{"id":11098,"date":"2023-05-20T05:47:52","date_gmt":"2023-05-20T00:17:52","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=11098"},"modified":"2025-03-30T00:32:10","modified_gmt":"2025-03-29T19:02:10","slug":"what-is-a-legal-tender","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/what-is-a-legal-tender\/","title":{"rendered":"What is a Legal Tender?"},"content":{"rendered":"<h2><strong>About Legal Tender:<\/strong><\/h2>\n<ul>\n<li>It is a <strong>type of currency or medium of exchange.\u00a0<\/strong><\/li>\n<li>It is money that is <strong>valid and acceptable for the settlement of debts<\/strong> which <strong>must be recognized when issued.<\/strong><\/li>\n<li>Almost every <strong>country uses its national currency as legal tender.<\/strong><\/li>\n<li>Creditors are lawfully responsible for accepting legal tender for the repayment of debt that they have availed.<\/li>\n<li>Legal tender is <strong>constitutioned by a law that specifies the object to be utilised as legal tender <\/strong>a<strong>nd the organisation that is commissioned to create<\/strong> and issue the same to the public such as the Reserve Bank of India.<\/li>\n<li>In India, the a<strong>uthentic legal tender of the Reserve Bank of India consists of coins and notes.<\/strong> The creditors are supposed to accept them as a payment towards the debt.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<hr \/>\n<h3>Q1)\u00a0Is Cryptocurrency a legal tender in india?<\/h3>\n<p>Trading of cryptocurrencies is allowed in India and a tax of 30% is charged on them. However, the status of legal tender is not given to Cryptocurrencies and they cannot be used for banking purposes.<\/p>\n<p><strong>Source:<\/strong>\u00a0<a href=\"https:\/\/www.thehindubusinessline.com\/money-and-banking\/rbi-announces-withdrawal-of-2000-currency-notes-legal-tender-until-september-30\/article66870847.ece\" target=\"_blank\" rel=\"nofollow noopener\"><u>\u20b92,000 currency notes withdrawn; legal tender until September 30<\/u><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Legal Tender is a type of currency or medium of exchange.<\/p>\n","protected":false},"author":5,"featured_media":11099,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-11098","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/11098","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=11098"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/11098\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/11099"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=11098"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=11098"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=11098"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}