GENERAL KNOWLEDGE

Detailed explanation-1: -2.It is the exclusive right of the central government to make changes in the design and form of bank notes and coins. Notes: Statement 1: Section 22 of The Reserve Bank of India Act, 1934 gives RBI the sole right to issue banknotes in India.

Detailed explanation-2: -In terms of Section 22 of the Act, Reserve Bank has the sole right to issue banknotes in India. Section 25 states that the design, form and material of bank notes shall be such as may be approved by the Central Government after consideration of the recommendations made by the Central Board of RBI.

Detailed explanation-3: -Section 22 of RBI Act 1934 : “Right to issue bank notes” (2) On and from the date on which this Chapter comes into force the Central Government shall not issue any currency notes.

Detailed explanation-4: -Section 2 of RBI Act 1934 : “Definitions” (i) “co-operative bank", “co-operative credit society", “director", “primary agricultural credit society", “primary co-operative bank” and “primary credit society” shall have the meanings respectively assigned to them in Part V of the Banking Regulation Act, 1949 (10 of 1949).