In terms of Section 24 of the Reserve Bank of India Act, 1934, the Reserve Bank of India may issue bank notes for the maximum denomination of

BANKING GENERAL KNOWLEDGE

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

A	Rs. 500
B	Rs. 5000
C	Rs. 10000
D	Rs. 1000

Explanation:

Detailed explanation-1: -Section 22 states that only the RBI has the exclusive rights to issue currency notes in India. Section 24 states that the maximum denomination a note can be is ₹10, 000 (US$130). Section 26 of Act describes the legal tender character of Indian bank notes.

Detailed explanation-2: -45K. Power of Bank to collect information from non-banking institutions as to deposits and to give directions. 45L. Power of Bank to call for information from financial institutions and to give directions.

Detailed explanation-3: -Section 57 of RBI Act 1934 : “Liquidation of the Bank" (1) Nothing in the Companies Act, 1956 (1 of 1956)], shall apply to the Bank and the Bank shall not be placed in liquidation save by order of the Central Government and in such manner as it may direct.

There is 1 question to complete.