Why is currency accepted as a medium of exchange
Asked by admin @ in Economy viewed by 350 People
Why currency is accepted as a medium of exchange. 3 points or 3 sentences
Asked by admin @ in Economy viewed by 350 People
Why currency is accepted as a medium of exchange. 3 points or 3 sentences
Answered by admin @
(i) It is accepted as a medium of exchange because the currency is authorised by the government of the country.
(ii) In India, the Reserve Bank of India issues currency notes on behalf of the Central Government.
(iii) As per Indian law, no other individual or organisation is allowed to issue currency.
(iv) Moreover, the law legalises the use of rupee as a medium of payment that cannot be refused in settling transactions in India.
(v) No individual in India can legally refuse a payment made in rupees. Hence this rupee is widely accepted as a medium of exchange.
Asked by admin @ in Economy viewed by 353 persons
Asked by admin @ in Economy viewed by 359 persons
Asked by admin @ in Social Studies viewed by 310 persons
Asked by admin @ in Social Sciences viewed by 289 persons
Asked by admin @ in Social Sciences viewed by 283 persons
Asked by admin @ in Social Sciences viewed by 303 persons
Asked by maham237 @ in Mathematics viewed by 344 persons
Asked by admin @ in Business viewed by 220 persons
Asked by wiki @ in Health viewed by 1219 persons
Asked by wiki @ in Social Studies viewed by 695 persons
Asked by vanshika149 @ in English viewed by 1080 persons
Asked by rajesh064 @ in English viewed by 1237 persons
Asked by jaylord7 @ in Mathematics viewed by 1036 persons
Asked by jesus643 @ in History viewed by 1329 persons
Asked by admin @ in Economy viewed by 1917 persons
Asked by admin @ in Economy viewed by 1357 persons
Asked by admin @ in Economy viewed by 1043 persons
Asked by admin @ in Economy viewed by 1019 persons
Asked by admin @ in Economy viewed by 961 persons
Asked by admin @ in Economy viewed by 958 persons
Asked by admin @ in Economy viewed by 899 persons
Asked by admin @ in Economy viewed by 889 persons
Asked by admin @ in Economy viewed by 874 persons
Asked by admin @ in Economy viewed by 821 persons
Asked by admin @ in Economy viewed by 798 persons
Asked by admin @ in Economy viewed by 794 persons
Asked by admin @ in Economy viewed by 752 persons