BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Rs. 10, 000
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Rs. 50, 000
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Rs. 1, 00, 000
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No such limit exists
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Detailed explanation-1: -RBI can issue any note of any denomination but NOT exceeding Rs. 10, 000. The notes denomination is notified by Government and RBI acts accordingly. Under Section 22 of the Reserve Bank of India Act, RBI has sole right to issue currency notes of various denominations except one rupee notes.
Detailed explanation-2: -(2) The Central Government may, on the recommendation of the Central Board, direct the non-issue or the discontinuance of issue of bank notes of such denominational values as it may specify in this behalf.]
Detailed explanation-3: -3 Currency in circulation (CiC) includes banknotes and coins. Presently, the Reserve Bank issues banknotes in denominations of ₹2, ₹5, ₹10, ₹20, ₹50, ₹100, ₹200, ₹500 and ₹2000. Coins in circulation comprise 50 paise and ₹1, ₹2, ₹5, ₹10 and ₹20 denominations. VIII.
Detailed explanation-4: -Banknotes in India are currently being issued in the denomination of ₹10, ₹20, ₹50, ₹100 ₹200, ₹500, and ₹2000. These notes are called banknotes as they are issued by the Reserve Bank of India.