With reference to Commercial papers (CP), which of the following is not a correct statement?
[A] Prior approval of RBI is needed to issue CP
[B] Issued in the multiples of Rs. 5 lakh
[C] Issued in the form of usance promissory note
[D] Issued at a discount to face value
Prior approval of RBI is needed to issue CP
To issue CPs, no prior approval of RBI is needed and underwriting the issue is not mandatory.