BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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2000
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5000
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10000
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50000
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Detailed explanation-1: -The RBI is permitted to print currency up to 10, 000 rupee notes. To deter counterfeiting and fraud, the Indian government withdrew the 500 and 1, 000 rupee notes from circulation in 2016.
Detailed explanation-2: -The total expenditure on printing thousand notes of Rs 200 is Rs 2, 370. Rs 1, 770 has to be spent on printing 1000 notes of Rs 100. In the financial year 2020-21, the cost of printing one thousand notes of Rs 50 was Rs 920, which increased by 23 per cent to Rs 1, 130 in 2021-22.
Detailed explanation-3: -The new one rupee notes will be printed by the Ministry of Finance, unlike the other denomination notes which are printed by the Reserve Bank of India (RBI). The new Re 1 note will come with words ‘Bharat Sarkar’, above the words ‘Government of India’.
Detailed explanation-4: -So printing of money should always match the total production of goods and services in the country or else inflation can destroy the economy. Inflation is the increase in the prices of goods and services over time.