Money is anything which has common acceptability as a means of exchange, a measure and a store of value.
Modern money has been accepted as a medium of exchange because:
- It is authorised by the government of a India.
- It is issued by the apex bank on behalf of the government.
- No other individual is allowed to issue currency.
- The law of the country legalises its use as a medium of payment and setting transactions.
- No one in a country can refuse payment made in the currency of that country.
