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      Question

      Under Section 2(d) of the RBI Act, 1934, 'rupee coin'

      means rupees which are legal tender under the provisions of which enactment?
      A The Indian Stamp Act, 1899 Correct Answer Incorrect Answer
      B The Negotiable Instruments Act, 1881 Correct Answer Incorrect Answer
      C The Indian Coinage Act, 1906 Correct Answer Incorrect Answer
      D The Currency Ordinance, 1940 Correct Answer Incorrect Answer
      E The Banking Regulation Act, 1949 Correct Answer Incorrect Answer

      Solution

      Section 2(d) defines 'rupee coin' as rupees which are legal tender in India under the provisions of the Indian Coinage Act, 1906. The earlier word 'silver' was omitted by Act 62 of 1948. This definition is significant because Sections 38 and 39 deal with the Bank's and the Government's obligations concerning rupee coin. The correct enactment referred to in the definition of rupee coin is the Indian Coinage Act, 1906.

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