Reserve Bank of India Act : Legal tender character of notes Indian Bare Acts :

Reserve Bank of India Act,1934

Act No : 2

Section : Legal tender character of notes

26. Legal tender character of notes.- (1) Subject to the provisions of sub-section (2), every bank note shall be legal tender at any place in 3*[India] in payment or on account for the amount expressed therein, and shall be guaranteed by the Central Government. (2) On recommendation of the Central Board the 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 ---------------------------------------------------------------------- 1. Sub-section (3) omitted by Act 11 of 1947, s. 13 (w.e.f. 1-4- 1947). 2. Subs. by Act 58 of 1968, s. 25, for s. 24 (w.e.f. 1-2-1969). 3. Subs. by Act 32 of 1951, s. 2, for "the States". 26 denomination shall cease to be legal tender 1*[save at such office or agency of the Bank and to such extent as may be specified in the notification]. 2* * * * *