(a) because only a fraction of total currency is in coins. (b) because it is decreed legal tender. (c) because it cannot be used as payment for debts

Why Paper currency is known as ‘fiat money?

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(a) because only a fraction of total currency is in coins.

(b) because it is decreed legal tender.

Question ajoutée par Mohammed Asim Nehal , M Asim Nehal & Co , Chartered Accountants
Date de publication: 2016/09/24

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because it is decreed legal tender

par Kamal Gaglani , Administrator/ Administrative Assistant , Swastik Tar Industries

To separate physical reserves i.e gold silver and its value by printing paper money

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