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Identify the incorrect statement from given below.
  • a)
    Present currency can work as money as it is a legal tender.
  • b)
    Coins held by the public are limited legal tender.
  • c)
    Central bank prints currency in India.
  • d)
    Central bankdo not deal with general public.
Correct answer is option 'C'. Can you explain this answer?
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Identify the incorrect statement from given below.a)Present currency c...
Explanation:
The incorrect statement is option 'C' i.e. Central bank prints currency in India. The correct statement is that the currency is printed by the printing presses of the Government of India. The Reserve Bank of India (RBI) is responsible for the management of currency in India, including the issue of currency notes, their distribution, and withdrawal from circulation.

The correct statements are:
a) Present currency can work as money as it is a legal tender: Legal tender is any currency or coins that are recognized by law as a means to settle a public or private debt. In India, the currency notes and coins issued by the RBI are considered legal tender. Hence, the present currency can work as money.

b) Coins held by the public are limited legal tender: In India, coins up to one rupee are considered legal tender for any payment up to Rs.100. Coins of higher denominations are also legal tender, but their use is not compulsory. Hence, coins held by the public are limited legal tender.

d) Central bank do not deal with the general public: The primary function of the central bank is to regulate the banking system and ensure financial stability in the economy. The central bank also acts as a banker to the government and commercial banks. However, the central bank also provides various services to the general public, such as issuing currency notes, managing foreign exchange reserves, and regulating payment systems. Hence, the central bank deals with the general public to some extent.
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Community Answer
Identify the incorrect statement from given below.a)Present currency c...
Central Bank in India just issue the currency and not prints it.
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Identify the incorrect statement from given below.a)Present currency can work as money as it is a legal tender.b)Coins held by the public are limited legal tender.c)Central bank prints currency in India.d)Central bankdo not deal with general public.Correct answer is option 'C'. Can you explain this answer?
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