What is legal tender money and its different types?
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Legal tender is any official medium of payment recognized by law that can be used to extinguish a public or private debt, or meet a financial obligation. The national currency is legal tender in practically every country. A creditor is obligated to accept legal tender toward repayment of a debt.
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When the general acceptibility of money is supported by the law of the land it is called legal tender money.
It is of two types-
1) Limited Legal tender money
2) Unlimited legal tender money
It is of two types-
1) Limited Legal tender money
2) Unlimited legal tender money
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