Bank Money is ____ (Non-Legal Tender Money/Legal Tender Money)

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Bank Money is ____ (Non-Legal Tender Money/Legal Tender Money).

Anurag Pathak Changed status to publish December 15, 2023

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Anurag Pathak28.35K Posted December 15, 2023 0 Comments

Bank Money is Non-Legal Tender Money (Non-Legal Tender Money/Legal Tender Money).

Explanation:-

Only currency and coins are considered as legal tender. It means no citizen can refuse to accept the payment in this form.

Whereas, Bank money includes demand deposits that include cheques, and demand drafts.

These are not legal tender money as a citizen can refuse to accept the payment in this form.

Anurag Pathak Changed status to publish December 15, 2023

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Bank Money is ____ (Non-Legal Tender Money/Legal Tender Money)

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Anurag Pathak

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