BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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As we all know that Reserve Bank of India manages the circulation of currency. In this context which of the following decides the currency denomination value?
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Planning Commission
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Reserve Bank of India Itself
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Government of India
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Finance Commission
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Explanation:
Detailed explanation-1: -ensuring smooth distribution of banknotes and coins throughout the country and retrieval of unfit notes and uncurrent coins from circulation, ensuring the integrity of bank notes, administering the RBI (Note Refund) Rules, reviewing/rationalising the work systems/procedures at the issue offices on an ongoing basis and.
Detailed explanation-2: -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-3: -6. What is the role of the Reserve Bank of India in currency management? In terms of Section 22 of the Act, Reserve Bank has the sole right to issue banknotes in India.
There is 1 question to complete.