BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Both coins and currency notes
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Both coins and bank drafts
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Both currency notes and SDRs
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Only currency notes issued by RBI
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Detailed explanation-1: -Today, circulating coins exist in denominations of One Rupee, Two Rupees, Five Rupees, Ten Rupees and Twenty Rupees. All of these are produced by four mints located across India, in Kolkata, Mumbai, Hyderabad, Noida.
Detailed explanation-2: -Currency-Banknotes in India are currently being issued in the denomination of Rs 10, Rs 20, Rs 50, Rs 100, Rs 200, Rs 500 and Rs 2000. These notes are called banknotes as they are issued by the Reserve Bank of India (Reserve Bank).
Detailed explanation-3: -It is the national currency, such as paper money and coins, that is declared by law to be valid payment for debts and financial obligations. Cheques are not legal tenders since they can be refused as a mode of payment settlement by a party.
Detailed explanation-4: -A limited legal tender is that form of legal tender money, which can be paid in discharge of a debt up to a certain limit. Beyond this limit, a person may refuse to accept the payment and no legal action can be taken against him. In India, coins are limited legal tender.