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Who issues currency notes on behalf of the Central Government?

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a

RBI

b

SBI

c

SBP

d

World Bank

answer is A.

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Detailed Solution

RBI issues currency notes on behalf of the Central Government. On April 1, 1935, the Reserve Bank of India was founded. Its headquarter is in Mumbai. The RBI has the sole authority to issue currency notes in our country, except for the one rupee note and coins. It does so on behalf of the government. All the notes issued by the RBI are legal tender, and the Central Government guarantees them. The government approves the design and material of the notes. The coins are minted by the government and the one rupee note by the Ministry of Finance. However, they are put into circulation by the RBI itself.

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Who issues currency notes on behalf of the Central Government?