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Q.

[[1]] and coins are the modern forms of Money?

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Detailed Solution

Paper notes and coins are modern forms of money. Modern currency is not made of precious metals like gold and silver, nor the things that were used earlier as a medium of exchange like grains, cattle, etc. the modern currency is without any use of its own. It is accepted as a medium of exchange because the country's government authorises it. In India, the currency is issued by the Reserve bank of India (RBI) on behalf of the central government. No other individual or organisation has this authority. Nobody in India can refuse to take this currency as a medium of exchange, as per Indian Law.

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