BANKING AFFAIRS

Detailed explanation-1: -The Government of India is responsible for the designing and minting of coins in various denominations. 7. Who decides on the quantity of coins to be minted? The Government of India decides on the quantity of coins to be minted on the basis of indent received from the Reserve Bank on yearly basis.

Detailed explanation-2: -Reserve bank of India has the sole right to issue currency notes of various denominations except one rupee notes under Section 22 of Reserve bank of India Act. The one rupee note and coins are issued by ministry of finance and it bears the signature of Finance Secretary. Was this answer helpful?

Detailed explanation-3: -Coins are minted by the Government of India. The Reserve Bank is the agent of the Government for distribution, issue and handling of coins. Four mints are in operation: Mumbai in Maharashtra, Noida in Uttar Pradesh, Kolkata, and Hyderabad.

Detailed explanation-4: -On 19th August 1757, the first rupee coin was minted by the East India Company in Kolkata (then Calcutta) It owes its origin to rupiya, issued by Sher Shah Suri in 1540-45. Today, the Reserve Bank of India issues currency under the RBI Act 1934.

Detailed explanation-5: -The Saka coinage of the Western Kshatrapas are perhaps the earliest dated coins, the dates being given in the Saka era which commences in AD 78. The Saka era represents the official calendar of the Indian Republic.