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Q.

Choose given statement true/False:

In India, the Reserve Bank is the sole authority for issuing banknotes

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a

True

b

False

answer is A.

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Detailed Solution

The above statement is true.
In India, the Reserve Bank is the sole authority for issuing banknotes.A banknote, also known as paper money or bills, is a bearer promissory note issued by the central bank that is payable on demand. Banknotes are legal tender and can be used to pay off any debt. The various denominations are decided by the government on the advice of the Reserve Bank. In addition, the Reserve Bank works with the Government to design banknotes, including security features. The Reserve Bank, like other central banks around the world, periodically changes the design of banknotes.

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