Key Provisions of RBI Act

1.

When was the RBI Act enacted?

1st April 1935

28th November 1934

6th March 1934

31st March 1935

2.

What can be the maximum denomination of notes as per the Section 24 of the RBI Act?

₹10,000

₹50,000

₹1,00,000

No such limit exists

3.

Which section of the RBI Act allows the RBI to form rules regarding the exchange of damaged and imperfect notes?

17

21

28

42(1)

4.

Which section of the RBI allows the RBI to provide loans to banks and state financial corporations?

17

18

19

20

5.

Which section of RBI Act states that the RBI has the exclusive rights to issue currency notes in India?

17

19

21

22