Economics • Banking & FinanceEasy
Which of the following entities is legally empowered to issue currency notes in India under the Reserve Bank of India Act, 1934?
A. Ministry of Finance
B. Reserve Bank of India✓ Correct Answer
C. State Bank of India
D. Controller of Currency
💡 Solution & Explanation
Section 22 of the Reserve Bank of India Act grants the central bank the exclusive authority to issue currency notes throughout the nation, excluding one-rupee notes and subsidiary coins. The Ministry of Finance retains direct control over minting coins and issuing one-rupee denomination notes bearing the finance secretary's signature.
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