LawgistThe Reserve Bank of India Act
34Liabilities of Issue Department
(1) The Liabilities of the Issue Department shall be an amount equal to the total of the amount of the currency notes of the Government of India and bank notes for the time being in circulation.
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1. Sub-section (2) omitted by Act 55 of 1963, s. 2 (w.e.f. 1-2-1964).
2. Sub-section (3) omitted by s. 2, ibid. (w.e.f. 1-2-1964) which was earlier inserted by the M.O. 1937.
CENTRAL BANKING FUNCTIONS
- 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
