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Question : Identify the incorrect statement given below
Option 1: Present currency can work as money as it is a legal tender.
Option 2: Coins held by the public are limited legal tender.
Option 3: Central bank mints coins in India
Option 4: Central banks do not deal with the general public.
Answer (1)
Correct Answer: Central bank mints coins in India
Solution : The correct answer is (c). Central bank mints coins in India.
The central bank of India, the Reserve Bank of India (RBI), does not mint coins. The coins in circulation in India are minted by the Government of India's Security Printing and Minting Corporation of India Limited (SPMCIL).
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