Madhya Pradesh rsquo s Happiness department is to set up a lsquo Time Bank rsquo Consider the follow...........

Madhya Pradesh Economy

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Madhya Pradesh’s Happiness department is to set up a ‘Time Bank’. Consider the following statements about this concept:

1. People can earn money for time spent teaching a skill or rendering a service through this bank.

2. India is the first country to use this concept.

Which of the above statements is/are true?

Only 1 is correct

Only 2 is correct

Neither 1 nor 2 is correct

Both 1 and 2 are correct

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Explanation:

Statement 1 is incorrect:

The Time Bank lend currency to an hour. This can be exchanged by the members to learn a new skill or avail a simple service like a ride to the supermarket. This does not involve any paper money. It is meant to link untapped social capacity to unmet social needs.

Statement 2 is incorrect:

The Time Bank concept was introduced in Cincinnati Time Store in 1827. The first such bank was set up in Japan in 1973. Time Dollars were popularised by TimeBanks USA. There are over 500 communities using this concept in 32 countries across the world.