CURRENT AFFAIRS

Detailed explanation-1: -British India Issues commence with the Paper Currency Act of 1861 which gave the Government the monopoly of note issue in India.

Detailed explanation-2: -The Paper Currency Act of 1861 conferred upon Government of India the monopoly of Note Issue bringing to an end note issues of Private and Presidency Banks.

Detailed explanation-3: -The paper currency Act of 1861 divested these banks of the right to note issue; the Presidency Banks were, however, given the free use of Government balances and were initially given the right to manage the note issues of Government of India.

Detailed explanation-4: -An Act to provide for a Government Paper Currency. An Act to enable the Banks of Bengal, Madras and Bombay to enter into arrangements with the Government, for managing the issue, payment and exchange of Government Currency Notes and certain business hitherto transacted by the Government Treasuries.

Detailed explanation-5: -PASSED BY THE GOVERNOR GENERAL OF INDIA IN COUNCIL. (Received the assent of the Governor General on the 22nd March, 1905.) An Act to consolidate and amend the law relating to the Government Paper Currency.