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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. ₹1 currency note is issued by ______________.
- a)Finance Ministry
- b)RBI
- c)NITI Aayog
- d)None of the above
Correct 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-minut...
The one rupee note and coins are issued by the ministry of finance and it bears the signature of the Finance Secretary.
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Explanation:
Issue of Currency Notes:
- Currency notes are issued by the Finance Ministry on behalf of the Government of India.
Role of RBI:
- The Reserve Bank of India (RBI) is the authority responsible for the issue and supply of currency notes in India.
- RBI's role is to ensure an adequate supply of clean and genuine notes in the economy.
Denominations of Currency Notes:
- Currency notes are issued in various denominations, including ₹1, ₹2, ₹5, ₹10, ₹20, ₹50, ₹100, ₹200, ₹500, and ₹2,000.
- The ₹1 currency note is one of the lowest denominations in circulation.
Legal Tender:
- Legal tender refers to the official medium of payment recognized by a government for settling transactions within its jurisdiction.
- The demonetisation of ₹500 and ₹1,000 notes meant that these denominations would no longer be considered legal tender.
Impact of Demonetisation:
- The demonetisation announcement by Prime Minister Modi was aimed at curbing corruption, black money, and counterfeit currency in the economy.
- It also encouraged the transition towards digital payments and increased transparency in financial transactions.
Conclusion:
- In conclusion, the ₹1 currency note is issued by the Finance Ministry on behalf of the Government of India, and the demonetisation of higher denominations like ₹500 and ₹1,000 was a strategic move to address financial irregularities in the economy.
Issue of Currency Notes:
- Currency notes are issued by the Finance Ministry on behalf of the Government of India.
Role of RBI:
- The Reserve Bank of India (RBI) is the authority responsible for the issue and supply of currency notes in India.
- RBI's role is to ensure an adequate supply of clean and genuine notes in the economy.
Denominations of Currency Notes:
- Currency notes are issued in various denominations, including ₹1, ₹2, ₹5, ₹10, ₹20, ₹50, ₹100, ₹200, ₹500, and ₹2,000.
- The ₹1 currency note is one of the lowest denominations in circulation.
Legal Tender:
- Legal tender refers to the official medium of payment recognized by a government for settling transactions within its jurisdiction.
- The demonetisation of ₹500 and ₹1,000 notes meant that these denominations would no longer be considered legal tender.
Impact of Demonetisation:
- The demonetisation announcement by Prime Minister Modi was aimed at curbing corruption, black money, and counterfeit currency in the economy.
- It also encouraged the transition towards digital payments and increased transparency in financial transactions.
Conclusion:
- In conclusion, the ₹1 currency note is issued by the Finance Ministry on behalf of the Government of India, and the demonetisation of higher denominations like ₹500 and ₹1,000 was a strategic move to address financial irregularities in the economy.
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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. ₹1 currency note is issued by ______________.a)Finance Ministryb)RBIc)NITI Aayogd)None 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. ₹1 currency note is issued by ______________.a)Finance Ministryb)RBIc)NITI Aayogd)None 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. ₹1 currency note is issued by ______________.a)Finance Ministryb)RBIc)NITI Aayogd)None 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. ₹1 currency note is issued by ______________.a)Finance Ministryb)RBIc)NITI Aayogd)None of the aboveCorrect answer is option 'A'. Can you explain this answer?.
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