BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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50 paise
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25 paise
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Both A and B above
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None of these
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Detailed explanation-1: -It may be recalled that in exercise of powers conferred by Section 15A of the Coinage Act, 1906 (3 of 1906), the Government of India has decided to withdraw the coins of denomination of 25 paise and below from circulation with effect from June 30, 2011.
Detailed explanation-2: -Coins in India are presently being issued in denominations of 50 paise, one rupee, two rupees, five rupees, ten rupees and twenty rupees.
Detailed explanation-3: -10 rupees coins are not bought in any government-run places such as milk companies, banks, if they are given in government buses to buy tickets, or in fair price shops to buy goods. When people ask why they refuse to buy, they don’t give a proper answer.
Detailed explanation-4: -Explanation: Hence according to the act One Rupee Note is a ‘coin’. Also, in accordance with the RBI Act 1934, RBI can not mint coins. One rupee note is not a promissory note.