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cheques are bank money or not?

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cheques are bank money or not?

Posted by Chirag Singla 7 years, 2 months ago

CBSE > Class 12 > Economics

1 answers

Meghna Surana 7 years ago

Bank Money : refers to the demand deposits created by commercial banks.

So Cheques are not bank money.

Fiduciary Money : is the money backed with mutual trust between the payer and payee.

So cheques are fiduciary money.

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