Question

11-Which one is not a feature of Indian Monetary System? 2 points The present monetary standard of India is the managed paper currency standard. According to this, the paper currency is in circulation which is non-convertible into gold. It is managed paper standard because the issue of notes and coins is managed by the Reserve Bank of India The Rupee-coin in India is a standard token coin whose intrinsic value of the metal is less than its face value. If the Rupee-coin is melted, its metal will not be sold worth one rupee. The Rupee-coin is an unlimited legal tender in which payment of any amount can be made. Paper currency in India consists of notes of various denominations which are issued by the Reserve Bank of India and the Government of India. The one-rupee note is issued by the Ministry of Finance of the Government of India and bears the signature of RBI Governor... The present system of note issue in India is the Minimum Reserve System. Under this system, the RBI is authorised to issue notes up to any extent but it must keep a statutory minimum reserve of gold and foreign securities. Accordingly, the RBI IS required to keep a minimum reserve of Rs. 200 crores, of this, Rs. 115 crores must be in gold and Rs.85 crores in foreign securities​

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