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Money and Banking — Economics STD 12 Commerce — Question

CBSE BoardEnglish MediumSTD 12 CommerceEconomicsMoney and Banking1 Mark
Question
Define fiduciary money.
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Answer

It is also known as optional or voluntary money. Its acceptance is not compulsory, but is based on mutual trust. Drafts, cheques, bills of exchange, etc are examples of fiduciary money.

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