Statement 1: The term ‘Money’ is used to cover only coins and currency notes
Statement 1: The term ‘Money’ is used to cover only coins and currency notes.
Statement 2: In India, both coins and currency notes are limited legal tender.
Alternatives:
(a) Both the statements are true
(b) Both the Statements are false
(c) Statement 1 is true and Statement 2 is false
(d) Statement 2 is true and Statement 1 is false
Anurag Pathak Changed status to publish December 15, 2023
Ans – (b)
Explanation:-
Statement 1 is false
The term money includes two terms
Money = Currency with public + Demand Deposits with Banks
Statement 2 is also false
In India, both coins and currency notes are unlimited legal tender and can be used to settle any financial obligations and liabilities.
citizens can not refuse to accept it.
Anurag Pathak Changed status to publish December 15, 2023
