Q. Which among the following is the incorrect statement:
Answer: RBI is the sole authority to mint and distribute coins in India.
Notes: The incorrect statement is "A coin of maximum Rs. 1000 can be minted in India." In India, the maximum denomination of coins currently minted is Rs. 10. The Reserve Bank of India (RBI) is indeed the sole authority for minting and distributing coins, and it operates over 4,000 currency chests, which can be held by both private and government banks. The highest denomination of currency notes is Rs. 2000, not coins.