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Questions and Answers
What is the legal tender status of banknotes issued by RBI?
What is the legal tender status of banknotes issued by RBI?
- They are legal tender only in designated areas
- They are not legal tender
- They are guaranteed by Central Government and legal tender (correct)
- They are guaranteed by RBI and legal tender
Where does the distribution of currency take place according to the text?
Where does the distribution of currency take place according to the text?
- Through SBI, PSBs, private banks, and government treasuries (correct)
- Through RBI currency chests established in all cities
- Only through RBI branches
- Exclusively through private banks
According to Section 24, what denominations of banknotes can RBI issue?
According to Section 24, what denominations of banknotes can RBI issue?
- Denominations as specified by GoI, but not exceeding ₹ 5000
- Denominations of ₹ 1,000, ₹ 10,000, and ₹ 20,000
- Denominations of ₹ 50, ₹ 100, and ₹ 200
- Denominations specified by GoI, but not exceeding ₹ 10,000 (correct)
What is the responsibility of RBI regarding issuance of coins and notes?
What is the responsibility of RBI regarding issuance of coins and notes?
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What is the purpose of a Currency Chest established by RBI in commercial banks?
What is the purpose of a Currency Chest established by RBI in commercial banks?
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Under which section does RBI frame rules for refunding value of mutilated or imperfect notes?
Under which section does RBI frame rules for refunding value of mutilated or imperfect notes?
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