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Read the below case and answer the question that follow:
In a 40-minute long speech Prime Minister Narendra Modi announced the demonetisation of existing notes of ₹ 500 and ₹ 1,000 during a televised address on Tuesday evening.
Modi announced that the notes of ₹ 500 and ₹ 1,000 will not be legal tender from midnight tonight and these will be “just worthless pieces of paper''. The PM also urged people to ‘join this mahayojna against the ills of corruption.
Q. Under whose purview does the issue of new currency fall in?
- a)Reserve Bank of India
- b)Central Government of India
- c)State Government
- d)All of the above
Correct answer is option 'A'. Can you explain this answer?
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The Central Bank plays the role of the sole note issuing authority in the economy.
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Answer:
Under whose purview does the issue of new currency fall in?
The issue of new currency falls under the purview of the Reserve Bank of India (RBI).
Explanation:
The Reserve Bank of India (RBI) is the central bank of the country and has the authority to issue and regulate the currency in India. It is responsible for the management of currency and credit in the country.
Role of Reserve Bank of India (RBI) in issuing new currency:
1. Currency Management: The RBI is responsible for managing the currency in circulation. It ensures an adequate supply of currency notes and coins to meet the demand of the economy.
2. Printing of Currency: The RBI has the sole authority to issue and print currency notes in various denominations. It determines the volume, value, and design of the currency notes.
3. Security Features: The RBI incorporates various security features in the currency notes to prevent counterfeiting and ensure the integrity of the currency. It continuously upgrades the security features to stay ahead of counterfeiters.
4. Currency Distribution: The RBI is responsible for the distribution of currency notes to various banks and financial institutions across the country. It ensures the availability of currency in different regions and sectors of the economy.
5. Withdrawal and Demonetization: The RBI has the authority to withdraw or demonetize currency notes of a particular denomination. This decision is taken by the RBI in consultation with the Central Government based on various factors such as counterfeit notes, black money, and the overall economic situation.
In the given case, when Prime Minister Narendra Modi announced the demonetization of existing notes of ₹ 500 and ₹ 1,000, it was a decision taken by the RBI in collaboration with the Central Government. The RBI will be responsible for issuing new currency notes in replacement of the demonetized notes.
In conclusion, the issue of new currency falls under the purview of the Reserve Bank of India (RBI) as it is responsible for the management, printing, distribution, and security of the currency in India.
Under whose purview does the issue of new currency fall in?
The issue of new currency falls under the purview of the Reserve Bank of India (RBI).
Explanation:
The Reserve Bank of India (RBI) is the central bank of the country and has the authority to issue and regulate the currency in India. It is responsible for the management of currency and credit in the country.
Role of Reserve Bank of India (RBI) in issuing new currency:
1. Currency Management: The RBI is responsible for managing the currency in circulation. It ensures an adequate supply of currency notes and coins to meet the demand of the economy.
2. Printing of Currency: The RBI has the sole authority to issue and print currency notes in various denominations. It determines the volume, value, and design of the currency notes.
3. Security Features: The RBI incorporates various security features in the currency notes to prevent counterfeiting and ensure the integrity of the currency. It continuously upgrades the security features to stay ahead of counterfeiters.
4. Currency Distribution: The RBI is responsible for the distribution of currency notes to various banks and financial institutions across the country. It ensures the availability of currency in different regions and sectors of the economy.
5. Withdrawal and Demonetization: The RBI has the authority to withdraw or demonetize currency notes of a particular denomination. This decision is taken by the RBI in consultation with the Central Government based on various factors such as counterfeit notes, black money, and the overall economic situation.
In the given case, when Prime Minister Narendra Modi announced the demonetization of existing notes of ₹ 500 and ₹ 1,000, it was a decision taken by the RBI in collaboration with the Central Government. The RBI will be responsible for issuing new currency notes in replacement of the demonetized notes.
In conclusion, the issue of new currency falls under the purview of the Reserve Bank of India (RBI) as it is responsible for the management, printing, distribution, and security of the currency in India.
