what is the role of rbi in introducing a new currency
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The Reserve Bank derives it role in currency management from the reserve bank of India act 1934.the reserve bank manages the currency in India. The government on the advice of the reserve bank, decides on various denominations of banknotes to be issued. The reserve bank also co-ordinates with the government in the designing of currency, including the security features. the RBI estimates the quantity of banknotes that are likely to be needed accordingly. the aim of rbi is to provide good quality notes to the public.
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