ECONOMICS
MONETARY POLICY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Ministry of Finance
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Reserve Bank of India
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Prime Minister’s Office
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Commerce and Industry Ministry
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Detailed explanation-1: -Reserve Bank of India. The Government of India has the sole right to mint coins. The responsibility for coinage vests with the Government of India in terms of the Coinage Act, 1906 as amended from time to time.
Detailed explanation-2: -Two of the currency note printing presses are owned by the Government of India and two are owned by the Reserve Bank, through its wholly owned subsidiary, the Bharatiya Reserve Bank Note Mudran Ltd. (BRBNML). The government owned presses are at Nasik (Western India) and Dewas (Central India).
Detailed explanation-3: -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: -The coins are issued for circulation only through the Reserve Bank in terms of Section 38 of the RBI Act.
Detailed explanation-5: -Indian Gold and Silver Coins – India Government Mint.