Question

what do you mean by legal tender? Also differentiate between limited and unlimited legal tender

hurry up pls....

Answer 1

coins or banknotes that must be accepted if offered in payment of a debt.


Limited legal tender: You can make money settlement/repay your debt in coins upto 1000 rupees only beyond which accepting party can reject.
Unlimited legal tender: You can make money settlement/repay your debt in notes legal tender upto any value.
To be more precise,
If I have borrowed a sum of 10,000 from you and while repaying I cannot repay whole money in coin tender(I can repay 1000 rupees in coin tender), I have to repay in paper legal tender.

Answer 2

i think this could help u