BANKING AFFAIRS

Detailed explanation-1: -Answer: Money is anything that possesses general acceptability as a medium of exchange and a measure of value; and performing all other functions which it should perform for a smooth and orderly functioning of the economic system.

Detailed explanation-2: -1) General acceptability-The thing which acts as money must be easily accepted by all without hesitation for exchange. 2) Divisibility-It should be divisible into different denominations, e.g., 5 rupees, 10 rupees, 50 rupees, etc. 3) Durability-It should be durable.

Detailed explanation-3: -The ideal money commodity should, as such, possess utility, portability, durability, homogeneity, divisibility, malleability, Cognoscibility and stability of value.