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Question
Fiat money is introduced by the ___________ of India.
Fiat money is introduced by the ___________ of India.
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Solution
The correct option is C reserve bank
ANS. D
Fiat money is a money whose intrinsic value is lower
than its face value. Examples of fiat money include coins and bills ( paper
currency). Fiat money gets its value
from a government order (i.e. fiat). That means, the government declares fiat
money to be legal tender, which requires all people and firms within
the country to accept it as a means of payment. For example: A 10 Rupee
note in India issued by RBI & is signed by the Governer of RBI & is
guaranteed by RBI.
ANS. D
Fiat money is a money whose intrinsic value is lower than its face value. Examples of fiat money include coins and bills ( paper currency). Fiat money gets its value from a government order (i.e. fiat). That means, the government declares fiat money to be legal tender, which requires all people and firms within the country to accept it as a means of payment. For example: A 10 Rupee note in India issued by RBI & is signed by the Governer of RBI & is guaranteed by RBI.
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