What are Banknotes??
A banknote is a negotiable promissory note issued by a bank and payable to the bearer on demand. The amount payable is stated on the face of the note. These notes are considered legal tender, and, along with coins, make up the bearer forms of all modern money.These are called by several names such as commemorative notes, real notes which are legal tenders and fantasy banknotes.Legal tender notes are the notes issued by the government as a legal form of payment. Formally, it is anything which when offered in payment extinguishes the debt.