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Management of Currency

Management of Currency

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Published by Shabu Kr

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Published by: Shabu Kr on Oct 19, 2011
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Management of Currency The central banking began in England in 1964.

All countries have their own central bank and Reserve Bank of India is the central bank of India. One of the most important functions of the Central Bank of a country is that of the conduct of monetary policy. It is the management strategy which is intended to ensure growth and stability of the country’s economy. It decides the type of currency whether it should be backed by flat money or gold backed currency. Flat money is not backed by gold or silver and backed only by the declaration of the government. In India, the Reserve Bank of India (RBI) designs, produces and manages the currency of the country, Indian rupee, through the Issue and Banking Departments. Till the year 1935, it was the responsibility of the Office of the Controller of Currency of the Government of India. When the RBI started in 1935, it took over the responsibility of Note Issue from the CCG.

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