What are the modern forms of money? Why is rupee widely accepted as a

1.	What are the modern forms of money? Why is rupee widely accepted as a medium of exchange? Explain two reasons.
Answer» Modern forms of money include paper notes and coins. Rupee is widely accepted as a medium of exchange because: It is authorised by the government of India. The law legalises the use of rupee as a medium of payment and settling the transactions. Thus, no one can refuse a payment made in rupees.

What are the modern forms of money? Why is rupee widely accepted as a medium of exchange? Explain two reasons.

Answer»

Modern forms of money include paper notes and coins.

Rupee is widely accepted as a medium of exchange because:

It is authorised by the government of India.
The law legalises the use of rupee as a medium of payment and settling the transactions.
Thus, no one can refuse a payment made in rupees.