legal tender


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legal tender

currency in specified denominations that a creditor must by law accept in redemption of a debt
References in periodicals archive ?
At the end of the day on Thursday, the notes featuring Charles Darwin will have their legal tender status withdrawn - meaning it is time for people to check for any old tenners they still want to use in shops.
Recently, Finance Minister Arun Jaitley in his Budget speech stressed that the government does not consider cryptocurrencies as legal tender, and will take measures to eradicate the use of crypto currencies for illegitimate activities.
Jaitley has repeatedly said that such digital currencies were not legal tender and people dealing in them would not get any legal protection.
In such sense, bitcoins do not purport to be currency nor to be classified as legal tender.
A new 12-sided pound coin was introduced on March 28 this year and the old round pound will lose its legal tender status on midnight on Sunday October 15.
From midnight on Sunday October 15, the round pound will lose its legal tender status and no longer be accepted in shops and restaurants.
RBS/NatWest, Santander, Nationwide and Lloyds Banking Group, which includes Halifax, also said they will continue to accept round pounds as deposits from their own customers after they cease to be legal tender.
After that date, the notes will no longer have legal tender status and the Bank will withdraw them from circulation.
The new coins were first introduced on March 28, with the old coins ceasing to be legal tender on October 15, even though they can still be banked after that date.
The People's Bank of China, the central bank will issue one gold and two silver coins as the legal tender in China, according to an official statement issued here.
PEOPLE have until the end of the day today to spend old paper PS5 Bank of England notes in shops before they lose their legal tender status.
RBI on Sunday quashed rumours on rumours of fake Rs 10 coin in circulation and asked people not to give credence to such canards and continue to accept these coins as legal tender in all their transactions.