GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Indian Coinage Act 1906
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Banking Regulation Act 1949
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Reserve Bank of India Act 1934
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Negotiable Instruments Act 1881
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Detailed explanation-1: -As per section 6 of the India Coinage Act, 1906, the GOI has the authority to mint coins and issue them to RBI for circulation. Coins can be issued up to the denomination of rs. 1000. Currently in India coins are issued in the denomination of 50 paise, one rupee, 5 rupees, and ten rupees.
Detailed explanation-2: -The coins are issued for circulation only through the Reserve Bank in terms of the RBI Act. Coins in India are presently being issued in denominations of 10 paise, 20 paise, 25 paise, 50 paise, one rupee, two rupees and five rupees.
Detailed explanation-3: -a) “coin” means any coin which is made of any metal or any other material stamped by the Government or any other authority empowered by the Government in this behalf and which is a legal tender including commemorative coin and Government of India one rupee note. Explanation.