Part 1 · Foundation & Basics

The Foundation — What Currency Legally Is

Legal tender, RBI vs Government control, face value vs collectible value, ownership of currency, and the foundation of what currency legally means in India.

11 questions in this part

1 Is currency collecting legal in India? 2 What is legal tender? 3 Who controls currency in India — RBI or Government? 4 Currency vs collectible — what changes legally? 5 When does a note stop being 'money'? 6 What is the difference between a banknote and a coin in Indian law? 7 Who actually owns the currency note in your wallet? 8 What is a 'promise to pay' and why does it matter to collectors? 9 Can the government change the value of a currency note after it is issued? 10 What is the legal difference between face value and collectible value? 11 Does Indian law recognise numismatics as a hobby, profession, or neither?