Modern forms of money include currency?paper notes and coins.
(ii) Modern currency is not made of precious metals such as gold, silver
(iii) The modern currency is without any use of its own.
(iv) In India, Reserve Bank of India issues currency notes
on behalf of the Central government.
(v) As per the Indian law, no other individual or
organisation is allowed to issue currency.
(vi) No individual in India can legally refuse a payment
made in rupees.
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