The Department of Currency Management in cooperation with the Issue Departments of the Reserve Banks Regional Offices across India oversees currency management. The Department of Currency Management is located in

BANKING GENERAL KNOWLEDGE

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

The Department of Currency Management in cooperation with the Issue Departments of the Reserve Bank’s Regional Offices across India oversees currency management. The Department of Currency Management is located in

A	Kolkata
B	Pune
C	Chennai
D	Mumbai

Explanation:

Detailed explanation-1: -The Department of Currency Management has the responsibility of administering the functions of currency management, a core function of the Reserve Bank in terms of the Reserve Bank of India Act, 1934. Currency management essentially relates to issue of notes and coins and retrieval of unfit notes from circulation.

Detailed explanation-2: -The mechanism of putting currency into circulation and its withdrawal from circulation (i.e., expansion and contraction of currency, respectively) is effected through the Banking Department.

Detailed explanation-3: -They are public debt department, public accounts department, securities department, and deposit accounts department and Joint or deputy manager heads the branches of the banking department.

Detailed explanation-4: -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.

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