Q. Consider the following statements:
1.Under the Banking Regulation Act, 1949 RBI has the sole authority to issue banknotes in India.
2.One Rupee note is considered as coins as per the definition of coins given under RBI Act 1934.
Which of the statements given above is/are correct?
Red Book
Red Book

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: D
Notes:

Explanation: As per Section 22 of the RBI Act 1934, RBI has the sole authority to issue banknotes in India.

  • RBI Act 1934 empowers RBI to issue all the banknotes except 1 Rs. note.
  • One Rupee note is considered as coins as per the definition of coins given under Coinage Act.

Source: Ramesh Singh

Discover more from Free UPSC IAS Preparation Syllabus and Materials For Aspirants

Subscribe to get the latest posts sent to your email.

Blog
Academy
Community