NCERT Solutions for Class 10 Social Science History Chapter 3
Social Science Class 10 Economics
Money and Credit 3
Important NCERT Questions Based on new NCERT Books for Session 2022-2023
Questions No: 4
Look at a 10 rupee note. What is written on top? Can you explain this statement?
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– The top of an Indian 10 rupee note reads “भारतीय रिज़र्व बैंक” in Hindi, translating to “Reserve Bank of India” in English.
– This inscription indicates that the note is issued by the Reserve Bank of India (RBI), the country’s central banking institution.
– The RBI oversees monetary policy, regulates the banking sector, and manages the issuance of currency notes and coins in India.
– Its responsibilities include formulating and implementing monetary policies to maintain stable prices, controlling inflation, and supporting economic growth.
– The RBI serves as the banker to the Government of India, managing its financial transactions and debt.
– “Reserve Bank of India” on the note assures its authenticity and value, signifying the backing of the central authority responsible for ensuring the stability and credibility of India’s currency.
The following words are written on the top of a 10 rupee note:
Reserve Bank of India
Guaranteed by the Central Government of India
I promise to pay the bearer the sum of Ten Rupee
A 10-rupee note is a legal tender and used as medium of exchange because it is authorized by the government of India. In India, Reserve Bank of India holds the power to issues currency notes on behalf of the central government. The statement indicates that the currency is authorized or guaranteed by the Central Government. The Indian law has legalized the use of rupee to make payment and cannot be refused in setting transaction in India. As a promise written on a promissory note, the RBI promises the bearer to pay the given sum of money.
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