____________ issues currency notes on behalf of the Central Government.
____________ issues currency notes on behalf of the Central Government.
The correct option is B Reserve Bank of India
Answer: Reserve
Bank of India (RBI).
The
Reserve Bank manages currency in India. The Government, on the advice of Reserve Bank, decides on the various denominations. The Reserve Bank also
coordinates with the Government in designing of bank notes, including the
security features. Reserve Bank estimates the quantity of notes that are
likely to be needed denomination-wise and places the indent with the various
presses through the Government of India. The notes received from the presses
are issued and a reserve stock is maintained. Notes received from banks and
currency chests are examined. Notes fit for circulation are reissued and the
others (soiled and mutilated) are destroyed so as to maintain the quality of
notes in circulation. The Reserve Bank derives its role in currency management
on the basis of the Reserve Bank of India Act, 1934.
Answer: Reserve Bank of India (RBI).
The Reserve Bank manages currency in India. The Government, on the advice of Reserve Bank, decides on the various denominations. The Reserve Bank also coordinates with the Government in designing of bank notes, including the security features. Reserve Bank estimates the quantity of notes that are likely to be needed denomination-wise and places the indent with the various presses through the Government of India. The notes received from the presses are issued and a reserve stock is maintained. Notes received from banks and currency chests are examined. Notes fit for circulation are reissued and the others (soiled and mutilated) are destroyed so as to maintain the quality of notes in circulation. The Reserve Bank derives its role in currency management on the basis of the Reserve Bank of India Act, 1934.
