Rule on these claims about money

Exercise and reference answers

Questions

1. Statement is true

   Yes

   Statement

   The Reserve Bank began operations on 1 April 1935.

2. Statement is true

   No

   Statement

   Rupee coins are minted under the Reserve Bank of India Act.

3. Statement is true

   Yes

   Statement

   Notes above ten thousand rupees cannot be issued.

4. Statement is true

   Yes

   Statement

   Fifty paisa coins settle any sum up to ten rupees.

5. Statement is true

   No

   Statement

   Rupee coins are legal tender only up to one hundred rupees.

6. Statement is true

   Yes

   Statement

   The five hundred and one thousand rupee notes went in November 2016.

7. Statement is true

   No

   Statement

   A finance company may lend before the Reserve Bank registers it.

Instructions

Tap true or false for each claim about bank notes, coins and the Reserve Bank.

Explanation