Centuries old annual barter trade takes place in Assam. This mela is known as Joon Beel Mela. People from Assam, Arunachal Pradesh and Meghalaya take part in this 3 day annual fair, where commodities are exchanged through the barter system. You can read about the Monetary System – Types of Monetary System (Commodity, Commodity-Based, Fiat Money) in the given link.
On December 1, 2015, Reserve Bank of India (RBI) officially put an end to the barter system of trading along the Indo-Myanmar border.
Further readings:
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Related Links |
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Money Supply in Economy – Types of Money, Monetary Aggregates, Money Supply Control |
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Monetary Policy Committee (MPC) – Structure, Objectives UPSC Notes |
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