Question: Are All Money Legal Tender?

MUMBAI: The Reserve Bank of India (RBI) has said that all coins of denomination 50 paise and above are legal tender irrespective of design and should be accepted.

“As coins remain in circulation for a longer period, coins of different designs and shapes circulate at the same time..

Legal Tender is a coin or a banknote that is legally tenderable for discharge of debt or obligation.

Do US dollar notes expire?

2 Answers. Yes, they’re still valid, and should never expire. You may find that some places look suspiciously on the old designs for larger bills like that, but you can always trade them in at a bank at no cost.

Lawful money stands in contrast to fiat money, in which the government assigns value although it has no intrinsic value of its own and is not backed by reserves. Fiat money includes legal tender such as paper money, checks, drafts, and banknotes. Lawful money is also known as “specie,” which means “in actual form.”

Not a stupid question as paper currency in many countries has become obsolete over time. In the US though your currency is still good. That is assuming it isn’t too tattered or counterfeit. AFAIK, all government-issued US currency is still legal tender, regardless of when they were made.

In general, “exact change” policies are legal. The Department of Treasury provides this helpful explanation: … There is, however, no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services.

(b) Unlimited Legal Tender: It refers to that form of legal tender money, which can be paid in discharge of a debt of any amount. Legal action can be taken against a person who refuses to accept this money. In India, paper notes are unlimited legal tender.

The currency issued by the monetary authority is known as legal tender money. It implies that the values of such currency notes and coins are backed by the monetary authority. Fiat money becomes the legal tender when it is backed by the monetary authority.

Fiat money has no intrinsic value, while legal tender is any currency declared legal by a government. Governments can issue fiat currency and make it legal tender by setting it as the standard for debt repayment.

Legal tender is anything recognized by law as a means to settle a public or private debt or meet a financial obligation, including tax payments, contracts, and legal fines or damages. The national currency is legal tender in practically every country.

In this context chequable demand deposits is not money because a person can legally refuse to accept payment through cheques. The legal tender status given by the government to money may be limited or unlimited. Fiat Money. Fiat money is any money backed by the order (fiat) of the government to act as money.

Legal tender is officially defined as the coins or banknotes that must be accepted if offered in payment of a debt. … For example, the official definition of legal tender exclusively refers to coins and banknotes.

In summary, the answer is “yes” a business can legally refuse a cash payment. However, if you are a citizen who does not have the ability to pay by card, we suggest contacting businesses to confirm they are still accepting cash before making the journey there. … This may see them accept your cash payment.