What is legal tender?
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Yogita Ingle 5 years, 10 months ago
Legal Tender – It is a medium of payment recognised by a legal system to be valid for meeting a financial obligation. Legal tender is any official medium of payment recognized by law that can be used to extinguish a public or private debt, or meet a financial obligation. It is the money issued by monetary authority or government, which cannot be refused by any person in payment for transactions. Government issues an order describing what is money and that becomes legal tender money.
For ex - In India currency notes and coins are legal tender money.
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