Social Sciences, asked by Tamannadagar7612, 1 year ago

what monetary system does india follow

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Answered by Anonymous

In India the monetary authority is Reserve Bank of India (RBI) which has adopted a standard currency made of paper. That is why India is said to be on a paper currency standard.Following points need to be noted in this regard. (i) Paper currency is the main currency of the country.

Answered by sanjeevbandi

Answer:

Money And Banking. What monetary system does India follow? India at present follows the Paper Currency Standard because here standard currency is made of paper. This is also referred to as Managed Currency Standard as any amount of notes can be issued with the minimum backup of gold worth र 115 crores.

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