Part I of the paper argued that fiat money is counterproductive to the attainment of the maqasid al-Shari'ah. In the present interest-based fiat monetary system one of the maqasid, namely, the protection of wealth (mal) cannot be realized, which in turn causes the other maqasid to be affected too. In this Part II paper we argue for commodity monies, like the gold dinar and silver dirham, as being compatible with the maqasid. Basically the paper concludes that the Islamic economic system is fundamentally a 'barter' system, i.e. an exchange economy where goods and services are exchanged value for value; but avoids the problems associated with barter by taking some of the commodities exchanged in the economy, that have the characteristics of money, as money; and gold is here argued as the best Shari'ah money.

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Even after 47 years of nationalization of banks in 1969, a large section of country’s population and most of the rural areas still remains unbanked leading to financial instability. To enhancing financial inclusion status and overcome this issues the government of India announced innovative scheme namely PMJDY. Pradhan Mantri Jan-Dhan Yojana (PMJDY) is a National Mission for Financial Inclusion to ensure access to financial services, namely, Banking, Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner. Financial inclusion is an innovative concept which enables the alternative techniques to promote the banking habits and acts as enabler in reducing the poverty and the launch of Pradhan Mantri Jan Dhan Yojana (PMJDY) by Government of India is in that direction. India’s Prime Minister Narendra Modi announced the launch of this scheme at the historic Red Fort on the occasion of India’s Independence Day 2014. The scheme is not only limited to opening of a bank account but has other benefits with it viz. zero balance bank account with RuPay debit card, in addition to accidental insurance cover of 1 lakh, those who open accounts by January 26, 2015 over and above the 1 lakh accident, they will be given life insurance cover of 30,000, etc. The present paper endeavor to study the need of financial inclusion in india, pillars of the PMJDY and current status and progess of this scheme.