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● Statement 1 is correct: The RBI shall recommend the denominational values of the notes as well as the discontinuance of issue of notes (Section 24 of the Reserve Bank of India Act, 1934). Further, it is on the recommendation of the RBI that the Central government may declare that any series of bank notes shall cease to be legal tender (Section 26) ● Statement 2 is correct: Custodian of Foreign Reserves: For the purpose of keeping the foreign exchange rates stable, the Reserve Bank buys and sells foreign currencies and also protects the country's foreign exchange funds. RBI sells the foreign currency in the foreign exchange market when its supply decreases in the economy and vice-versa. Currently, India has a Foreign Exchange Reserve of around US$ 650 billion. ● Statement 3 is incorrect: To maintain price stability, inflation needs to be controlled. The Government of India sets an inflation target for every five years. RBI has an important role in the consultation process regarding inflation targeting. The current inflation-targeting framework in India is flexible in nature. The amended RBI Act provides for the inflation target to be set by the Government of India, in consultation with the Reserve Bank, once every five years. ● Statement 4 is correct: The Reserve Bank of India (RBI) is vested with the responsibility of conducting monetary policy. This responsibility is explicitly mandated under the Reserve Bank of India Act, 1934.The primary objective of monetary policy is to maintain price stability while keeping in mind the objective of growth.
Which type of vegetable gardening is characterized by the production of vegetables on a large scale for distant markets?
What does a more elastic curve signify in terms of price and quantity consumed?
Which state ranks second in Cotton production in India by share in all India production?
Azotobacter spp fix nitrogen:
Pasteurisation is done in milk ………………………….
In Uttarakhand, what percentage of the micro-irrigation system cost is covered by the State Government as its share for marginal farmers under the 'C' c...
Trashing, Arrowing and Ratooning are common practices in
In calcareous soil, effervescence is visible when treated with diluted 0.1 N HCl due to release of which of the following?
The available water retained in soil is between_?
Which part of the engine is used to transmit power from the piston to the crankshaft?