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RBIs Role
Currency Management
Provisions under RBI Act, 1934
Section 22 of RBI Act
In terms of Section 22 of RBI is the sole
authority for issue of currency in India
including one rupee coins/notes.
One rupee coins/notes are issued by the
Government of India but put into
circulation through RBI.
RBI took over the function of issue of
notes from GOI from April 1, 1935.
Actual notes were issued by RBI only in
January 1938 and until then Bank was
issuing currency notes of Government of
India.
What is a Banknote?