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Economics Quiz

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Rs. 1 and above

Cheques and drafts

Cash transactions for less than Rs.2 lakh

Below 50 paisa (correct)

Coinage Act 2011

Finance Act 2017

Cheque and Draft Act

RBI Act 1934 (correct)

No penalty

50% of the amount

Double the amount

Entire amount (correct)

<p>The money which a creditor is under compulsion to accept in settlement of his claims</p> Signup and view all the answers

<p>Below 50 paisa</p> Signup and view all the answers

One rupee notes and fifty paise coins are considered as limited legal tender according to the Coinage Act 2011.
The Reserve Bank of India Act 1934 states that every bank note is legal tender in India.
The penalty for cash transactions beyond Rs.2 lakh is a fine of equal amount, according to the Finance Act 2017.
Legal tender money is a medium of exchange that must be accepted in payment of debts, correctly describing the meaning of legal tender money.
The Coinage Act 2011 has withdrawn fifty paise coins and other coins below fifty paise.