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Paper Money

Description: Test your knowledge about the history and features of Indian paper money.
Number of Questions: 14
Created by:
Tags: indian history indian numismatics paper money
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When was the first paper money issued in India?

  1. 1770

  2. 1861

  3. 1917

  4. 1947

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Correct Option: B
Explanation:

The first paper money in India was issued by the Bank of Bengal in 1861.

Which Governor-General of India introduced paper money?

  1. Lord Canning

  2. Lord Curzon

  3. Lord Dalhousie

  4. Lord Ripon

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Correct Option: A
Explanation:

Lord Canning, the Governor-General of India from 1856 to 1862, introduced paper money in India.

What was the name of the first paper money issued in India?

  1. Rupee Note

  2. Government of India Note

  3. Reserve Bank of India Note

  4. One Rupee Note

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Correct Option: B
Explanation:

The first paper money issued in India was called the Government of India Note.

Which denominations of paper money were issued initially?

  1. 1 Rupee, 5 Rupees, 10 Rupees

  2. 10 Rupees, 50 Rupees, 100 Rupees

  3. 5 Rupees, 10 Rupees, 50 Rupees

  4. 1 Rupee, 2 Rupees, 5 Rupees

Show answer
Correct Option: B
Explanation:

The initial denominations of paper money issued in India were 10 Rupees, 50 Rupees, and 100 Rupees.

When was the Reserve Bank of India established?

  1. 1935

  2. 1947

  3. 1950

  4. 1960

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Correct Option: A
Explanation:

The Reserve Bank of India was established on April 1, 1935.

Which act gave the Reserve Bank of India the sole authority to issue paper money?

  1. Reserve Bank of India Act, 1934

  2. Reserve Bank of India Act, 1949

  3. Reserve Bank of India Act, 1956

  4. Reserve Bank of India Act, 1975

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Correct Option: A
Explanation:

The Reserve Bank of India Act, 1934 gave the Reserve Bank of India the sole authority to issue paper money.

What is the name of the current series of Indian paper money?

  1. Mahatma Gandhi Series

  2. Jawaharlal Nehru Series

  3. Indira Gandhi Series

  4. Rajiv Gandhi Series

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Correct Option: A
Explanation:

The current series of Indian paper money is called the Mahatma Gandhi Series.

Which denominations of paper money are currently in circulation?

  1. 1 Rupee, 2 Rupees, 5 Rupees, 10 Rupees, 20 Rupees, 50 Rupees, 100 Rupees, 200 Rupees, 500 Rupees, 2000 Rupees

  2. 1 Rupee, 5 Rupees, 10 Rupees, 20 Rupees, 50 Rupees, 100 Rupees, 500 Rupees, 1000 Rupees, 2000 Rupees

  3. 2 Rupees, 5 Rupees, 10 Rupees, 20 Rupees, 50 Rupees, 100 Rupees, 200 Rupees, 500 Rupees, 1000 Rupees

  4. 5 Rupees, 10 Rupees, 20 Rupees, 50 Rupees, 100 Rupees, 200 Rupees, 500 Rupees, 1000 Rupees, 2000 Rupees

Show answer
Correct Option: A
Explanation:

The current denominations of paper money in circulation are 1 Rupee, 2 Rupees, 5 Rupees, 10 Rupees, 20 Rupees, 50 Rupees, 100 Rupees, 200 Rupees, 500 Rupees, and 2000 Rupees.

What are the security features of Indian paper money?

  1. Watermarks, security threads, latent images, microprinting, fluorescent inks

  2. Holograms, magnetic inks, ultraviolet inks, color-shifting inks, see-through registers

  3. Raised printing, tactile marks, braille features, optically variable inks, microfibers

  4. All of the above

Show answer
Correct Option: D
Explanation:

Indian paper money has a variety of security features, including watermarks, security threads, latent images, microprinting, fluorescent inks, holograms, magnetic inks, ultraviolet inks, color-shifting inks, see-through registers, raised printing, tactile marks, braille features, optically variable inks, and microfibers.

What is the legal tender status of Indian paper money?

  1. Legal tender for all transactions

  2. Legal tender for transactions up to 100 Rupees

  3. Legal tender for transactions up to 500 Rupees

  4. Legal tender for transactions up to 2000 Rupees

Show answer
Correct Option: A
Explanation:

Indian paper money is legal tender for all transactions.

What is the role of the Reserve Bank of India in the management of paper money?

  1. Issuing paper money, regulating the supply of money, managing foreign exchange reserves

  2. Printing paper money, distributing paper money to banks, destroying old and damaged notes

  3. Setting interest rates, conducting monetary policy, supervising banks and financial institutions

  4. All of the above

Show answer
Correct Option: D
Explanation:

The Reserve Bank of India is responsible for issuing paper money, regulating the supply of money, managing foreign exchange reserves, printing paper money, distributing paper money to banks, destroying old and damaged notes, setting interest rates, conducting monetary policy, and supervising banks and financial institutions.

What is the significance of paper money in the Indian economy?

  1. It facilitates trade and commerce

  2. It serves as a store of value

  3. It is a medium of exchange

  4. All of the above

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Correct Option: D
Explanation:

Paper money plays a crucial role in the Indian economy as it facilitates trade and commerce, serves as a store of value, and is a medium of exchange.

What are the challenges faced by the Reserve Bank of India in managing paper money?

  1. Counterfeiting

  2. Inflation

  3. Deflation

  4. All of the above

Show answer
Correct Option: D
Explanation:

The Reserve Bank of India faces challenges such as counterfeiting, inflation, and deflation in managing paper money.

What are the future prospects of paper money in India?

  1. It will continue to be the dominant form of currency

  2. It will be replaced by digital currency

  3. It will be used alongside digital currency

  4. It will be phased out completely

Show answer
Correct Option: C
Explanation:

It is likely that paper money will continue to be used alongside digital currency in India in the future.

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