GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Who is responsible for minting coins in India, and under which act?
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RBI, RBI Act
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RBI, Coinage Act
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Government of India, Coinage Act
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Government of India, Banking Regulation Act
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Explanation:
Detailed explanation-1: -The correct answer is Ministry of Finance. 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: -4. Central Government may authorise the minting of coins by any organisation or Government of any foreign country even outside the boundary of India.
Detailed explanation-3: -An Act to consolidate the laws relating to coinage and the Mints, the protection of coinage and to provide for the prohibition of melting or destruction of coins and prohibit the making or the possession thereof for issue and for matters connected therewith or incidental thereto.
There is 1 question to complete.