Why is modern currency accepted as a medium of exchange? Who issues the same in India? 1M question. Guys please answer this question for me according to the word limit. Please!
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The modern currency is accepted as a medium of exchange because it is authorized by the government.
Modern currency is issued by the Reserve Bank of India.
What are the characteristics of modern currency?
- Modern currency is used by every people in India to exchange goods
- The currency is in the form of coins, paper money, and checks
- We can use modern currency anywhere in India and it has no limit
- No other banks issued modern currency accept Reserve Bank of India
- It is used daily by the people as a medium of exchange
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