Money is a medium of exchange through which people buy different goods and avail services. It is also charged by those people who sell their goods or render their services. Different countries have different kinds of money which is used as a medium of exchange; it is also called as currency and in general terms called as cash. It is sometimes also used for paying off the debts. Money is so closely associated with any country’s economy that without money the economy of a country will collapse.
Money consists of paper currency and coins. The small denominations have coins and larger denominations have paper currency as the medium of exchange. Generally, people use to carry both of these forms of money with them.
Ten Lines on Money in English
We are providing ten lines on money in English so that after reading these lines you can have better understanding of money in our life. You can add these lines in your essay and paragraph in your exam as well as in competition in school.
10 Lines on Money – Set 1
1) Money is a kind of legal tender, which means a medium of exchange which is recognised by the government; generally notes and coins are legal tenders.
2) It is accepted for payment of goods and services as well as for repayment of debts.
3) It is also used as a measurement of value of any commodity, it tells about the market value of any item produced. Ex- cost of one unit of pen is Rs 5. (That is, the market value or the worth of a pen is Rs 5)
4) It is used as a standard of deferred payments i.e. to pay the loans and debts which were previously borrowed.
5) To act as a store of value, which means money is an asset which should be stored, saved and exchanged at some time and become useful when timely received.
6) Money must be durable which means that it must be produced for repeated use.
7) It must be portable i.e. it must be easily carried and transported.
8) Money must be “cognizable” i.e. its value must be identified very easily. Ex- a note of Rs 20, a 10-rupee coin etc.
9) Money is a kind of liquid asset which is easily exchanged as well as universally recognized and taken as a legal tender.
10) Before introduction of money, there was a system called “Barter System” in which any item was exchanged with another item which was very much needed.
We have given another set of 10 lines on money, after reading these lines you will know the importance of having money and how to use it and save it. Besides this, you can add these lines in your speech and presentation in any competition and seminar in your school.
10 Lines on Money – Set 2
1) Money in India is printed and circulated by RBI (Reserve Bank of India), a central banking institution which declares currency note as legal tender.
2) In 1944 the “Bretton Woods System” conference was held in America, where countries unanimously declared US dollar as universal medium of exchange.
3) “Commodity Money” is money, whose value comes from the commodity it is made of. Ex- gold, silver, livestock etc.
4) “Representative Money” is a type of money which has a face value greater than its materialistic value. For Ex- gold certificates, silver certificates etc.
5) “Fiat Money” is a type of money which has the value only through legal declaration and has mo materialistic worth. Ex- legal tenders declared by the government.
6) “Paper Money” is a kind of money which is printed, approved, regulated and circulated by the central bank of a country. It is approved as legal tender by the government.
7) “Digital or Electronic Money” is a new concept where money is transferred electronically. Ex- bank’s websites and apps such as Paytm, PhonePe etc.
8) In 2016, to bring black money back to Indian economy, demonetisation of Rs 500 and Rs 1000 currency notes was affected by the Government of India.
9) Black Money is earned illegally by people who are rich or higher government officials through corruption.
10) “Plastic Money” or ATM cards are small cards through which money is withdrawn from ATMs (automated teller machine). Ex- Visa, Master Card, Rupay etc.
Money has a very important place in everybody’s life, whether cater to the needs of an individual, house or to run the economy of a whole nation; money is required everywhere, as a medium of exchange. With the advent of ATM cards, people carry this in their wallet as it is comfortable and easy to carry and make payments either by swiping in POS (Point of sale) machines or paying digitally. Now a days with Net Banking, Mobile Banking and especially e-wallet or payment apps such as Paytm, Phonepe, Freecharge etc people use to transact digitally, which is called cashless transaction in India.