Where is the barter system used even today in India?
The barter system in India survives today primarily through the Jonbeel Mela in Assam, a centuries-old 3-day annual fair held near Jagiroad in Morigaon district, where indigenous tribes (Tiwa, Karbi, Khasi, Jaintia) exchange goods like herbal products, fish, and handicrafts without money. It represents a cultural tradition rather than a necessity.
Money is a medium of exchange, whereas in the barter system, money is not used as a medium of exchange, rather one type of goods is exchanged for another type of goods. An example of a barter system is selling rice to purchase wheat.
Which is the only market in India where the barter system is still in?
Have you heard about the fair where you don't need money to buy anything? Jonbeel mela is perhaps the only occasion that brings the barter system alive in India today.
Evolution of money from Barter System to Digital Payment Methods
Is bartering legal in India?
In summary, while barter trade is not expressly prohibited by Indian laws, it is subject to the same regulations governing international trade, customs, and foreign exchange.
On December 1, 2015, Reserve Bank of India (RBI) officially put an end to the barter system of trading along the Indo-Myanmar border. Further readings: Indian Economy Notes for UPSC Civil Service Exam. Monetary Policy – Objectives, Role, Instruments.
The barter system predates the existence of currency, and India has a long-standing tradition of bartering. Ancient Indian civilizations, such as the Indus Valley Civilization (2600-1900 BCE), practiced barter extensively.
The problems associated with the barter system are inability to make deferred payments, lack of common measure value, difficulty in storage of goods, lack of double coincidence of wants. You can read about the Monetary System – Types of Monetary System (Commodity, Commodity-Based, Fiat Money) in the given link.
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Which is the only market in India where the barter system is still in operation?
The correct answer is Assam. The Jonbeel Mela usually takes place a few days after Magh Bihu, the harvest festival, in Dayang Belguri in Morigaon district in Assam.
