Define or explain the following concepts: 5. Limited legal tender

Define or explain the following concepts:

5. Limited legal tender

Answer: Limited legal tender money: Legal tender money is that money which is backed by law and issued by the monetary authority. It cannot be refused by anybody. Limited legal tender money is that money which is accepted as legal tender but only up to a certain limited amount. In India, a maximum of 1000 coins be used for payments legally.

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