Question
Currency notes of Rs.2 denomination and above are liabilities of :
Answer: Option A
Answer: (a)
In terms of Section 22 of the Reserve Bank of India Act, the RBI has been given the statutory function of note issue on a monopoly basis. The note issue in India was originally based upon the “Proportional Reserve System”.
The Government of India issues rupee coins in the denomination of Rs.1, 2, and 5 to the public. These coins are required to be circulated to the public only through the Reserve Bank under Section 38 of the RBI Act.
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Answer: (a)
In terms of Section 22 of the Reserve Bank of India Act, the RBI has been given the statutory function of note issue on a monopoly basis. The note issue in India was originally based upon the “Proportional Reserve System”.
The Government of India issues rupee coins in the denomination of Rs.1, 2, and 5 to the public. These coins are required to be circulated to the public only through the Reserve Bank under Section 38 of the RBI Act.
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