Thank you very much, Steve, Jim, MrAl, for your help, time and patience. @MrAl: I was very happy to see your reply. My special thanks.
I will use Steve's post to make some important follow-on queries. The replies to queries here will also help me to understand Jim's reply
here. I have tried my best to state my queries but still it's quite possible that I will sound like a raving lunatic. But I hope you will be bear with me!

Thanks.
One point to consider is that the frequency of the carrier is a big part of the potential bandwidth. Optical fiber uses light with frequency in the THz range. Microwave is in the GHz range. Radio is in the kHz-MHz range. Audio is in the 20-20kHz range. Hence, speaking has lower bandwidth and less information than radio which is less than microwave which is then less than optical frequencies.
Q1:
I interpret that you are saying that maximum frequency supported by a medium plays a big part in determining potential bandwidth. I hope I have it correct. Here one should be careful that bandwidth relates to maximum data supported by Shannon's formula. For example, a telephone line normally has a bandwidth of 3000Hz (300 to 3300Hz). Does this mean if frequency is increased to, say, 10kHz then the signal will be affected in such a way communication will be no longer possible? Perhaps, such a high frequency will result in too much losses?
Another factor which is also important to consider is distance traveled by a signal. For example, in telephone line the more distance a signal has to travel the more there will be loss which means deterioration of the signal.
On your query above, we can say the human voice does not use the entire 20 Hz to 20 kHz range. Even a symphony orchestra does not use this entire range. It is well known from telephone communications research that the human voice is much more limited in bandwidth. And, even when speech is filtered more than this, it is still quite understandable.
So, it means most of the information of human voice is carries in frequency range 300 to 3300Hz range and if other frequencies are skipped even then voice is understandable. Normal human frequency range is 20Hz to 20000Hz.
Why is the carrier frequency important? Because we modulate the carrier with information and typically the information frequency (which is the baseband signal, by the way) is a fraction of the carrier frequency. For example, you can't speak a microwave frequencies without becoming a microwave transmitter. You can't modulate a microwave carrier at optical frequencies because then you would have an optical (light) source. So you can think of a carrier having a channel bandwidth used for the information.
Why does the information frequency and the carrier frequency need this relation? Well, think of your Fourier transform analysis theory. The act of modulation makes the frequency content of the carrier broader than the narrow carrier itself. A pure carrier has a Fourier transform with impulse spikes at the carrier frequency (the negative frequency too). But a modulated carrier takes up the full channel bandwidth from F-f to F+f, where F is the carrier frequency and f is the information frequency bandwidth.
So, I believe you are saying that carrier frequency should always be higher than the information frequency (e.g. for voice information frequency is 300Hz-3300Hz).
Q2:
Mostly a carrier signal is a pure sinusoidal signal. Fourier series and Fourier transform represent any given signal using sinusoidal signals. If a signal is periodic then Fourier transform looks
like this.
You said, "But a modulated carrier takes up the full channel bandwidth from F-f to F+f, where F is the carrier frequency and f is the information frequency bandwidth". For clarification purposes, I would say that f is
center frequency. For instance, for a voice signal the center frequency is (300+3300)/2=1800Hz.
I think that's not a right place to ask this. Anyway, suppose we have sine signal of frequency 10 rad/sec. Fourier transform of this signal will give us one spectral line at 10 rad/sec and another at -10 rad/sec. Do I have it correct? Here, -10 rad/sec is negative frequency, right? What is this negative frequency and what is 'physical' interpretation of it?
Why does the information frequency and the carrier frequency need this relation? Well, think of your Fourier transform analysis theory. The act of modulation makes the frequency content of the carrier broader than the narrow carrier itself. A pure carrier has a Fourier transform with impulse spikes at the carrier frequency (the negative frequency too). But a modulated carrier takes up the full channel bandwidth from F-f to F+f, where F is the carrier frequency and f is the information frequency bandwidth.
Q3:
In frequency modulation, amplitude of information signal modifies or modulates the frequency of carrier signal which means higher the amplitude of information signal at some instant the higher the change in carrier signal's frequency at that instant. There is going to be certain upper and lower limit on the amplitude. Let me elaborate on it. Consider a microphone in which resistance changes in response to pressure gradient. Let's say when pressure gradient is 50μPa the amplitude of the modified or modulated current flowing through microphone is 10μA and when pressure gradient is -50μPa the amplitude of the current is -10μA. We can say that even when the pressure gradient is 100μPa the current flowing through microphone will be 10μA because that's the upper limit on current that can pass through microphone.
Again I'm referring to your comment, "But a modulated carrier takes up the full channel bandwidth from F-f to F+f, where F is the carrier frequency and f is the information frequency bandwidth". Once again, I will use telephone line example where the line has a bandwidth of 3000Hz (300 to 3300Hz) and center frequency, f, 1800Hz. I don't understand how you get "the full channel bandwidth from F-f to F+f". From microphone example above the change in frequency of carrier signal is dependent on pressure gradient and not on frequency of words spoken into microphone. Although a microphone, at least carbon microphone, uses DC current, for the sake argument assume that it uses carrier sinusoidal current with frequency 60Hz. Suppose when pressure gradient is 50μPa or more the change in frequency is 20Hz and when the pressure gradient is -50μPa the change is -20Hz, and this gives F-x=60-20=40Hz and F+x=60+20=80Hz. In this calculation you see no role of f which is 1800Hz.
To me, what you say makes sense if we superimpose voice signal which varies between 300Hz and 3300Hz onto some some carrier with frequency, F, of , say, 5000Hz. Then, I think after decomposition we will be able to see what you say, that is channel bandwidth from 3200Hz to 6800Hz. Perhaps,
this example might help you to see what I'm trying to say.
Why is copper wire itself a low bandwidth medium? Because a copper wire is more like an antenna than a transmission cable. As the wire gets longer and the frequency gets higher, the energy radiates away, rather than being guided along the desired path.
This part is relevant to Q1 above.
Regards
PG