Explanation:

- Paper Standard:

- Utilizes paper currency (like banknotes) as the main form of money.

- Decoupled from physical commodities such as gold.

- Dominant in many modern economies due to its flexibility.

- Metallic Standard:

- Basing currency value directly on a specific amount of metal (e.g., gold or silver).

- Involves coins made from metals or conversions based on their values.

- Gold Standard:

- Ties the value of currency directly to gold.

- Allows conversion of paper money into a fixed amount of gold.

- Credit Money Standard:

- Involves the creation of money through credit by the banking system.

- Utilizes loans, mortgages, and other forms of credit.

Paper Standard is the correct option for the Indian Monetary System.