GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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RBI put into circulation
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RBI object the issuance
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RBI asks banks to not to support for circulation
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RBI converts Re.1 in to higher denomination of Rs.10 and more
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Detailed explanation-1: -While reissuable notes are to be put back into circulation, soiled notes accumulated at branches will be remitted to Issue Office of RBI in unstapled packets of 100 pieces each with paper/plastic band and thereafter packed in bundles containing 10 packets each of the same denomination.
Detailed explanation-2: -In terms of Section 22 of the Act, Reserve Bank has the sole right to issue banknotes in India.
Detailed explanation-3: -Mutilated notes can also be sent to any of the RBI offices by registered/insured post. Notes which have become excessively soiled, brittle or are burnt and, therefore, cannot withstand normal handling can be exchanged only at Issue Office of the RBI.
Detailed explanation-4: -When the mutilated/cut note is not found payable under the Rules, the same is rejected and rejection advice issued to the tenderer. The rejected note is retained by the bank and destroyed after four months. (v) Notes/coins which are found to have been forged/ counterfeited are impounded and no value thereof is paid.