Which one of the following is not a function of money ?

Money serves three primary functions in an economy: a medium of exchange, a unit of account, and a store of value [3]. As a medium of exchange, it acts as an intermediate in the exchange process, facilitating transactions and overcoming the 'double coincidence of wants' inherent in barter systems [3]. As a unit of account, it provides a common measure to express the value of all goods and services [1]. As a store of value, it allows individuals to transfer purchasing power from the present to the future [1]. Some frameworks also include a fourth function: a standard of deferred payment for future obligations [1]. However, 'regulating consumption' is not a function of money itself; rather, consumption is regulated through fiscal or monetary policies, such as interest rate adjustments or taxation, which influence how money is used by economic agents.

Sources

1. [1] Indian Economy, Vivek Singh (7th ed. 2023-24) > Chapter 2: Money and Banking- Part I > 2.2 Functions of Money > p. 39
2. [3] Macroeconomics (NCERT class XII 2025 ed.) > Chapter 3: Money and Banking > Box No. 3.2: Demonetisation > p. 50