Which of the following can be considered as legal tenders 1 Currency notes issued by the RBI 2 Coins...........

Economic Affairs Black Money

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Which of the following can be considered as legal tenders?

1. Currency notes issued by the RBI

2. Coins issued by the Government

3. Cheques issued by a private person

Select the correct answer using the code given below.

1 and 2 only

2 only

1 and 3 only

1, 2 and 3

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Explanation:

Only 1 and 2 are correct. Any instrument that cannot be refused by any citizen of the country for settlement of any kind of transaction is called legal tender. Currencies and coins cannot be refused for settlement of payment whereas cheques can be refused.