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NIELIT 2017 DEC Scientist B - Section A: 31

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The Rs $5$-note was the first paper currency issued by RBI in January $1938.$ The Reserve Bank of India (RBI) is India’s central banking institution, which controls the monetary policy of the Indian rupee. It commenced its operations on $1$ April $1935$ during the British Rule in accordance with the provisions of the Reserve Bank of India Act, $1934.$

So, the correct answer is $(C).$
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