Legal tender money class 12
Nettet13. nov. 2024 · Ecuador, which does not issue legal tender, has used the US dollar as its legal tender since 2000. This practice of using the U.S. dollar as a country`s primary currency is called «dollarization.» If I have to pay 500 rupees to a merchant, I can give him any invoice or coin as payment. NettetAns. Legal tender money is the money that, by law, must be accepted as a medium of exchange and payment for debt by the citizens of a country. It cannot be refused by …
Legal tender money class 12
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Nettet1:Limited legal tender money is the money that can be accepted only up to a certain maximum limit. for e.g. In India, one paise coin to 25 paise coin is legal tender up to Rs 25. One can refuse payments in these small coins beyond the sum of Rs 25. 2:Unlimited legal tender money is the money that a person has to accept without any limit of ... Nettet3 timer siden · Subscriptions come to Twitter. Twitter users can now charge for access to their content. The technical aspects of the plan aren’t clear yet, but for the first 12 months, Twitter won’t keep any ...
NettetLegal Tender Money – This money cannot be denied in the settlement of the monetary obligation Limited Legal Tender Money: It is compulsory to accept up to a certain limit … NettetThe currency issued by the monetary authority is known as legal tender money. It implies that the values of such currency notes and coins are backed by the monetary …
NettetThe legal tender status given by the government to money may be limited or unlimited.i) Limited legal tender. It is that money which no person can be forced to accept beyond a certain maximum limit fixed by law. For instance in India, coins are limited legal tender because coins of 5, 10, 20 and 25 paise can be accepted up to maximum sum of र … NettetLegal tender means banknotes and coins which are offered in payment of debts and which must be accepted.You can read about the RBI – Know More About Reserve …
Nettet14. apr. 2024 · El Salvador, a small country in Central America, made headlines in September 2024 when it became the first country in the world to adopt Bitcoin as a legal tender. This decision by the country’s ...
NettetFind many great new & used options and get the best deals for 1917 $1 One Dollar Legal Tender Fr 37 PMG Choice VF 35 ... *$35.64 for 12 months. Minimum purchase required. See terms and apply now - for PayPal ... You are covered by the eBay Money Back Guarantee opens in a new tab or window if you receive an item that is not as described … how do you sleep 8 hours in 3 hoursNettetIt has the monopoly of note issue. Notes issued by it circulate as legal tender money. It has its issue department which issues notes and coins to commercial banks. Coins are manufactured in the government mint but they are put into circulation through the central bank. However, the currency issued by the central bank is its monetary liability. phone security lock to deskNettet1. mar. 2024 · Economics Class 12 Meaning of Legal Tender Last updated at March 1, 2024 by Teachoo What is legal Tender? It is a form of money which cannot be refused by any citizen for settlement of any kind of transaction Example- If I have to pay a shopkeeper Rs 500, I can give him any currency note or coin as payment how do you sleep after shoulder surgeryNettet6. aug. 2024 · money; class-12 +1 vote. 1 answer. One rupee Indian coin is called "limited legal tender" because. asked Jun 19, 2024 in Economics by Annu Priya (21.3k points) class-12; money and banking; cbse; 0 votes. 1 answer. Distinguish between: Legal Tender Money and Non-Legal tender Money. asked Dec 24, 2024 in Economics by … how do you sleep at night chicksNettetDemand Deposits are legal tenders.2. Currency notes and coins both are legal tenders.3. Paper currency and cheques do not have any intrinsic value whereas coins have.Which of the ... NCERT Solutions For Class 12. NCERT Solutions For Class 12 Physics; NCERT Solutions For Class 12 Chemistry; NCERT Solutions For Class 12 … how do you sleep at night the chicksNettetSolutions of Test: Money and Banking- Assertion & Reason Type Questions- 2 questions in English are available as part of our Economics Class 12 for Commerce & Test: Money and Banking- Assertion & Reason Type Questions- 2 solutions in Hindi for Economics Class 12 course. Download more important topics, notes, lectures and mock test series … how do you sleep coverNettet21. jun. 2024 · Legal tender: (a) Legally, money is anything proclaimed by law as a medium of exchange. (b) Paper notes and coins (together called currency) is money as a matter of law. (c) Nobody can refuse its acceptance as medium of exchange. 2. FIAT Money: It is defined as a money which is under the ‘FIAT’ (order/authority) of the … how do you sleep face down after vitrectomy