Lawgist20Obligation of the Bank to transact Government business
The Bank shall undertake to accept monies for account of 1[ 2*** the Central Government 3***] and to make payments up to the amount standing to the credit of 4[its account], and to carry out 5[its exchange], remittance and other banking operations, including the management of the public debt 6[of the Union].
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1. Subs. by the M.O. 1937, for certain words.
2. The words "the Secretary of State" omitted by the A.O. 1950.
3. The words and letter "and the Governments of Part A States" omitted by Act 37 of 1956, s. 104 (w.e.f. 1-11-1956).
4 Subs. by s. 104, ibid., for "their accounts respectively" (w.e.f. 1-11-1956).
5. Subs. by s. 104, ibid., for "their exchange" (w.e.f. 1-11-1956).
6. Ins. by s. 104, ibid. (w.e.f. 1-11-1956).
- 20 Obligation of the Bank to transact Government business
- 20A [Omitted.]
- 21 Bank to have the right to transact Government business in India
- 21A Bank to transact Government business of States on agreement
- 21B Effect of agreements made between the Bank and certain States before the 1st November, 1956
- 22 Right to issue bank notes
- 23 Issue Department
- 24 Denominations of notes
- 25 Form of bank notes
- 26 Legal tender character of notes
- 26A Certain bank notes to cease to be legal tender
- 27 Re-issue notes
- 28 Recovery of notes lost, stolen, mutilated or imperfect
- 28A Issue of special bank notes and special one rupee notes in certain cases
- 29 Bank exempt from stamp duty on bank notes
- 30 Powers of Central Government to supersede Central Board
- 31 Issue of demand bills and notes
- 32 [Omitted.]
- 33 Assets of the Issue Department
- 34 Liabilities of Issue Department
- 35 [Omitted.]
- 36 [Omitted.]
- 37 Suspension of assets requirements as to foreign securities
- 38 Obligations of Government and the Bank in respect of rupee coin
- 39 Obligation to supply different forms of currency
- 40 Transactions in foreign exchange
- 41A [Omitted.]
- 42 Cash reserves of scheduled banks to be kept with the Bank
- 43 Publication of consolidated statement by the Bank
- 43A Protection of action taken in good faith
- 44 [Omitted.]
- 45 Appointment of agents
