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What is the role of the RBI in currency management?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Sarath S asked about 2 years ago

Hello, I am a CA Intermediate | CA IPCC student from Bangalore. I want to know about the role of RBI in currency management . Sarath

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Sruthi answered about 2 years ago

The Reserve Bank derives its role in currency management from the Reserve Bank of India Act, 1934. **ROLE OF RESERVE BANK IN CURRENCY MANAGEMENT** 1. Reserve Bank manages currency in India. 2. The Government, on the advice of the Reserve Bank, decides on various denominations of banknotes to be issued. 3.The Reserve Bank also co-ordinates with the Government in the designing of banknotes, including the security features. 4.The Reserve Bank estimates the quantity of banknotes that are likely to be needed denomination-wise and accordingly, places official order or requisition with the various printing presses. The aim of the Reserve Bank is to provide good quality notes to members of public. Towards this aim, the banknotes received back from circulation are examined and those fit for circulation are reissued and the others (soiled and mutilated) are destroyed so as to maintain the quality of banknotes in circulation.

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