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India has legalised the use of ____ as a medium of exchange so that all the payments can be made without refusing in setting transactions.

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Detailed Solution

India has legalised the use of rupee as a medium of exchange so that all payments can be made without refusing in setting transactions.
India has adopted representative paper currency as the monetary system, which has notes and coins with the face of Mahatma Gandhi on them to honour him as he is "the father of our nation". The Reserve Bank of India issues the currency notes on behalf of the Central Government. As per Indian law, no other individual is allowed to print or issue currency as it will lead to a punishable offence, and they will have to suffer consequences.

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