How is modern form of currency accepted as a medium of exchange?

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(i) Modern forms of money include currency-paper notes and coins.

(ii) Modern currency is not made of precious metals such as gold, silver and copper.

(iii) The modern currency is without any use of its own.

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(iv) In India, Reserve Bank of India issues currency notes on behalf of the Central government.

(v) As per the Indian law, no other individual or organisation is allowed to issue currency.

(vi) No individual in India can legally refuse a payment made in rupees.

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