Question

Avinash went to a stationery shop to buy books and pens. He bought 5 books and 2 pens amounting to Rs. 100 in total. Avinash handed Rs. 100 note to shopkeeper but shopkeeper refused to accept the payment. Avinash told the shopkeeper that he cannot refuse the payment made by him. After reading the above case state why one cannot refuse a payment made in rupees in India?
2 points
The law legalises the use of rupee as a medium of Store of Value
The law legalises the use of rupee as a medium of credit arrangements
The law legalises the use of rupee as a medium of Barter exchange
The law legalises the use of rupee as a medium of payment​

Answer 1

Answer:

Let the cost price of one pen =x

Let the cost price of one pencil=y

According to the problem,

Aseem's total cost price =3x+5y=40 ....(1)

Manik's total cost price =5x+4y=58

Answer 2

Answer:

Option - The law legalizes the use of rupee as a medium of Barter exchange is the correct answer.

Explanation:

• The law establishes the rupee as a legal tender that can be used to settle transactions in India.
• The Reserve Bank of India, on behalf of the Indian government, issues currency notes.
• According to Indian law, no other person or entity is permitted to issue currency.
• Furthermore, the law establishes the rupee as a legal tender that can be used to settle transactions in India.
• In India, no one has the legal right to deny payment in rupees.

Hence, the rupee is widely used as a means of exchange.

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