GyanGram
ATTEMPT · INDIAN ECONOMY · PRELIMS 2018
Which one of the following statements correctly describes the meaning of legal tender money?
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Which one of the following statements correctly describes the meaning of legal tender money?
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• Correct Answer: B
• Legal tender is money that a creditor is legally compelled to accept when offered by a debtor to settle a debt.
• It includes both paper currency and coins issued by the government or central bank, not just metallic money.
• Bank money (cheques, drafts) and court fees are not the defining features of legal tender.
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