Consider the following statements:
1. In India, the minimum denomination coin acceptable for transaction is 50 Paise.
2. Coin below 50 Paise is not a legal tender for payment.
Which of the statements given above is/are correct?

Only 1

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Only 2

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Both 1 and 2

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Neither 1 nor 2

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Solution

The correct option is C Both 1 and 2
Since 2011, 25 Paise coin has ceased to be legal tender for payment and the minimum denomination coin acceptable for transaction is 50 Paise coin.

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Consider the following statements: 1. In India, the minimum denomination coin acceptable for transaction is 50 Paise.2. Coin below 50 Paise is not a legal tender for payment.Which of the statements given above is/are correct?

The correct option is C Both 1 and 2Since 2011, 25 Paise coin has ceased to be legal tender for payment and the minimum denomination coin acceptable for transaction is 50 Paise coin.

Consider the following statements:
1. In India, the minimum denomination coin acceptable for transaction is 50 Paise.
2. Coin below 50 Paise is not a legal tender for payment.
Which of the statements given above is/are correct?

The correct option is C Both 1 and 2
Since 2011, 25 Paise coin has ceased to be legal tender for payment and the minimum denomination coin acceptable for transaction is 50 Paise coin.