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Q.

Modern forms of ____ include coins and paper notes.


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Detailed Solution

Modern forms of money include coins and paper notes.
They are collectively regarded as currency. The coins are not made of precious metals such as gold, silver, or copper, nor are they introduced by the kings or rulers. They are also unlike grain or cattle, used in everyday life. They also do not present the problem of double coincidence of wants. The currency works as a medium of exchange as the government of India authorises them. The law legalises using the rupee as a method of payment used for settling transactions. The Reserve Bank of India issues the Coins and notes. Thus, no one can disallow a payment made in rupees.
 
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