RBI polymer notes, e-cheques and faster cheque clearing

1. Question 1Answer B

   From which financial year will polymer Rs 10 and Rs 20 notes circulate?

   • AFY26
   • BCorrect answer: FY28
   • CFY27
   • DFY30

   Core Trigger: On 5 August 2026 Governor Sanjay Malhotra said polymer Rs 10 and Rs 20 notes would circulate from FY28.From Book 1 RATNA, topic 184, point 1

2. Question 2Answer D

   How will the polymer notes circulate?

   • AReplacing paper notes entirely
   • BOnly in digital wallets
   • COnly in border States
   • DCorrect answer: Alongside paper notes

   Pilot Scope: They will circulate alongside paper notes, not replace them.From Book 1 RATNA, topic 184, point 2

3. Question 3Answer C

   Who is RBI Governor, appointed in December 2024?

   • AShaktikanta Das
   • BUrjit Patel
   • CCorrect answer: Sanjay Malhotra
   • DRaghuram Rajan

   Current Head: Sanjay Malhotra, appointed December 2024, is RBI Governor.From Book 1 RATNA, topic 184, point 3

4. Question 4Answer D

   Rs 10 and Rs 20 notes are about 25% of note volume but what share of value?

   • A5.8%
   • B10%
   • C0.4%
   • DCorrect answer: 1.4%

   Key Numbers: Rs 10 and Rs 20 notes are about 25% of note volume but only 1.4% of the value in circulation.From Book 1 RATNA, topic 184, point 4

5. Question 5Answer A

   Field trials of how many notes per denomination were approved, the Lok Sabha was told?

   • ACorrect answer: One billion
   • B100 million
   • C500 million
   • DFive billion

   Approval: The Lok Sabha was told on 27 July 2026 that field trials of one billion notes per denomination were approved.From Book 1 RATNA, topic 184, point 5

6. Question 6Answer A

   Consider: 1. Cheques have cleared continuously since 4 October 2025. 2. Drawee banks must confirm within six hours from 3 January 2026. Which is/are correct?

   • ACorrect answer: Only 1
   • BOnly 2
   • CBoth 1 and 2
   • DNeither

   Cheque Clearing: From 4 October 2025 cheques clear continuously; from 3 January 2026 drawee banks must confirm within three hours.From Book 1 RATNA, topic 184, point 6

7. Question 7Answer C

   Which body operates the grid-based Cheque Truncation System?

   • AIBA
   • BSEBI
   • CCorrect answer: NPCI
   • DNABARD

   Operator: NPCI runs the grid-based Cheque Truncation System at New Delhi since 10 December 2013.From Book 1 RATNA, topic 184, point 8

8. Question 8Answer B

   Where did the Cheque Truncation System begin as a pilot on 1 February 2008?

   • AMumbai region
   • BCorrect answer: National Capital Region
   • CChennai
   • DKolkata

   Founded: The Cheque Truncation System began as a pilot in the National Capital Region on 1 February 2008.From Book 1 RATNA, topic 184, point 9

9. Question 9Answer D

   In which year did Australia issue the world's first circulating polymer banknote?

   • A1976
   • B1996
   • C2001
   • DCorrect answer: 1988

   Landmark: Australia issued the world's first circulating polymer banknote in 1988 and had switched fully by 1996.From Book 1 RATNA, topic 184, point 10

10. Question 10Answer A

    Consider: 1. Section 6 of the Negotiable Instruments Act, 1881 defines a cheque. 2. The definition excludes electronic cheques. Which is/are correct?

    • ACorrect answer: Only 1
    • BOnly 2
    • CBoth 1 and 2
    • DNeither

    Statute: Section 6 of the Negotiable Instruments Act, 1881 defines a cheque, including truncated and electronic forms.From Book 1 RATNA, topic 184, point 11

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