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Money and Credit
Money and Credit
- Money is known as a medium of exchange, it is vital in today's world.
- When both parties agree to sell and buy each others commodities it is known as double coincidence of want.
- Credit is the activity of borrowing and lending money between two parties
- Reserve bank of India is the national bank that oversees the formal sector.
- Deposits in the bank account which are made on demand are known as demand deposits
- The reserve bank of India issues currency, no other company is allowed to issue currency
Modern Currency is accepted because the government has issued it
Advantages of demand deposit
- People with surplus money deposit their money in accounts of the bank.
- The bank pays them an amount of interest rate, so the money will gradually increase
- People have provision to widdraw thier money whenever they want to
What is cheque?
A cheque is a piece of paper instructing the bank to pay the money from the persons account to the person the check has been issued to
Advantages:-
- Cheques are a lot easier to carry than money
- Cheques reduce a lot of risks
- It is known as the advance form of money
Money and Credit
Money and Credit
- Money is known as a medium of exchange, it is vital in today's world.
- When both parties agree to sell and buy each others commodities it is known as double coincidence of want.
- Credit is the activity of borrowing and lending money between two parties
- Reserve bank of India is the national bank that oversees the formal sector.
- Deposits in the bank account which are made on demand are known as demand deposits
- The reserve bank of India issues currency, no other company is allowed to issue currency
Modern Currency is accepted because the government has issued it
Advantages of demand deposit
- People with surplus money deposit their money in accounts of the bank.
- The bank pays them an amount of interest rate, so the money will gradually increase
- People have provision to widdraw thier money whenever they want to
What is cheque?
A cheque is a piece of paper instructing the bank to pay the money from the persons account to the person the check has been issued to
Advantages:-
- Cheques are a lot easier to carry than money
- Cheques reduce a lot of risks
- It is known as the advance form of money