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Economics Ch3 Money and Credit — Social Science STD 9 — Question

Tamilnadu BoardEnglish MediumSTD 9Social ScienceEconomics Ch3 Money and Credit8 Marks
Question
Explain how money is transacted in the digital world.
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Answer

  1. One has to visit the bank and fill in a challan or produce a cheque to withdraw money from his account.
  2. Now, this practice is gradually vanishing.
  3. Instead, one can easily withdraw the necessary amount from an Automated Teller Machine (ATM), with the help of an ATM debit card.
  4. One can easily withdraw the money needed at any time at ATMs located everywhere.
  5. A person can deposit money in their account without visiting the branch.
  6. Similarly, credit cards are also available, through which things are bought on credit and the amount can be paid later.
  7. Nowadays, instead of using cheques or Demand Drafts (DDs), online transactions through net banking are carried out.
  8. Through this, money is transacted to anyone who lives anywhere across the globe.
  9. Technology has advanced sci much that even mobile banking is widely used nowadays.

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