Question

What is meant by unlimited legal tender?

Answer 1

1. Unlimited legal tender refers to money that can be offered in any amount to settle a debt, and the creditor is legally bound to accept it.
2. In India, currency notes and coins of higher denominations (like ₹10, ₹20, ₹50, ₹100, ₹500, and ₹2000) are examples of unlimited legal tender, as they can be used to make payments of any value without limit.