Discussion

Which among the following is correct regarding currency notes issued in India?

A.Total value of currency notes constitutes the liabilities of Government of India
B.Total value of currency notes constitutes the assets of Government of India
C.Total value of currency notes constitutes the liabilities of Reserve Bank of India
D.Total value of currency notes constitutes the assets of Reserve Bank of India

Answer: C

The currency notes issued by the Reserve Bank are the Reserve Bank’s liability and this constitutes the liabilities of the Issue Department under RBI.

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