GENERAL KNOWLEDGE

Detailed explanation-1: -The first paper currency note, i.e. the 10 rupees’ note was introduced by the Government of India in the year 1861. In the following years, many notes of different denominations were introduced. All these notes were issued by the Government of India.

Detailed explanation-2: -Charles Canning, 1st Earl Canning first introduced paper currency in Indian subcontinent in 1861 officially. India has a rich tradition of financial instruments and hundi.

Detailed explanation-3: -The first recorded use of paper money was purported to be in the country of China during the 7th century A.D. as a means of reducing the need to carry heavy and cumbersome strings of metallic coins to conduct transactions.