In India, _____ has the authority to issue currency.
In India, _____ has the authority to issue currency.
The correct option is C Reserve Bank of India
Section 22 of the RBI Act 1934 makes
provided that RBI has the sole right to issue banknotes of all denominations.
Thus, Reserve Bank is responsible for the design, production, and overall
management of the nation’s currency, with the goal of ensuring an adequate
supply of clean and genuine notes. In consultation with the Government, the
Reserve Bank routinely addresses security issues and targets ways to enhance
security features to reduce the risk of counterfeiting or forgery of currency
notes.
RBI has a separate department called the issue department whose assets and liabilities are kept separate from the
Banking Department. The currency Management function of the Reserve Bank is carried out
at the “Department of Currency Management” located at Central Office Mumbai.
There are 19 Issue offices. RBI authorizes selected branches of Banks to
establish Currency Chests and Coin Deposits. At present, there is a network of
4281 Currency Chests and 4044 Small Coin Deposits.
Hence, option (C) is the correct answer.
Section 22 of the RBI Act 1934 makes provided that RBI has the sole right to issue banknotes of all denominations. Thus, Reserve Bank is responsible for the design, production, and overall management of the nation’s currency, with the goal of ensuring an adequate supply of clean and genuine notes. In consultation with the Government, the Reserve Bank routinely addresses security issues and targets ways to enhance security features to reduce the risk of counterfeiting or forgery of currency notes.
RBI has a separate department called the issue department whose assets and liabilities are kept separate from the Banking Department. The currency Management function of the Reserve Bank is carried out at the “Department of Currency Management” located at Central Office Mumbai. There are 19 Issue offices. RBI authorizes selected branches of Banks to establish Currency Chests and Coin Deposits. At present, there is a network of 4281 Currency Chests and 4044 Small Coin Deposits.
Hence, option (C) is the correct answer.
