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Why everybody is bound to accept money against any transaction?

Barter system is the process of buying and selling of products without the use of money

disadvantages of barter system

  • double coincidence of wants is required
  • lack of divisional value
  • time consuming
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 Because

  • it is a medium of exchange 
  •   it is authorised by government of country
  • it makes transactions easier.
  • it solve problem of double coincidence of wants
  • payment made in money is legal and nobody legally refuse it
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as we know,tht money is something which is called the unit of currency of a country.it is so bcz it is legally authorised by the govt of india.it is a widely used medium of exchnge in transactions.many people in india likes to have paymnt in rupees bcz it is authorised.n the person getting the paymnt in rupees cn easily exchnge it with the desired product he/she wants.

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Because, as per Indian law legalise the use of rupee as a medium of payment that cannot be refused in settling transactions in india. No individual in india can legally refuse a payment made in rupees.
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Heya...

Money is an instrument which is commonly accepted as a medium of exchange...

Money is authorized launched and selected by govt and issued by central bank RBI in India....

So the person whose economic intrest lies in the nation they r forced to accept it's currency as money...
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