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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 are the various modes for the recovery of the amount of debt as specified in the certificate u/s 19 of the Recovery of Debts and Bankruptcy Act?
Under the Prevention of Money-Laundering Act, 2002 where the proceeds of crime involved in money-laundering relates to any offence specified under parag...
According to the Right to Information Act, what is the duty of every Central Public Information Officer or State Public Information Officer?
When can a plea that arbitral tribunal does not have jurisdiction be raised?
Which of the following is not included in the deflaition of 'Immovable Property within meaning of Sec 3 of the Transfer of Property Act?
Which section of SARFAESI Act provides for registration of asset reconstruction company?
Where immoveable property of one person is by act of parties or operation of law made security for the payment of money to another, and the transaction ...
Which of the following cases talks about right to education as a Fundamental Right?
Which of the following is NOT a general exception under chapter 4 of IPC?
The security receipts under SARFAESI Act_______.
