Legal tender is any means of payment which must be accepted by law in settlement of a debt. In our country the Reserve Bank of India notes and coins are legal tender. Anyone selling goods and services must accept these notes and coins in payment. In India, one- rupee currency notes and coins as well as the small coins are legal tender up to certain amounts.
Hence they are called limited legal tender. Accounts are kept in terms of such money. Savings are also kept by the people in the form of such money. We accept notes simply because they are recognised by law as legal tender and we know that they are similarly accepted by all other people throughout the country.
In the same way, we accept coins, manufactured by the Mint, at a face value stamped on them far greater than their intrinsic value in metal. The money now used in India and most other countries consists of currency notes and coins in circulation with the public and bank deposits. Notes are printed by the Reserve Bank of India.
Coins are manufactured by the Mint. Both notes and coins are known as token money because the material in them is worth far less than the value stated on them.
The quantities issued are controlled by the R. I, notes and coins are legal tender— that is, money which the law requires people throughout the country to accept as a means of payment.
Thus, a shopkeeper may refuse a cheque but cannot refuse notes in payment for goods on display. Coins are legal tender up to limited amounts. Larger amounts of small change may, of course, be accepted but the law gives the right to refuse.
Though not legal tender, cheques based on bank deposits are accepted throughout the community as the normal means of making large payments. Bank deposits, therefore, come within the definition of money. In defining money, a distinction must be made between bank deposits or accounts and the cheques drawn upon them. A cheque is an instruction to a bank to pay a stated sum of money out of a deposit in cash or transfer it into the deposit of another person named on the cheque.
The cheque itself is not money but represents a sum of money in a bank deposit and is a means by which ownership of that money is transferred from one depositor to another. In an advanced society with a developed banking system, bank deposits are the main form of money. They are convenient to hold arid, through cheques, can be easily and safely transferred in quantities of any size.
It is common practice for a cheque to be crossed with two parallel lines at the top left corner requiring it to be paid into a bank account and not cashed directly over the counter. In such a costly and competitive society and world, no one of us can live without money. We need money to fulfil our basic needs of the life such as buying food, and other many basic necessities of life which are almost impossible to buy without money.
People in the society who are rich and have property are looked as honourable and respectful person of the society however a poor person is seen as hatred without any good impression. Money increases the position of the person in the society and gives good impression to him. All of us want to be rich by earning more money through good job or business in order to fulfil all the increasing demands of the modern age.
However, only few people get this chance of completing their dreams of being a millionaire. So, money is the thing of great importance all through the life. People in the urban areas are earning more money than the people living in backward or rural areas as the people of the urban areas have more access to the technologies and get more opportunity because of the easy sources.
Money is very much required thing in the life however; it cannot buy things like time, love and true care. It can only fulfil the outer needs of the person and not the inner needs like true love. Now-a-days, everything has become so costly but necessary to buy for living a simple life. And what if we have no money, either we would die or suffer more if saved. Money has capability to buy anything virtually and helps us a lot throughout the life.
By taking the importance of the money in our life we should never destroy or waste the money without any purpose. We should not compare the money and love because both are required separately to run a successful life. In this competitive world, everyone wants to get good study with higher education from the popular college and university to get good job in order to earn more money. A person needs more money to fulfil the requirement of the all members of the family especially one who is only working person of the family.
He or she needs to fulfil the eating, clothing and living requirements of the family members and for that money is required. Rich people of the society are given particular recognition and popularity however poor people live their life by arranging just food for two times a day.
All the changes and differences are just because of the money. Money is really a very important thing for the human beings to lead their life in the satisfactory way. Unlike animals and plants, we need more money everywhere. In order to live in the society, we need to maintain our status and position in the society for which we need money.
In order to eat food or drink water, wear cloth, get admission to the school, take medicine or go to the hospital and other many activities we need lots of money.
Now the topic arise is, where we got such required money. Money can buy virtually anything. If it could, we all probably would have nothing to regret and everything we wanted. So, put simply, money is not the answer for everything we want from life. I second her thought and admire her great gesture. Money can buy admirers, not affection.
Can we buy the love of our parents?
Money essays In the modern time, Money is energy for a life, and could purchase every thing, but sometime money can't buy a truelove. In fact, if we have no money, we won't spend for our life. Money is as well as blood in our body. Therefore, one of .
Money is a wonderful invention of man. In the primitive-society human needs were simple and limited. In course of time ‘Barter system’ prevailed and commodity to commodity exchange came into existence. So, direct exchange of goods for goods is known as barter system. With the passage of time and growth of civilisation, human wants multiplied.
Long and Short Essay on Money in English. We have provided some simply written essay on money to help your kids to do better in their essay writing competition. May 10, · Talking about money is hard. Writing well about yourself may be harder still. So trying to do both at once, as a teenager, while addressing complete strangers who control your future, would seem.
May 11, · Each year, we ask students to send in college application essays that have something to do with money. Nearly responded this year. Here are . ADVERTISEMENTS: Essay on Money Can’t Buy Everything! I didn’t see anybody buying the time which he/she has already left behind. Money can buy virtually anything. But, can it buy you the time which you’ve already spent and want to get back just to make a few things right? If it could, we all probably would [ ].