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Upsc Topicwise Questions
Upsc Topicwise Questions
Upsc Topicwise Questions
10.3.6
Currency note is zero interest, anonymous bearer bond / Promissory Note.
Colonia era: Promised to convert into full bodied gold or silver bars /
coins worth the equal value in weight. E.g. 1 US Dollar = ~14 grams of
gold. 1 British pound = ~73 grams of gold.
Modern era:
Not inflation adjusted value. Not linked with weight of gold or silver.
Paper /Token /
Commodity Metallic Bank Money,
Representative / Crypto Currency
Money Money Deposit Money
Fiat Money