GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Security Press, Nodia
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Security Press, Mumbai
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RBI, Delhi
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Security Press, Nasik
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Detailed explanation-1: -12.1 The Reserve Bank is entrusted with the function of note issue and currency management by the preamble to the Reserve Bank of India Act, 1934 and by the specific provisions of Section 3 of the Act. It acts as the sole currency authority under Section 22 for the issue of bank notes.
Detailed explanation-2: -Key Takeaways. The Reserve Bank of India (RBI) prints and manages currency in India, whereas the Indian government regulates what denominations to circulate. The Indian government is solely responsible for minting coins. The RBI is permitted to print currency up to 10, 000 rupee notes.
Detailed explanation-3: -In India, monetary forms are given by the RBI with the support of reserves involved gold and unfamiliar exchange (unfamiliar monetary forms). For the issue of monetary forms, the RBI follows Minimum Reserve System at present. The Minimum Reserve System (MRS) is followed from 1956 onwards.