Test: Financial Literacy- 4 - Class 6 MCQ

Writing on currency notes is prohibited as it defaces the notes and reduces their life. This includes any kind of message, be it political, religious, or personal. Defacing currency notes is against the law and can lead to penalties.

The highest denomination of currency notes issued by the Reserve Bank of India (RBI) is ₹1,000. Higher denomination notes like ₹2,000 have been introduced in the past, but the RBI currently issues only up to ₹1,000.

PAN stands for Permanent Account Number. It is a unique 10-character alphanumeric identifier issued by the Income Tax Department of India to individuals and entities that are required to pay taxes. PAN is used to track financial transactions and ensure tax compliance.

Banks provide loans for various purposes, such as purchasing a home, buying a car, or funding education. These loans help people to fulfill their personal and professional needs by providing them with the necessary financial assistance.

A bank is the safest place for keeping money as it provides security, protection from theft, and insurance coverage. Banks are regulated by the government and have strict security measures in place to ensure the safety of customers' money.

National Payments Corporation of India (NPCI) is an umbrella organization for all retail payments in India. Incorporated in the year 2008, NPCI was set up under the guidance and support of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA)

NRI stands for Non-Resident Indian. It refers to an Indian citizen who resides outside India for the purpose of employment, business, or any other reason that indicates their intention to stay abroad for an uncertain period.

The present Chairman of State Bank of India is Arundhati Bhattacharya. She is the first woman to hold this position and has been instrumental in implementing various reforms and initiatives in the bank.

All currency notes of denominations ₹50, ₹100, and ₹500 have a security thread embedded in them. This thread is a security feature designed to prevent counterfeiting and ensure the authenticity of the notes.

Gold and silver ornaments should be kept in bank lockers because they provide a safe and secure environment for storing valuable items. Bank lockers are protected by multiple layers of security, including CCTV surveillance, biometric access, and time locks. This ensures that the risk of theft is minimized and the valuables remain safe.