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Q.

For the issue of currency, the RBI follows:

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a

Dual exchange rate system

b

Proportional reserve system

c

Minimum reserve system

d

Fined fiduciary system

answer is B.

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Detailed Solution

The RBI's current currency-issuing system is known as the Minimum Reserve System. It was passed into law in 1956. The RBI is required to retain a minimum reserve of an amount of about Rs 200 crores in foreign currencies, gold coins, and gold bullion under the Minimum Reserve System.

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