1.  According to RBI act 1934 which section allows Every scheduled bank must have an average daily balance with the RBI?


Section 26
Section 40
Section 35
Section 42(1)


Answer

 Option

The Section 42(1) says that every scheduled bank must have an average daily balance with the RBI. The amount of the deposit shall be more that a certain percentage of its net time and demand liabilities in India.

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2.  According to RBI act 1934 which section allows In India only the RBI or the central government can issue and accept promissory notes that are payable on demand?


Section 26
Section 18
Section 31
Section 24


Answer

 Option

The Section 31 says that in India only the RBI or the central government can issue and accept promissory notes that are payable on demand. However, cheque, that are payable on demand, can be issued by anyone.

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3.  Which section Allows the RBI to form rules regarding the exchange of damaged and imperfect notes according to RBI ACT 1934?


Section 17
Section 28
Section 22
None of these


Answer

 Option

The Section 28 allows the RBI to form rules regarding the exchange of damaged and imperfect notes.

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4.  Which section under comes Describes the legal tender character of Indian bank notes RBI ACT1934?


Section 26
Section 18
Section 22
Section 24


Answer

 Option

The section 26 of Act , describes the legal tender character of Indian bank notes.

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5.  Which section under comes maximum denomination a note can be Rs. 10,000?


Section 17
Section 18
Section 22
Section 24


Answer

 Option

The Section 24 states that the maximum denomination a note can be 10,000 (US$160).

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