Q. 184.8( 6 Votes )

Why is mode

Answer :

Modern currency is accepted as a medium of exchange:

1. Modern currency is accepted as a medium of exchange because it is authorized by the central government of a country.

2. In India, RBI issues the currency notes and it is illegal for any other organization or individual to issue the currency.

3. The rupee cannot be refused legally as a medium of payment in India.

Explanation: Modern currency does not have use of its own but it derives its value from the government sanction and therefore is widely used.

Rate this question :

How useful is this solution?
We strive to provide quality solutions. Please rate us to serve you better.
Try our Mini CourseMaster Important Topics in 7 DaysLearn from IITians, NITians, Doctors & Academic Experts
Dedicated counsellor for each student
24X7 Doubt Resolution
Daily Report Card
Detailed Performance Evaluation
view all courses

Why is money acceSocial Science - Board Papers