Q. Consider the following statements:
1.Section 22 of The Reserve Bank of India Act, 1934 gives RBI the sole right to issue banknotes in India.  
2.It is the exclusive right of the central government to make changes in the design and form of bank notes and coins.
Select the correct statement using the codes given below:

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: A
Notes:

Statement 1: Section 22 of The Reserve Bank of India Act, 1934 gives RBI the sole right to issue banknotes in India.

Statement 2: The statement is incorrect. Changes in the design and form of bank notes and coins are decided by the Reserve Bank of India (RBI) and the central government.

Source: The Indian Express