Why is modern currency accepted as a medium of exchange?

Solution

Modern currency is accepted as a medium of exchange because:-
(1) It is authorised by the Government of the Country.
(2) No individual legally can refuse a payment made in the Country's money format.
(3) no person can refuse a payment made in money. it can be exchanged with any commodity or service.

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Modern currency is accepted as a medium of exchange because it is authorised by the central government of a country. In india RBI issues the currency notes and it is illegal for any other organisation or individual to issue the currency. The rupee cannot be refused legally as a medium of payment in India.
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Karimulla Pls Put this in a separate thread to get an answer
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