Question
Prime Minister, on 8th of Nov 2016, declared that the existing Rs. 500 and Rs. 1000 notes will not be legal tender. This was done under which of the following Act.
Answer: Option C
Answer: (c)
As per the RBI Act 1934, Section 26, "on the recommendation of the Central Board, the Central Government may, by notification in the Gazette of India, declare that, with effect from such date, any series of banknotes of any denomination shall cease to be legal tender".
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Answer: (c)
As per the RBI Act 1934, Section 26, "on the recommendation of the Central Board, the Central Government may, by notification in the Gazette of India, declare that, with effect from such date, any series of banknotes of any denomination shall cease to be legal tender".
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