💰 Money & Currency – Flashcards
Money :: Anything that is generally accepted as a medium of exchange
Silver Tanka :: Early silver coin used during Delhi Sultanate
Sher Shah Suri Rupiyah :: Standardized silver currency introduced by Sher Shah Suri
Full-bodied coins :: Coins whose intrinsic metal value equals face value
Token coins :: Coins whose face value is greater than metal value
Paper currency :: Fiat money
Fiat Money :: Money with no intrinsic value, backed by government authority
Fiat money must be issued by :: Government or Central Bank
Legal Tender :: Money legally acceptable for payment of all debts and obligations
Conditions of Legal Tender :: Must be fiat money + must be valid for all transactions throughout the country
Cheque :: A negotiable instrument directing a bank to pay a specified amount
Demand Draft :: A bank instrument for money transfer that does not require signature
Negotiable Instrument Act :: 1881
Coins in India are issued by :: Government of India
Currency notes in India are issued by :: Reserve Bank of India
₹1 note is issued by :: Government of India
Coinage Act :: 2011
Coins are legal tender if :: Not defaced and not below prescribed weight
Finance Act 2017 :: Cash transactions allowed below ₹2 lakh only
₹2000 note withdrawal announced in :: May 2023
₹2000 note exchange deadline :: 30 September 2023
E-Kuber :: Core Banking Solution of RBI
Digital payments regulated under :: Payment and Settlement Systems Act, 2007
IMPS :: Immediate Payment Service
IMPS is managed by :: NPCI
RTGS :: Real-Time Gross Settlement
RTGS is maintained by :: RBI
NEFT :: National Electronic Funds Transfer
NEFT works 24×7 since :: December 2019
NPCI :: National Payments Corporation of India
NPCI is a Section 8 company :: Not-for-Profit
UPI launch year :: 2016
BHIM launch year :: 2016
RuPay :: India’s indigenous card payment network
UPI123Pay launched in :: 2022
UPI Lite :: Offline UPI wallet for small payments
UPI Lite transaction limit :: ₹200
UPI Lite wallet limit :: ₹2,000