Which one of the following statements correctly describes the meaning...

UPSC Prelims 2018 Economy

Which one of the following statements correctly describes the meaning of legal tender money?

Explanation

Legal tender refers to money that is legally recognized for the payment of debts. This means that if a creditor offers you legal tender to settle a debt, you are legally obligated to accept it. Hence, option 'B' is the correct answer.

← Previous If a commodity is provided free to the public by the Government, then Next → Consider the following items: 1. Cereal grains hulled 2. Chicken eggs cooked 3. Fish ...