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WBCS Preliminary Examination 2021 — General Studies · Question 113 of 200

Q113
Indian EconomyMoney, Banking & Financial Institutions
The responsibility for printing currency notes in India lies in the hand of
  1. a.Ministry of Finance
  2. b.Prime Minister's office
  3. c.Reserve Bank of India
  4. d.State Bank of India

Answer: (C) Reserve Bank of India

Under Section 22 of the RBI Act, 1934, the Reserve Bank of India has the sole right to issue bank notes; they carry the RBI Governor's signature and are issued under the Minimum Reserve System (since 1957: Rs. 200 crore, of which Rs. 115 crore in gold). The exception is the one-rupee note and all coins, which are issued by the Government of India - the Re. 1 note is signed by the Finance Secretary - though the RBI puts them into circulation. Notes are printed at Nashik and Dewas (SPMCIL) and at Mysuru and Salboni (BRBNMPL). SBI is only a commercial bank.

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