| In India, the Central Bank (RBI) has the monopoly right of note issue. RBI issues promissory notes in the country. Each promissory note is a legal tender and contains the words I promise to pay the bearer the sum of Rs. .........., and is signed by the Governor of RBI. The face value of each promissory note is higher than its commodity value. |
| On the basis of above imaginary information, answer the following questions: |
| Promissory notes are: |
A) limited legal tender
B) unlimited legal tender
C) Both [a] and [b]
D) None of these
Correct Answer: B
Solution :
[b] unlimited legal tender
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