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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 time frame for paying wages to an employee after their termination under the Payment of Wages Act, 1936?
In April 2023, the Peerah Kunfer tunnel was inaugurated in which state?
Integrated Child Development Services is one of the world’s largest and unique early childhood care and development programmes of the GoI, launched in...
Which of the following is the length of time that an asset is expected to be used by a company to generate revenue?
Bimbisara was the founder of which one of the following dynasties?
Which of the following sorting algorithms is best suited for external sorting where data is too large to fit in memory?
Satellites used for telecommunication relay are kept in a geostationary orbit. A satellite is said to be in such an orbit when:
1. The orbit is g...
Find the median of 2, 3, 5, 8, 6, 9, 4, 5 and 12.
The subject “Regulation of labour and safety in mines and oil fields” comes under which list?
Consider the following with reference to Indian Tax System:
1. Corporation Tax
2. Dividends Distribution Tax
3. Minimum Alterna...