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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.
Which of the following is a capital expenditure?
What is the name of the index that measures the performance of small-cap companies in the Indian stock market?
Consider the following statements regarding India’s updated Nationally Determined Contributions (NDCs):
1. India aims to reduce the Emiss...
What is the enhanced scope for mandatory onboarding in TReDS for buyers as per the Budget 2024-25?
Conditions imposed by the lender on the borrower that certain activities will or will not be carried out are called…………
A matured term deposit is to be shown under which of the following?
What is the primary focus of virtue ethics?
As per recommendations given by the Working Group on Digital Lending, which organisation should be given authority as a member or need-based invitee con...
Insurance sector in India is regulated by the provisions of:
A.Insurance Act, 1938
B.Life Insurance Corporation Act, 1956
C.Insuran...
What does the two way rates quoted as 1$=82.10/11 ₹, mean?