BANKING AFFAIRS

Detailed explanation-1: -4 The Reserve Bank has the right to print currency up to 10, 000 rupee notes. However, if the Reserve Bank wants to print anything higher, the government must amend the Reserve Bank of India Act.

Detailed explanation-2: -What was the highest denomination note ever printed? The highest denomination note ever printed by the Reserve Bank of India was the ₹10000 note in 1938 which was demonetized in January 1946. The ₹10000 was again introduced in 1954. These notes were demonetized in 1978.

Detailed explanation-3: -Two of the currency note printing presses are owned by the Government of India and two are owned by the Reserve Bank, through its wholly owned subsidiary, the Bharatiya Reserve Bank Note Mudran Ltd. (BRBNML). The government owned presses are at Nasik (Western India) and Dewas (Central India).

Detailed explanation-4: -The Reserve Bank is the nation’s sole note issuing authority. Along with the Government of India, we are responsible for the design, production and overall management of the nation’s currency, with the goal of ensuring an adequate supply of clean and genuine notes.

Detailed explanation-5: -High denomination notes (Rs. 1, 000, 5, 000, and 10, 000) were reintroduced in 1954. High denomination notes were once again demonetised in 1978 for the same reasons as the 1946 demonetisation.