Question

Which of the following statements is not true with respect to the Indian Currency?

• A. The 5-note was the first paper currency issued by the RBI in Jan 1938.
• B. At present, notes of 10,100,500 and 1,000 only are printed
• C. The printing of 1, 2 and 5 has been stopped as these have been coinised.
• D. Coins of up to 1,000 denomination can be minted.
• E. The RBI has the powers to print currency notes of up to 20,000 denomination.

Answer 1

The correct option is E The RBI has the powers to print currency notes of up to 20,000 denomination.

The RBI has the powers to print currency notes of up to Rs 10,000 denomination only.
But, an amendment to the Reserve Bank of India Act, 1934 will be needed if any note of higher denomination has to be printed.