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The term fiat money or fiat currency is generally associated with a classification of money that has been authorized for use by a country's government. • Statement 1 is Incorrect: Bitcoin is a cryptocurrency. Cryptocurrencies are not legal tender, they have not yet been recognized as a valid form of currency by the Government of India. • Statements 2 and 3 are also Incorrect: Although cheques and demand drafts are often used in banking transactions, they do not fall in the category of fiat money because they can be rejected as the mode of transaction. • Statements 4 and 5 are Correct: Coins and notes are fiat money because the value of the currency notes and coins is derived from the guarantee provided by the Central Government on these items. Every currency note bears on its face a promise from the RBI that if someone produces the note to RBI or any other commercial bank, RBI will be responsible for giving the person purchasing power/value equal to the value printed on the note.
What is the approximate percentage, by weight, of oxygen in the earth's crust?
Which of the following is included in the 'Cost of Inventory' according to Accounting Standard-2 (Inventory Valuation):
As per the RBI’s Consumer Confidence Index Survey the percent decrease or increase in the index fro 2021 was?
In which country the E-commerce and Technology conglomerate Alibaba located?
In India the financial/fiscal year is taken from __________.
National Education Policy, 2020 (NEP) recommended for public investment on education to how much percent of GDP?
At the time of launch of the Smart Cities Mission, how many cities were proposed to be covered under this scheme?
What is the projected % of GDP for the fiscal deficit in the fiscal year 2024-2025 (FY25), considering it was forecasted to be 5.8% of GDP for the fisca...
The Directive Principles of State Policy in the Indian Constitution are primarily aimed at achieving:
Which state recorded the lowest literacy rate in the 2011 census?
