CURRENT AFFAIRS

Detailed explanation-1: -The Reserve Bank of India will shortly issue ₹ 500 denomination banknotes in Mahatma Gandhi (New) Series with inset letter ‘L’ in both the number panels, bearing the signature of Dr.

Detailed explanation-2: -The Reserve Bank has the sole right to issue currency notes, except one rupee notes which are issued by the Ministry of Finance. The RBI follows a minimum reserve system in the note issue. Initially, it used to keep 40 per cent of gold reserves in its total assets.

Detailed explanation-3: -Coins in India are presently being issued in denominations of 50 paise, one rupee, two rupees, five rupees, ten rupees and twenty rupees.

Detailed explanation-4: -Since the rupee coins issued by Government constitute the liabilities of the Government, one rupee Note is also liability of the Government of India.

Detailed explanation-5: -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.