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  • Look at a 10 rupee note. What is written on top? Can you explain this statement? “Reserve Bank of India” and “Guaranteed by the Government” are written on top.

Look at a 10 rupee note. What is written on top? Can you explain this statement? “Reserve Bank of India” and “Guaranteed by the Government” are written on top.

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In India, the Reserve Bank of India issues currency notes on behalf of the central government. The statement means that the currency is authorized or guaranteed by the Central Government. That is, Indian law legalizes the use of the rupee as a medium of payment that can not be refused in a setting transaction in India.

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Deependra Verma

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