Money : Barter To Bitcoin

Question 1

Primary function of Money

Answer 1

Measure of value

Medium of exchange

Question 2

Secondary function of Money

Answer 2

Store of value
Transfer of value
Deffered payments

Question 3

Contingent functions of Money

Answer 3

Basis of credit system
Employing factor of production
Redistribution of National Income

Question 4

Full bodied coins has intrinsic value T or False

Answer 4

True

Question 5

Token coins has intrinsic value ?

Answer 5

No

Question 6

Which act prohibits melting of coins ?

Answer 6

Coinage act 2011

Question 7

What are the two conditions to be a fiat Money

Answer 7

Must be in the form of physical currency

Must be issued by the order of a king / queen / government/ central Bank

Question 8

Who issued coinage upto 1000

Answer 8

Govt of India

Question 9

Who signs rs 1 note

Answer 9

Finance secretary

Question 10

RBI issues notes other than rs 1 using the powers of

Answer 10

RBI act 1934

Question 11

What are the conditions to become legal tender

Answer 11

Must be fiat money

Must be legally Valid for all debts and transactions throughout the country other party cannot refuse it

Question 12

As per RBI ACT of 1934 currency notes are unlimited legal tender ? T or F

Answer 12

True

Question 13

Who launched MANI App - Mobile aided note identifier

Answer 13

RBI in 2020

Question 14

Which company developed the Money App

Answer 14

Daffodil

Question 15

Features of Mani app

Answer 15

Can’t recognise fake note
Works offline also
Can tell by vibrations also if user is blind and deaf

Question 16

Nature of our currency note

Answer 16

Zero interest , anonymous bearer bond

Question 17

Who did the demonetization in 2016.

Answer 17

Finance Ministry - Department of Economic affairs

Question 18

Demonetization done through which act

Answer 18

Specified bank notes (cessation and liabilities) act 2017

Question 19

What is Redenominantion

Answer 19

Removing zero from currency’s face value, to facilitate transactions during high inflation

Question 20

Toman replaced Riyal in which country

Answer 20

Iran - example of Redenominantion

Question 21

Viceroy Ripon’s Negotiate Instruments Act 1881

Answer 21

Related to cheque dishonor

Question 22

Types of cheque

Answer 22

Stale
Post dated
Open / bearer cheque

Question 23

IFSC code , MICR code

Answer 23

Indian financial system code - 11 digit alphanumeric

Magnetic ink character recognition code - 9 digit code - written with iron oxide

Question 24

Demand Draft vs Oberdraft

Answer 24

DD can’t be dishonoured
Overdraft is a type of loan
Pradhan mantri Jan dhan account has overdraft upto 10,000

Question 25

What is CTS

Answer 25

Cheque truncation system.

Question 26

CTS is under which organisation or company

Answer 26

NPCI

Question 27

Which act empowers RBI to regulate card payment, e payment related products and services.

Answer 27

Payments and settlement System Act 2007

Question 28

What is CBS

Answer 28

Core banking solution - basically banking software with web platform for centralised data management & branch less banking

Question 29

What is the CBS of RBI

Answer 29

E kuber

Question 30

What changes have been done in Budget 2022 related to CBS

Answer 30

Post office Saving Bank will also be connected to Core banking solution so that their depositors too can use E banking net banking ATM etc