BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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2004
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2006
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2005
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2008
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Detailed explanation-1: -The Reserve Bank had, in June 2015, set the last date for public to exchange pre-2005 banknotes notes as December 31, 2015.
Detailed explanation-2: -The notes issued before 2005 shall continue to be legal tender. The notes are only being withdrawn from circulation and this withdrawal exercise is in conformity with the standard international practice of not having multiple series of notes in circulation at the same time. 5.
Detailed explanation-3: -Rupees Five-First Note issued by Reserve Bank of India This was followed by Rs 10 in February, Rs 100 in March and Rs 1, 000 and Rs 10, 000 in June 1938.
Detailed explanation-4: -Central bank has monopoly rights of issuing notes. This is called currency authority function of central banks. All notes issued by central bank acts as an unlimited legal tender in the country. Therefore, central bank has the sole power of issuing currency notes in the country.