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Money is the greatest invention of man and is the pivot around which the whole economic science rotates. It as acquired so much importance that the modern economy is described as money economy. At present we cannot think of an economy without money because an economy without money cannot function as effectively, efficiently and smoothly as a money economy. Money bas overcome all the difficulties of barter: it has made possible tremendous saving of time and trouble in marshalling of productive facilities and in the distribution of the output of industry to final consumers. It has brought about rapid economic progress by facilitating specialisation and division of labour, technological progress, large scale production of goods and extension of various forms of business and financial organisation Thus, money has been serving the various needs of man. With the passage of time, its forms and functions have changed to a great extent. Before we discuss the forms and functions of money, let us discuss the condition of exchange that were