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Question
Why currency is accepted as a medium of exchange?
Why currency is accepted as a medium of exchange?
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Solution
Currency is accepted as a medium of exchange because,
1. The currency is authorised by the government of the country.
2. In India, the Reserve Bank of India issues currency notes on behalf of the Central Government.
3. As per Indian law, no other individual or organisation is allowed to issue currency.
Currency is accepted as a medium of exchange because,
1. The currency is authorised by the government of the country.
2. In India, the Reserve Bank of India issues currency notes on behalf of the Central Government.
3. As per Indian law, no other individual or organisation is allowed to issue currency.
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