Economy, asked by saanababu, 1 year ago

what is legal tender and also what is meant by currency

Answers

Answered by neerjabinu
1
legal tender is the money that the law allows u to pay ur debts which must be accepted when granted. 

currency is a money that a country uses or something like a coins or banknotes that is in circulation as a medium of exchange

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raveesh255: nice answer Nirja
neerjabinu: thankz
AshishRana: Legal tender means that the money has the backing of government.It means that it can't be rejected as a means of exchange.
neerjabinu: mi ans is wrong?
AshishRana: Your answer says that it must be accepted for payment whreas legal tender means the leag backing of the currency by the Government. :) Anyways, good try
neerjabinu: okay thankz
AshishRana: ur welcome :)
Answered by sameer5
1
legal tender means money  that, by law, must be accepted as a medium for commercial exchange and payment for a money debt
currency ,means money in other countries given different name's like rupess , doller currency this all are money .
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