Political Science, asked by adityapuri09553, 1 month ago

7. Laws relating to issue of currency can be passed only by Union Parliament. What would be the problems if each State decides to have its own currency (In Britain the Bank of Scotland is authorized to issue its own currency)

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Answered by anitadevi052704

Answer:

Definition: Legal tender is a legally recognized payment instrument used to fulfill a financial commitment. In other words, it is an economic medium that is accepted by the legal system.

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7. Laws relating to issue of currency can be passed only by Union Parliament. What would be the problems if each State decides to have its own currency (In Britain the Bank of Scotland is authorized to issue its own currency)​

Answers

7. Laws relating to issue of currency can be passed only by Union Parliament. What would be the problems if each State decides to have its own currency (In Britain the Bank of Scotland is authorized to issue its own currency)