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प्रश्न
Distinguish between limited legal tender and unlimited legal tender.
उत्तर
Limited legal tender and unlimited legal tender:
1) The rupee notes of higher denominations are considered unlimited legal tender because they can be used for settling claims relating to high-value transactions. For example, 100/500/1000 rupee notes.
2) Coins of smaller denominations are considered limited legal tender because they are acceptable only for meeting financial transactions of lower value. For example, 1/2/5 rupee coins for satisfying the smaller requirement.
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संबंधित प्रश्न
What do you understand by the term 'near money'?
Mention one contingent function of money.
Explain the primary functions of money.
Discuss any two contingent functions of money.
What are normal goods? Give two examples.
Explain the following function of money:
Medium of exchange
Explain the following function of money:
Store of value
Explain the following function of money:
Maximisation of utility
What is the legal definition of money?