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Read the below case and answer the question that follow:In a 40-minute long speech Prime Minister Narendra Modi announced the demonetisation of existing notes of ₹ 500 and ₹ 1,000 during a televised address on Tuesday evening.Modi announced that the notes of ₹ 500 and ₹ 1,000 will not be legal tender from midnight tonight and these will be “just worthless pieces of paper''. The PM also urged people to ‘join this mahayojna against the ills of corruption.Q. Under whose purview does the issue of new currency fall in?a)Reserve Bank of Indiab)Central Government of Indiac)State Governmentd)All of the aboveCorrect answer is option 'A'. Can you explain this answer?
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Read the below case and answer the question that follow:In a 40-minute long speech Prime Minister Narendra Modi announced the demonetisation of existing notes of ₹ 500 and ₹ 1,000 during a televised address on Tuesday evening.Modi announced that the notes of ₹ 500 and ₹ 1,000 will not be legal tender from midnight tonight and these will be “just worthless pieces of paper''. The PM also urged people to ‘join this mahayojna against the ills of corruption.Q. Under whose purview does the issue of new currency fall in?a)Reserve Bank of Indiab)Central Government of Indiac)State Governmentd)All of the aboveCorrect answer is option 'A'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Read the below case and answer the question that follow:In a 40-minute long speech Prime Minister Narendra Modi announced the demonetisation of existing notes of ₹ 500 and ₹ 1,000 during a televised address on Tuesday evening.Modi announced that the notes of ₹ 500 and ₹ 1,000 will not be legal tender from midnight tonight and these will be “just worthless pieces of paper''. The PM also urged people to ‘join this mahayojna against the ills of corruption.Q. Under whose purview does the issue of new currency fall in?a)Reserve Bank of Indiab)Central Government of Indiac)State Governmentd)All of the aboveCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Read the below case and answer the question that follow:In a 40-minute long speech Prime Minister Narendra Modi announced the demonetisation of existing notes of ₹ 500 and ₹ 1,000 during a televised address on Tuesday evening.Modi announced that the notes of ₹ 500 and ₹ 1,000 will not be legal tender from midnight tonight and these will be “just worthless pieces of paper''. The PM also urged people to ‘join this mahayojna against the ills of corruption.Q. Under whose purview does the issue of new currency fall in?a)Reserve Bank of Indiab)Central Government of Indiac)State Governmentd)All of the aboveCorrect answer is option 'A'. Can you explain this answer?.
Read the below case and answer the question that follow:In a 40-minute long speech Prime Minister Narendra Modi announced the demonetisation of existing notes of ₹ 500 and ₹ 1,000 during a televised address on Tuesday evening.Modi announced that the notes of ₹ 500 and ₹ 1,000 will not be legal tender from midnight tonight and these will be “just worthless pieces of paper''. The PM also urged people to ‘join this mahayojna against the ills of corruption.Q. Under whose purview does the issue of new currency fall in?a)Reserve Bank of Indiab)Central Government of Indiac)State Governmentd)All of the aboveCorrect answer is option 'A'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Read the below case and answer the question that follow:In a 40-minute long speech Prime Minister Narendra Modi announced the demonetisation of existing notes of ₹ 500 and ₹ 1,000 during a televised address on Tuesday evening.Modi announced that the notes of ₹ 500 and ₹ 1,000 will not be legal tender from midnight tonight and these will be “just worthless pieces of paper''. The PM also urged people to ‘join this mahayojna against the ills of corruption.Q. Under whose purview does the issue of new currency fall in?a)Reserve Bank of Indiab)Central Government of Indiac)State Governmentd)All of the aboveCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Read the below case and answer the question that follow:In a 40-minute long speech Prime Minister Narendra Modi announced the demonetisation of existing notes of ₹ 500 and ₹ 1,000 during a televised address on Tuesday evening.Modi announced that the notes of ₹ 500 and ₹ 1,000 will not be legal tender from midnight tonight and these will be “just worthless pieces of paper''. The PM also urged people to ‘join this mahayojna against the ills of corruption.Q. Under whose purview does the issue of new currency fall in?a)Reserve Bank of Indiab)Central Government of Indiac)State Governmentd)All of the aboveCorrect answer is option 'A'. Can you explain this answer?.
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