CBSE Class 10 Answered
Do demand deposits constitute money in modern times?
Asked by gs7989185 | 20 Apr, 2022, 07:13: PM
Expert Answer
- Demand deposits share the essential features of money in following ways: -
- Because the deposits in the bank account can be withdrawn on demand, these are known as demand deposits. The facility of cheques against demand deposits makes it possible to directly settle payments without the use of cash.
- Since demand deposits are accepted widely as a means of payment, along with currency, they constitute money in the modern economy
- Deposits also act as direct money in case of cheque payments. Cheques against a deposit settle payments without the use of direct cash.
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