April 2025

Form of bank notes The design, form and material of bank notes shall be such as may be approved by the Central Government after consideration of the recommendations made by the Central Board.

Denominations of notes (1) Subject to the provisions of sub-section (2), bank notes shall be of the denominational values of two rupees, five rupees, ten rupees, twenty rupees, fifty rupees, one hundred rupees, five hundred rupees, one thousand rupees, five thousand rupees and ten thousand rupees or of such other denominational values, not exceeding ten

Issue Department (1) The issue of bank notes shall be conducted by the Bank in an Issue Department which shall be separated and kept wholly distinct from the Banking Department, and the assets of the Issue Department shall not be subject to any liability other than the liabilities of the Issue Department as hereinafter defined

Non-applicability of certain provisions to digital form of bank notes Nothing contained in sections 24, 25, 27, 28 and 39 shall apply to the bank notes issued in digital form by the Bank

Right to issue bank notes (1) The Bank shall have the sole right to issue bank notes in [India] and may, for a period which shall be fixed by the Central Government on the recommendation of the Central Board, issue currency notes of the Government of India, supplied to it by the Central Government, and the

Effect of agreements made between the Bank and certain States before the 1st November, 1956 (1) Any agreement made under section 21 or section 21A between the Bank and the Government of a State specified in the Explanation below and in force immediately before the 1st day of November, 1956, shall, as from that day have effect

Bank to transact Government business of [***] States on agreement (1) The Bank may by agreement with the Government of any [***] State [***] undertake— (a)   all its money, remittance, exchange and banking transactions in India, including in particular, the deposit, free of interest, of all its cash balances with the Bank; and (b)   the

Bank to have the right to transact Government business in India (1) The Central Government [***] shall entrust the Bank, on such conditions as may be agreed upon, with all [its] money, remittance, exchange and banking transactions in India, and, in particular, shall deposit free of interest all [its] cash balances with the Bank : Provided that nothing in

Transaction of business for British Military Administration, Burma. [Repealed].