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hello friends welcome to olive pod I hope you are all doing well and your exam preparations are going good too today we are going to talk about a topic that is very important for all government and banking examination which is currency circulation management in India please note that this fall's a part of the banking of ennis component and is being asked in various examinations so we will talk about this before we get started don't forget to subscribe to our YouTube channel for latest content now if you're already a subscriber don't forget to hit the bell button do not miss any latest updates from us in this video we will be talking about the history of currency RBI as the issuer of currency and which is the act that authorized RBI to issue currency currency management in India small corn coin Depot and the types of nodes let's start with the history of currency as we all know that in initial time during initial timings we used to follow the barter system where goods were exchanged for goods after which we started started using metals like gold silver copper iron as a medium of exchange for goods but the paper currency was introduced in India during the British East India Company rule we know that during the sixteen hundred's british india company came to india to trade with us but later they established themselves here and started ruling over india so during this period paper currency was started in India the first paper currency was issued by private banks like Bank of Hindustan and Presidency banks during the 18th century which means in the 1700s it was only after paper currency Act 1861 now this is 19th century so the paper currency Act very important from exam point of view this Act gave the Government of India the monopoly to print currency so after this we know right that the private banks were issuing currency but this Act gave monopolies to the government of India and at that point of time government of India was from British we were not ruling ourselves right they were ruling over us so they got the monopoly to print currency but they printed until RBI was established in the year 1935 this is important and has been asked in various examinations as to when was RBI established it was in the year 1935 remember it which took up the responsibility to print currency so this RBI act allows the central bank of our nation to publish notes of up to rupees 5000 and rupees 10,000 so 10000 is the maximum denomination of which currency can be printed by RBI till no amendment is passed so the highest denomination note that were ever printed by RBI were 10,000 rupees notes in the year 1938 and 1954 now these were subsequently being demonetised in the year 1946 and 1978 we know one recently monetization happened for all the five hundred and thousand...