CS Executive Reserve Bank of India Act, 1934 — practice questions
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Practice CS Executive Reserve Bank of India Act, 1934 in the app →The Reserve Bank of India was constituted under the Reserve Bank of India Act, 1934 and commenced operations oThe right to issue banknotes is one of the Reserve Bank's core central banking functions. Under which specificSection 24 of the Reserve Bank of India Act, 1934 places a ceiling on the maximum denomination of banknotes thThe lesson refers to the demonetisation of high-denomination banknotes carried out by the Government of India.The minting of rupee coins is governed by a different statute, distinct from the RBI Act. According to the lesAccording to the Indian Coinage Act, 1906 as summarised in the lesson, the use of 50 paisa coins as legal tendSection 45ZB of the RBI Act, 1934 constitutes the Monetary Policy Committee with a specific composition. WhichSection 45ZI of the RBI Act, 1934 prescribes a minimum frequency for meetings of the Monetary Policy CommitteeSection 45ZI of the RBI Act, 1934 prescribes the quorum for an MPC meeting and a particular condition on who mEach Member of the Monetary Policy Committee has one vote, but a specific rule applies when an equality of votSection 45ZM(1) of the RBI Act, 1934 obliges the Bank to publish a Monetary Policy Report. How often must thisThe lesson cites the Preamble to the RBI Act, 1934 as the source of the primary objective of monetary policy iSection 45-IA of the RBI Act, 1934 mandates a specific compliance for every Non-Banking Financial Company befoSection 58B of the RBI Act, 1934 lays down penalties for various contraventions. What is the maximum punishmenSection 30 of the RBI Act, 1934 gives the Central Government a drastic supervisory power over the Reserve BankSection 31 of the RBI Act, 1934 reserves a specific category of monetary instruments to the Reserve Bank or toSection 26(1) of the RBI Act, 1934 establishes the legal-tender character of banknotes. Which combination corrThe lesson cites the Paper Currency Act, 1861 as a key historical milestone in note-issue. What did the Paper Section 29 of the RBI Act, 1934 confers a specific tax exemption on the Reserve Bank in respect of its banknotSection 35-A of the Banking Regulation Act, 1949, cited in the lesson, gives the RBI a wide regulatory tool ovSection 45U(a) of the RBI Act, 1934 defines "derivative" for the purposes of RBI regulation. According to thatThe lesson notes that the BR Act, 1949 contains no specific provision for forming a formal complaint redress mSection 22 of the BR Act, 1949 confers a specific licensing power on the RBI in relation to banking companies.Among the instruments of monetary policy listed in the lesson, the Market Stabilisation Scheme was introduced Section 56 of the Banking Regulation Act, 1949 plays a specific bridging role with respect to co-operative soc