Money and Credit Economics Class 10 Chapter 3 Part 3 [ LET’S WORK THESE OUT ]

 LET’S WORK THESE OUT

1. M. Salim wants to withdraw Rs 20,000 in cash for making payments. How would he write a cheque to withdraw money?

• M. Salim will write a self-cheque. A self-cheque is when the person issuing the cheque writes their own name in the 'Pay to' section to withdraw money.

  Example of how M. Salim would fill out the cheque:

  • Date: Write the current date.
  • Pay: Write "Self" or "Bearer."
  • Amount: Write "Rs 20,000" in figures and "Twenty Thousand Rupees Only" in words.
  • Signature: M. Salim signs the cheque at the bottom.

  Translation:

  • M. सलीम एक self-cheque लिखेंगे। इसमें वह अपने नाम के बजाय 'Self' लिखेंगे ताकि वह नकद में पैसा निकाल सकें।

2. Tick the correct answer.

After the transaction between Salim and Prem:

• (ii) Salim’s balance in his bank account decreases and Prem’s balance increases.

Translation:

• सलीम और प्रेम के बीच लेन-देन के बाद सलीम के बैंक खाते में बैलेंस घटता है और प्रेम के खाते में बैलेंस बढ़ता है।

3. Why are demand deposits considered as money?

• Demand deposits are considered as money because:

  • They can be used for making payments through cheques.
  • Like currency, demand deposits can be easily converted into cash when needed.
  • They are widely accepted as a medium of exchange, just like money.

  Translation:

  • मांग जमा को पैसे के रूप में माना जाता है क्योंकि इन्हें चेक द्वारा भुगतान के लिए उपयोग किया जा सकता है और इन्हें नकद में बदला जा सकता है। यह पैसे की तरह लेन-देन के माध्यम के रूप में व्यापक रूप से स्वीकार किए जाते हैं।

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Difficult Words:

• Self-cheque (self-cheque): A cheque written by the account holder to withdraw money themselves.
• Demand deposits (मांग जमा): Bank deposits that can be withdrawn anytime and are used for payments.