Question

Read the below case and answer the question that follow:

In a 40 minute long speech Prime Minister Narendra Modi announced the demonetisation of existing notes of ₹ 500 and ₹ 1,000 during a televised address on Tuesday evening. Modi announced that the notes of ₹ 500 and ₹ 1,000 "will not be legal tender from midnight tonight" and these will be "just worthless pieces of paper. PM also urged people to 'join this mahayojna against the ills of corruption. - "What is demonetisation and why was it done?" The Economic Times, Nov 09, 2016

Under whose purview does the issue of new currency fall in?

Options

• Reserve Bank of India

• Central Government of India

• State Government 

• All of the above

Answer 1

Reserve Bank of India

Explanation:

In the economy, the central bank serves as the exclusive note issuing authority.