Question
Download Solution PDFAccording to section ________ of the Reserve Bank of India Act, 1934, the bank has full authority to issue banknotes of all denominations.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is 22.Key Points
- According to Section 22 of the RBI Act, 1934 the Reserve bank of India has sole right to issue currency or print currency in India.
- Section 25 of the RBI Act, 1934 provides that the design, form, and material of bank notes shall be such as may be approved by the Central Government after consideration of the recommendations made by the Central Board of RBI.
- Section 24 of the RBI Act 1934 states that the maximum denomination of note printed in India is Rs.10000.
- Section 26 of the RBI Act 1934 states the legal tender character of Indian banknotes.
Additional Information
- RBI was established on April 1, 1935, under the Reserve Bank of India Act,1934.
- Current Governor of RBI is Shri Shaktikanta Das(25th).
- Sir Osborne Smith was the first governor of RBI and C.D Deshmukh was the first Indian governor of RBI.
- It operates the currency and credit system of the country.
- It is called the Bankers Bank of India.
- It formulates, implements, and monitors the monetary policy.
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