Lawgist22Right to issue bank notes
(1) The Bank shall have the sole right to issue bank notes in 1[India], and may, for a period which shall be fixed by the 2[Central Government] on the recommendation of the Central Board, issue currency notes of the Government of India supplied to it by the 2[Central Government], and the provisions of this Act applicable to bank notes shall, unless a contrary intention appears, apply to all currency notes of the Government of India issued either by the 2[Central Government] or by the Bank in like manner as if such currency notes were bank notes, and references in this Act to bank notes shall be construed accordingly.
(2) On and from the date on which this Chapter comes into force the 2[Central Government] shall not issue any currency notes.
Download our fully-offline, High speed android app.- Click here
1. Subs. by Act 32 of 1951, s. 2, for "the States" (w.e.f. 1-11-1951).
2. Subs. by the M.O. 1937, for "G.G. in C."
- 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
