Along with Government of India,.....are responsible for the design, production and overall management of the nations currency, with the goal of ensuring an adequate supply of clean and genuine notes.

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Along with Government of India,____are responsible for the design, production and overall management of the nation’s currency, with the goal of ensuring an adequate supply of clean and genuine notes.

A	NABARD
B	Finance Ministry
C	RBI
D	SEBI

Explanation:

Detailed explanation-1: -The Reserve Bank is the nation’s sole note issuing authority. Along with the Government of India, we are responsible for the design, production and overall management of the nation’s currency, with the goal of ensuring an adequate supply of clean and genuine notes.

Detailed explanation-2: -The Department of Currency Management has the responsibility of administering the functions of currency management, a core function of the Reserve Bank in terms of the Reserve Bank of India Act, 1934. Currency management essentially relates to issue of notes and coins and retrieval of unfit notes from circulation.

Detailed explanation-3: -In terms of Section 22 of the Act, Reserve Bank has the sole right to issue banknotes in India.

Detailed explanation-4: -The RBI follows the minimum reserve system, wherein it has to maintain a minimum quantity of gold bullion as reserves to issue currency.

Detailed explanation-5: -The Reserve Bank has introduced banknotes in the Mahatma Gandhi Series since 1996 and has so far issued notes in the denominations of Rs. 5, Rs. 10, Rs. 20, Rs.

There is 1 question to complete.