BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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1861
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1885
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1909
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1919
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Detailed explanation-1: -The Paper Currency Act of 1861 conferred upon Government of India the monopoly of Note Issue bringing to an end note issues of Private and Presidency Banks.
Detailed explanation-2: -The paper currency Act of 1861 divested these banks of the right to note issue; the Presidency Banks were, however, given the free use of Government balances and were initially given the right to manage the note issues of Government of India.
Detailed explanation-3: -PASSED BY THE GOVERNOR GENERAL OF INDIA IN COUNCIL. (Received the assent of the Governor General on the 22nd March, 1905.) An Act to consolidate and amend the law relating to the Government Paper Currency.
Detailed explanation-4: -Charles Canning, 1st Earl Canning first introduced paper currency in Indian subcontinent in 1861 officially.