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प्रश्न
Why is money referred to as legal tender?
What is legal tender?
Why is money called legal tender?
उत्तर
Legal tender is any currency declared legal by a country's monetary authority. No one can refuse to accept it as a mode of payment.
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संबंधित प्रश्न
Currency and ______ are two modern forms of money.
Who regulates money supply in India?
Which of the following institutions is authorised to issue currency in India?
Which one of the following is not a modern form of money?
Indian rupee is legal tender.
______ are termed as Legal Tender Money.
Read the following statements - Assertion (A) and Reason (R). Choose one of the correct alternatives given below:
Assertion (A): Bank money is legal tender money.
Reason (R): Cheques drawn on demand deposits can be refused by anyone as a mode of payment. Hence, demand deposits (i.e. bank money) are not legal tenders they are optional.
Read the-following statements - Assertion (A) and Reason (R). Choose one of the correct alternatives given below:
Assertion (A): Currency and bank money are the two modern forms of money.
Reason (R): Currency is high powered money.
Match the following:
| Column I | Column II | ||
| A. | Currency | (i) | Something which is commonly used as medium of exchange |
| B. | Bank money | (ii) | Currency and demand deposits |
| C. | Money | (iii) | Bank demand deposits |
| D. | Modern form of money | (iv) | Paper notes + coins |
Distinguish between fiat money and bank money.
