SSC Economics Sample Paper NCERT Sample Paper-2

  • question_answer
    Who is die sole authority in India to issue currency?

    A) RBI

    B) Ministry of Finance

    C) In the cooperation of ministry of Pittance, RBI issues the currency.

    D) None of the above.

    Correct Answer: A

    Solution :

    At present, paper currency notes in India are issued in the denomination of Rs. 5, Rs. 10, Rs. 20, Rs. 50, Rs. 100, Rs. 500 and Rs. 1,000. The printing of Rs.1 and Rs.2 denominations has been discontinued, though the notes in circulation are valid. Reserve Bank of India has been authorized to issue notes of Rs. 5000 and Rs. 10000 also. In fact, as per RBI act, RBI can issue any note of any denomination but NOT exceeding Rs. 10, 000. The notes denomination is notified by Government and RBI acts accordingly. The one rupee note was printed and issued by the central government. The Government of India also has the sole right to mint coins of all denominations.

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