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Question
One thousand Rupee note issued by RBI is a _______.
One thousand Rupee note issued by RBI is a _______.
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Solution
The correct option is B fiat money
FIAT money refers to that money whose face value is greater than its
commodity value and which is issued by the order or authority of government. In
other words, the value of such money is higher than the value of commodity used
to make it. For example- the five hundred rupee note in India used by Reserve
bank of India(RBI) has a very low commodity value as compared to its face value
which is Rs.500.
FIAT money refers to that money whose face value is greater than its commodity value and which is issued by the order or authority of government. In other words, the value of such money is higher than the value of commodity used to make it. For example- the five hundred rupee note in India used by Reserve bank of India(RBI) has a very low commodity value as compared to its face value which is Rs.500.
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