Answer :

Money is anything that is widely accepted for a transaction and which has a monetary value. A modern form of money includes paper notes and coins. Other than these two there are many types of money there are e-money, mobile wallet are some types which are as money currently in our economy. Best fit example of new forms of money that is e-money is Paytm which is widely accepted nowadays. New forms of e-money are not accepted in rural areas by the person who has lack of knowledge on the internet. Paper notes and coins accepted everywhere in India because of it the promissory note issued by the RBI. All the modern money will have the function of the store of value.


Money has the function of a measure of value. Money acts as a measure of exchange value. This means that money is a sort of general denominator, through which the exchange value of all goods and services can be articulated without any difficulty. Innumerable exchange rates under the barter system earlier caused massive trouble in the transactions of all kinds. Money has removed this difficulty by portion as a common measure of value. The value of all goods and services is expressed in terms of price and prices are expressed in terms of money. As money acts as a unit of account, it has significantly reduced the number of exchange rates.


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