Question

Consider the following statement:
1. According to the provisions of FEMA, $1999$, cash in the form of coins and bank notes are included in 'Currency Notes'
2. According to the FEMA's provisions, ATM cards are not included in currency.
3. All 'money orders' can be treated as 'currency'.
Which of the above statement/s is/ are not true?

• A. Only $1$
• B. Only $2$
• C. $1$ and $3$
• D. Only $3$

Answer 1

The correct option is B Only $2$

Option B is the correct one.

Currency” includes all currency notes, postal notes, postal orders, money orders, cheques, drafts, traveler's cheques, letters of credit, bills of exchange and promissory notes, credit cards or such other similar instruments, as may be notified by the Reserve Bank.

Currency notes” means and includes cash in the form of coins and banknotes.