ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -#OnThisDay “Banana money", or “banana notes” were made legal tender this day in 1942. Banana money was a popular term for the currency used during the Japanese occupation (1942-1945). The name came from the banana tree motif on the $10 note.

Detailed explanation-2: -” These are ‘Banana Note’ dollars, the currency issued during the Japanese occupation. They were referred to as banana money because of the banana tree motif printed on the note. Overprinting of these notes led to hyperinflation and a severe depreciation in the value of the banana note.

Detailed explanation-3: -The roots of the banana plant are not consumed as food by humans.

Detailed explanation-4: -Among other changes, the Japanese regime introduced a new currency. Pre-war British currency remained legal tender but rapidly vanished from the open market, and by 1943 the economy operated on Japanese currency, commonly referred to as “banana” money because the ten-dollar note featured a banana plant.