The 'currency chests' in India are operated by: MCQ with Answer and Explanation

Question
The 'currency chests' in India are operated by:
A. post offices
B. treasury departments
C. banks on behalf of RBI
D. RBI only
Answer: Option C
Solution (By JKSSB Mock Tests)
Currency chests are operated by selected banks on behalf of the RBI for currency storage and distribution.
This question belongs to: Economy GK Economy Set 1
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Practice More Economy Set 1 Questions

Question #1
The term 'High-Powered Money' is also known as:
A. Broad money
B. Time deposits
C. Narrow money only
D. Reserve money or monetary base
Discuss
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Correct Answer: Option D

Explanation:
High-powered money (reserve money or monetary base) consists of currency in circulation and the reserves of the banking system with the central bank.
This question belongs to: Economy GK Economy Set 1
Question #2
Which of the following is a feature of the 'Paris Agreement' on climate change?
A. A global framework under which countries submit nationally determined contributions to limit global warming
B. A legally binding set of identical emission targets for all countries
C. Only a voluntary declaration without any reporting requirements
D. A treaty limited to developed countries only
Discuss
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Correct Answer: Option A

Explanation:
The Paris Agreement establishes a framework in which each party submits successive nationally determined contributions (NDCs) outlining its climate actions, with the collective aim of limiting global temperature rise.
This question belongs to: Economy GK Economy Set 1
Question #3
Bank rate is the rate at which the RBI:
A. lends short-term funds against government securities
B. rediscounts bills and provides long-term funds to banks
C. lends overnight against SLR securities
D. borrows from commercial banks
Discuss
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Correct Answer: Option B

Explanation:
Bank rate is the rate at which the RBI rediscounts bills and provides longer-term funds.
This question belongs to: Economy GK Economy Set 1
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