کاغذی زر کا اجراء اور اس کی مقررہ حد کا تعین اسلام کی روشنی میں
Keywords:commercial banks, obligations, history, immemorial, disadvantages, Islamic
From time immemorial, different countries have set up specific pieces of gold and silver for buying and selling. The prices of goods and services were determined by them. They could also be stored when needed.
The need for paper money arose due to various difficulties faced by the gold and silver mineral monetary system, and this paper money system gradually evolved into the shape we have today.
Because the existing paper notes have gone through various stages and reached here as pointed out in the previous stages, now these paper notes have the status of legal currency, no one can refuse to accept them nor Can turn them into gold and silver,
In view of this situation, it was felt that there should be a special authority to issue notes and determine the quantity of notes as required. There are disadvantages in issuing currency by different institutions or people, and issuance of different currencies in the same country creates different risks. The idea of issuing the same type of paper money became so common that only one central bank in a country issued a single currency that was in circulation throughout the country, and it is clear that in each country a bank was selected for the task. Its financial volume is higher than that of other commercial banks.