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(1) Subject to the provisions of subsection (2), every bank
note shall be legal tender at any place in 1[India] in payment, or on account for the amount expressed
therein, and shall be guaranteed by the 2[Central Government].
(2) On recommendation of the Central Board the 2[Central Government] may, by notification in the
Gazette of India, declare that, with effect from such date as may be specified in the notification, any series
of bank notes of any denomination shall cease to be legal tender 3[save at such office or agency of the
Bank and to such extent as may be specified in the notification].
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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.".
3. Subs. by Act 32 of 1951, s. 13, for "save at an office or agency of the Bank" (w.e.f. 1-11-1951).
4. Sub-section (3) omitted by Act 11 of 1947, s. 14 (w.e.f. 1-4-1947) which was inserted by the M.O. 1937.