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Money and Credit
Uploaded by Abhimanyu Chauhan

What is Money?
Money is any object or record that is generally accepted as payment for goodsand
services and repayment of debts in a given socio-economic contextor country. The
main functions of money are distinguished as: a medium ofexchange; a unit of
account; a store of value; and, occasionally in the past,a standard of deferred
payment. Any kind of object or secure verifiable recordthat fulfills these
functions can serve as money.
1)

MONEY AS A
MEDIUM OF EXCHANGE
When both parties have to agree to sell and buy each otherscommodities this is
known as
Double coincidence of wants.

Once he has exchanged his goods for money, he canpurchase other goods in market.
Since money as an intermediatein the exchange process. It is called a
medium of exchange .

2)

STORE OF VALUE
A recognized form of exchange can be a formof money or currency, a commodity like
gold, or financialcapital. To act as a store of value, these forms must be able
tobe saved and retrieved at a later time, and be predictablyuseful when retrieved.

Barter System

Limitations Of Barter System



Lack of double coincidence of wants



Difficulty of storing value



Differed payments are difficult



Some goods are indivisible

FORMS OF MONEY


Old Form Of Money

Grains and Cattles, Metallic Coins
—
Gold, Silver and Copper


Modern Form Of Money

Paper Notes, Coins
It is not made of precious metals as Gold, Silver, and Copper. It is accepted as
amedium of exchange because the currency is authorized by the Govt. Of India.
Reserve Bank Of India
The
Reserve Bank of India
(
RBI
) is India's centralbanking institution, which controls the monetary policy of the
Indian rupee. It was established on 1 April 1935 duringthe British Raj in
accordance with the provisions of theReserve Bank of India Act, 1934.

The RBI plays animportant part in the development strategy of the Government of
India. It is a member bank of the AsianClearing Union. The general superintendence
and direction of the RBI is entrusted with the 21-member-strong CentralBoard of
Directors
—
the Governor (currently Duvvuri Subbarao).

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