What are the two types of legal tender money?

Banknotes and coins are two types of legal tender money in India. Every banknote issued by Reserve Bank of India (₹2, ₹5, ₹10, ₹20, ₹50, ₹100, ₹200, ₹500 and ₹2000), unless withdrawn from circulation, shall be legal tender at any place in India. As per Section 6 of The Coinage Act, 2011, the Government of India issued coins is a legal tender in India.You can read about the RBI – Know More About Reserve Bank of India in the given link.

Further readings:

  1. Bad Banks – Idea Proposed Due to COVID-19
  2. Cashless Economy in India – UPSC GS-III Notes

Related Links

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Demonetisation Essay – Concepts, Merits, Demerits & Effects 

Money Supply in Economy – Types of Money, Monetary Aggregates, Money Supply Control

List of Different Types of Banks in India

Non Performing Assets (NPA) – Facts for UPSC GS-III

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