

 

Three main features of modern Indian currency:  

(i) It is used in the form of paper notes and coins.  

(ii) The modern currency has no use of its own as it is not made up of any precious metals but is accepted as a medium of exchange because it is authorised by the Government of the country.  

(iii) As the law legalises the use of rupee as the medium of payment, it cannot be refused in settling transactions anywhere in India.