IMPORTANT QUESTIONS AND ANSWERS IN CURRENCY SYSTEM IN INDIA

    IMPORTANT QUESTIONS INDIAN CURRENCY SYSTEM

1.WHO DECIDES ON THE QUANTITY OF COINS TO BE MINTED

       a. the government of India

       b. RBI

       c. Either 1 or 2

       d.all of the above

         

ANSWER : a

2.WHICH ONE OF THE FOLLOWING METHODS IS CURRENTLY USED IN INDIA TO ISSUE NOTE?

       a. fixed fiduciary system

       b. maximum fiduciary system

       c. percentage reverse system

       d. minimum reverse system

ANSWER : d

3. AN ANNA WAS EQUAL TO

       a. 4 paise

       b. 16 paise

       c. 50 paise

       d. 100 paise

ANSWER : a

4. THE FRIST DECIMAL ISSUES OF COINS IN 1950 IN INDIA CONSISTED OF  

       a. 1,2 and 5 pasie

       b. 1,2,5 and 10 paise

       c. 1,2,5,10,25 and 50 paise

       d. 1,2,5,10,25 and 50 along with one rupee.  

       

ANSWER : d

5.THE REVERSE BANK OF INDIA BEGAN PRODUCTION OF NOTES IN 1938,ISSUING 2,5,10,1000 NOTES. 500 NOTE WAS RE-INTRODUCED AGAIN IN

a.1987

b.2000

c.2003

d.2006  

    

ANSWER: a

6.THE RESERVE BANK OF INDIA BEGAN PRODUCTION OF NOTES IN 1938,ISSUING 2,5,10,1000 NOTES. 1000 NOTE WAS RE-INTRODUCED AGAIN IN

                 a.1987

                 b.2000

                 c.2001

                 d.2004

      

ANSWER: b

7. COINS WHICH WERE MINTED IN WITH THE ‘HAND PICTURE’  ARE AVAILABLE SINCE

               a. independence

               b. 1965

               c. 2000

               d.2005

ANSWER : d

8. UNDER BRETTON WOOD SYSTEM, AS A MEMBER OF IMF, INDIA DECLARED ITS PAR VALUE OF                      RUPEE IN TERMS OF

               a. us Dollar

               b. a basket of currency

               c. gold

               d. none of these

ANSWER :  c

9. IN INDIA, FIXED FIDUCIARY SYSTEM OF NOTE ISSUE WAS IN FORCE FROM

                   a. 1816 TO 1920

                   b. 1920 TO 1945

                   c. 1945 TO 1950

                   d. 1965 TO 1972

ANSWER : a

10. IN WHICH YEAR INDIA ADOPTED PARTIAL CONVERTIBILITY OF RUPEE?

                 a.1991

                 b.1992

                 c. 1993

                 d. 1994

       

ANSWER: b

11. AT PRESENT, THERE ARE  OVER……………….. CURRENCY CHESTS IN THE COUNTRY.

                  a. 4000

                   b.5000

                   c.6000

                   d.7000

    

ANSWER :  a

12. THE DECIMAL SYSTEM OF NOTE AND COIN ISSUE WAS STARTED IN INDIA IN

                    a.1935

                    b.1947

                    c. 1951

                    d. 1951

       

ANSWER : d

13. SECTION …………….. OF RBI Act, 1934 GIVES SOLE POER TO RBI TO ISSUE CURRENCY NOTES.

                    a.10

                    b.18

                    c.22

                    d.30

      

ANSWER: c

14.AT PRESENT, THE RBI ISSUES NOTES IN THE DENOMINATIONS OF RUPEE

                      a.1,2,5,10,20,50,100 AND 500

                       b.1,2,5,10,20,50,100,500 AND 1000

                       c. 2,5,10,20,50,100,500 AND 1000

                       d. 1,2,5,10,20,50,100,500,1000 AND 10000

          

ANSWER : c

15.FOR ISSUING NOTES, RBI IS REQUIRED TO HOLD THE MINIMUM RESERVES OF 200 CRORE OF WHICH HAS NOT LESS THAN ………………………. RUPEE OF CRORE TO BE HOLD IN GOLD

                        a.85

                        b.100

                        c.115

                        d.125

         

ANSWER :c