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Why Paper currency is known as ‘fiat money?

(a) because only a fraction of total currency is in coins.

(b) because it is decreed legal tender.

(c) because it cannot be used as payment for debts

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Question added by Mohammed Asim Nehal , M Asim Nehal & Co , Chartered Accountants
Date Posted: 2016/09/24

because it is decreed legal tender

 

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Kamal Gaglani
by Kamal Gaglani , Administrator/ Administrative Assistant , Swastik Tar Industries

To separate physical reserves i.e gold silver and its value by printing paper money

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