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Question

Money which is bound to be accepted by law in exchange for goods and services and in the discharge of debts is called


A

Overdraft

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B

Legal tender money

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C

Cheques

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D

None of the above

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Solution

The correct option is B

Legal tender money


Currency notes and coins issued by the central bank is the legal tender money which everyone is bound to accept by law in exchange for goods and services and in the discharge of debts.


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