39. A hundred-rupee note has the words: “I promise to pay the bearer a sum of thousand rupees” on it. What does this mean?

1. RBI is obligated to exchange a bank note with bank notes of lower value or other coins

2. The person who accepts the note has to pay an equal amount either as a good or service

3. The bank note is a legal tender for the specified amount

4. All the banks are obligated to receive note under any circumstances

Correct Answer :

The bank note is a legal tender for the specified amount