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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.
In each of the following questions, an idiomatic expression/a proverb has been underlined – followed by four alternatives. Choose the one which best ...
Ram is very calculative and always has an axe to grind.
Select the most appropriate meaning of the given idiom.
At loggerheads
Choose the correct meaning of the following idiom:
A dime a dozen
In the given question, a phrase/ idiom has been given and there are three ways in which the word has been used, in similar or different forms. You need...
Despite the initial setbacks, we managed to turn the tide and complete the project on time.
Buying a new car can cost an arm and a leg.
In each of the following questions, an idiomatic expression/a proverb has been underlined – followed by four alternatives. Choose the one which best ...
Fill in the blank given below using the correct idiom.
John thought his missing keys were stolen by his roommate, but he was ______________...
In each question below, a sentence is given with an idiom/phrase printed in bold type. That part may contain a grammatical error. Each sentence is follo...
