Gangs are groups of individuals who come together for a variety of reasons, including the pursuit of power, money, and a sense of belonging. While some people may see the appeal of joining a gang, the reality is that gangs can have a number of negative effects on both individuals and communities.
One of the most significant negative effects of gangs is the violence and crime that they often engage in. Gangs are known for their involvement in illegal activities, such as drug trafficking, robbery, and murder. These actions not only harm innocent people, but they also create a climate of fear and insecurity in the community. In addition, the violence and crime associated with gangs can lead to a breakdown of social cohesion and trust within the community, as people become less willing to cooperate and work together.
Another negative effect of gangs is their tendency to promote a culture of fear and intimidation. Gang members often use threats and violence to coerce others into joining or complying with their demands. This can create a sense of oppression and powerlessness among those who are targeted by the gang, and can lead to serious mental health issues, such as depression and anxiety.
Gangs can also have a negative impact on the education and future prospects of their members. Many gang members drop out of school or engage in other risky behaviors that can harm their prospects for success in the future. This can lead to a cycle of poverty and social exclusion that is difficult to break.
Finally, gangs can also have negative effects on the families of their members. Gang involvement can lead to financial strain, as members may spend their money on illegal activities or may be unable to hold down a job due to their involvement in the gang. Additionally, the violence and crime associated with gangs can lead to arrests and incarceration, which can have a devastating impact on family relationships.
In conclusion, gangs can have a number of negative effects on individuals and communities. From violence and crime to a culture of fear and intimidation, the impact of gangs can be far-reaching and long-lasting. It is important for communities to work together to address the root causes of gang involvement and to provide support and resources for those who wish to leave the gang lifestyle behind.
What Is the Difference between Limited and Unlimited Legal Tender Class 10
It also deals with the legal status of cryptocurrencies in India. Note: Banknotes with a face value of 2र and above are issued by the RBI, while a rupee note and coins are issued by the Ministry of Finance — Government of India. An individual or entity must accept any payment made using the legal tender money as part of a contract or transaction. Legally, those coins and banknotes were considered non-decimal sub-divisions of the euro. . Limited legal money:Limited legal tender money is that which a creditor can accept in settlement of claims up to certain limit only.
For more reading, see: India abandons 500 and 1000 rupee notes. Therefore, a common currency for a country based on its economy, culture, and requirements will be appropriate. Banknotes were issued as early as 1840 by the Union Bank of Australia under the provisions of British law. Fiat money is a type of money that is not backed by any type of commodity such as gold. In India, coins are legal tender limited. What Is Legal Tender Money And What Is Fiat Money? Meanwhile, some currencies, especially the U.
Legal Tender Money- Money that is backed by the government and has a legal sanction by the government is called legal tender or legal tender money. It should be noted that on 8 November 2016, the Government of India surprisingly announced that it would withdraw 500 and 1,000 rupee notes from circulation in order to combat counterfeiting and corruption. Because the government has ordered and sanctioned it to be money, it is to be accepted by everybody in exchange for goods and services and discharge and in the discharge of debt. It also follows the scenario of legal tender in other countries. What are the examples of legal tender money? In particular, legal tender can allow flexibility in the money supply, and a single currency can eliminate the transaction costs associated with using multiple competing currencies. By default and design , legal tender laws prevent the widespread adoption of anything other than the existing legal tender as money in the economy.
Money: Types, Limited vs Unlimited Legal Tender,Evolution and Functions
The Reserve Bank is responsible for supervising all operations of these various institutions in order to preserve financial stability. Now moving to the first pillar of economy i. This article was written by Nimisha Dublish of Vivekananda Institute of Professional Studies, GGSIPU, New Delhi. Retrieved 13 June 2019. Legal tender is recognized by law as a mechanism for repaying a private or public debt or fulfilling a fiscal liability that includes paying taxes, enforcing contracts and, finally, damages or fines. The government gave this act to finance the civil war. A disease caused by HIV human immuno virus.
Queensland Treasury notes were issued by the Queensland Government and were legal tender in that state. Legal tender is determined by a law that determines the purpose to be used as legal tender and the organization responsible for creating and issuing it to the public, such as the Reserve Bank of India. There are several purposes that legal tender serves in the economic field. Most countries continued to exchange pre-euro notes and coins for a period of time; only Ireland continues to do so. Foreign gold or silver coins are not legal tender for debts.
Differentiate between limited legal tender and unlimited legal tender.
When the government issues an order describing what is money, that becomes legal tender money. In 1869, Hepburn v. Retrieved 12 September 2012. The government and the RBI issue legal tender in the form of coins or banknotes. Therefore, there is no legal justification for people or companies to decline to accept it. Some may accept card and cheque payments, others may not. Banks added withdrawal limits and current accounts were frozen.
What Is Meant By Limited And Unlimited Tender Money?
The petro was claimed to be backed by Venezuela's natural gas, mineral, and oil reserves. The legal tender money is of two types: i Limited Legal Tender Money: This is a form of money, which can be paid in discharge of a debt up to a certain limit and beyond this limit, a person may refuse to accept the payment and no legal action can be taken against. It is supported only by the government. Some jurisdictions allow contract law to take precedence over legal tender, allowing merchants to indicate, for example, that they do not accept cash payments. Eg I have tomatoes that I want to sell to buy corn, but most of the other people have also grown tomatoes and thus — this lack of specialisation — gives birth to lack of double coincidence of wants — and thus transaction cost is high. Black Money: Definition, sources and measures to contain the Black Money Reserve Bank of India.
You are the agent and the holder can leave and receive payment of the debt drawn. This means that beyond a specified limit, recipients must make the payment using another offer, such as banknotes, unless otherwise specified by the recipient. However, there are some exceptions. Non-performing assets NPAs — Information about UPSC GS-III The banking system in India consists of many public public, private, foreign, cooperative and regional rural banks. It has a value of its own. Everybody is bound to accept legal tender money in exchange of goods and services and it cannot be refused by anybody in payment for transactions. The Venezuelan petro is controlled centrally by the Venezuelan government, based on their own estimation of the value of their natural resources.
What Is Legal Tender Money And What Is Fiat Money?
Retrieved 13 February 2016. Banknotes circulated in every state except Queensland, but were not legal tender, except for a brief period in 1893 in New South Wales. They should be coined and designed in a manner that its weight and finesse remains unaltered through circulation. Horvitz, Monetary Policy and the Financial System, p. Retrieved 27 January 2017. It is the legally accepted form of payment that is overseen by the central bank or other financial institutions in a country.
The sovereign will be pegged to an existing, decentralized peer-to-peer cryptocurrency market. It is money that no one can be forced to accept, beyond a certain limit set by law. That'll be a blow to the black marketeers and others like them, but even more to people in hiding and anyone else with money that can't be accounted for. The Act also ended the right of individuals to redeem their bank notes for coin, effectively ending the distinction between coin and notes in New Zealand. Many online services accept cryptocurrencies, and this practice is perfectly legal. El Salvador was the first country to have a cryptocurrency as a legally authorized tender in June 2021 when it officially launched Bitcoin. Archived from the original on 25 June 2018.
