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There are 5 different types of money in the world: Fiat, commodity, representative, fiduciary, and commercial bank money. They also all have three functions in common; they serve as a medium of exchange, as a store of value, and as a unit of account.

Difference Between Money Bill & Financial Bill in India for UPSC DifferenceMoney BillArticleArticle 110MeaningExclusively deals with the financial matters prescribed under Article 110FormGovernment BillIntroduced InLok Sabha Only4 more rows

The 4 different types of money as classified by the economists are commercial money, fiduciary money, fiat money, commodity money. Money whose value comes from a commodity of which it is made is known as commodity money.

The statement is false because the definite article "the" is only used when we talk about specific people or things. The sentence talks about "money" in general, so we will not use "the" before it. The correct sentence would be: Money is a necessity of life.

Although exact regulations vary from country to country, in most places there's nothing stopping you from starting your own currency right now. All you need is someone else who agrees to accept it. But to make it a viable medium of financial exchange takes a bit more planning.

Money creation occurs when the quantity of monetary aggregates increase. Governmental authorities, including central banks and other bank regulators, can use policies such as reserve requirements and capital adequacy ratios to influence the amount of broad money created by commercial banks.

The Reserve Bank of India The Indian government is solely responsible for minting coins. The RBI is permitted to print currency up to 10,000 rupee notes. To deter counterfeiting and fraud, the Indian government withdrew the 500 and 1,000 rupee notes from circulation in 2016.