Bills of exchange, bank drafts, postal orders, and cheques are examples of non-legal tender money. These types of money are usually accepted but legally there is no obligation to accept them. Whether it is accepted or not is the choice of lender, seller or creditor. You can read about the RBI – Know More About Reserve Bank of India in the given link.
Further readings:
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Related Links |
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Black Money: Definition, Sources & Measures to Curb Black Money |
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Money Supply in Economy – Types of Money, Monetary Aggregates, Money Supply Control |
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