Suggested Readings. ECONOMICS PAPER No. 11 MONEY AND BANKING MODULE No. : 1 DEFINITION OF MONEY

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1 Suggested Readings 1. KEITH BAIN AND PETER HOWELLS, MONETARY ECONOMICS POLICY AND ITS THEORETICAL BASIS 3.SurajB,Gupta, MONETARY ECONOMICSInstitutions Theory and Policy

2 6.Lewis and Mizen, MONETARY ECONOMICS Weblinks

3 erohedge.com%2farticle%2fhistory-worlds-reserve-currency-ancient-greecetoday&h=0&w=0&sz=1&tbnid=af0ly4hobqkn3m&tbnh=136&tbnw=370&zo om=1&docid=z7lecohgqrw4ym&ei=bu7puuelayowraff8odabg&ved=0ca UQsCUoAQ INTERESTING/FUN FACTS 1. Queen Elizabeth II holds the record for appearing on more currency than any other person. Her portrait has appeared on the currency of more than 30 different countries. 2. In 1916, you could get your money laundered for free! If your money was in good enough shape, you could take it to Washington, D.C., where it could be washed, ironed and reissued. 3. Parker Brothers printed more money for its Monopoly games than the Federal Reserve has issued in real money for the United States. 4. The word rupee comes from the Sanskrit word raupya. The meaning of which is silver. 5. Sher Shah Suri introduced the first rupee. The first paper note was issued by Bank of Hindustan. 6. The value (amount) of a banknote is written on the banknote in Hindi and English in the front side and in 15 different Indian languages in the backside of the note. 7. After the independence of India the first coins were introduced in It was made of Cupro-nickel. In 1964 aluminum coins were first introduced for up to 20 paisa. Stainless steel coins (10, 25, and 50) were first introduced in , 100, 1000 rupees coin were first made in It was only for the commemorative purposes. They were made to celebrate 75 years of Reserve Bank of India, 100 years of Rabindranath Tagore and 1000 years of Brihadeeswarar temple. 9. The current series of bank notes are called Mahatma Gandhi Series.The Mahatma Gandhi series of notes were introduced in 1996.

4 rupees note was introduced in 1987 and 1000 rupee note was introduced in Indian currency notes are printed at Currency Note Press in Nashik, the Bharatiya Note Mudra Nigam (P) presses at Salboni and Mysore, Watermark Paper Manufacturing Mill in Hoshangabad. I DID YOU KNOW?? Countries.INDIA.U.S.A U.K. THAILAND RUSSIA MEXICO SPAIN JAPAN.FRANCE GERMANY EGYPT.MALAYSIA Currency INDIAN RUPEE U.S.A DOLLAR BRITISH POUND THAI BAHT RUSSIAN ROUBLE MEXICAN PESO EURO JAPANESE YEN EURO EURO EGYPTIAN POUND MALAYSIAN RINGGIT Glossary B BARTER The exchange of goods and services directly for other goods and services,without the use of money BANK NOTE Awitten document issued by a bank and promising to pay the bearer on demand C

5 CHEQUABLE DEPOSITSDeposits that are subject to withdrawal by writing a cheque. COMMODITY MONEY A physical commodity that is used as money even though it has alternative non-monetary uses D DEMAND DEPOSITSDeposits in depository institutions,which can be withdrawn by depositors upon demand,whenever they choose.they are transferable by cheque DOUBLE COINCIDENCE OF WANTS A situation that occurs in a barter transaction between two individuals.the first individual has has a good or service that the second individual wants,and the second individual has a good or service that the first individual wants F FIDUCIARY MONEYMoney that circulates as money on the basis of trust commanded by its issuers. FIAT MONEYPapermoney,money that does not represent a claim to any physical commodity.it has a face value or value as money which exceeds its value as a commodity.example R.B.I notes FINANCIAL INTERMEDIARY A financial Institution that accepts funds from the savers,transformsthem,and lends them to borrowers FRACTIONAL RESERVE BANKINGA banking system in which bank reserves equal only a fraction of outstanding deposits FULL BODIED MONEY A commodity money in which the commodity itself circulates as money.the face value is the same as commodity value L LIQUIDITY The relative ease with which an asset may be converted into the medium of exchange without substantially losing value M MEDIUM OF EXCHANGE It is the distinguishing feature of money.whatever is commonly accepted as payment for goods and services,or to repay debts.. MONETARY ECONOMY An economy in which money is used in most transactions,such as buying and selling of goods and services. N

6 NEAR MONEY without loss of value Highly liquid financial assets that can easily be converted to money R REPRESENTATIVE FULL BODIED MONEY to a specific quantity of some commodity Paper money that represents a claim S STANDARD OF DEFFERED PAYMENT The function that money performs when it is used as the standard for calculating payments deferred to a later date. STORE OF VALUE:An important function of money.a means of storing todays purchasing power for use tomorrow. T TOKEN COINScoins like 50 paise or 1 Rupee which are fiat money.their face value exceeds their value as a commodity. U UNIT OF ACCOUNT: A measure in which prices or values of goods and services are stated.an important function of money.

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