(2) The Issue Department shall not issue bank notes to the Banking Department O — THE RESERVE BANK OF INDIA ACT, 1934

section 34. (2) The Issue Department shall not issue bank notes to the Banking Department O to any other person except in exchange for other bank notes Or for such coin, bullion Or securities as are permitted by this Act to form part of the Reserve. 4* 5[24. Denominations of notes: 1) Subject to the provisions of sub-section (2) bank notes shall be of the denominational value to 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 thousand rupees, as the Central Government may, on the recommendation of the Central Board, specify in this behalf: (2) The Central Government may, on the recommendation of the Central Board, direct the non-issue or the discontinuance of issue of bank notes of such denominational values as it may specify in this behalf:] 25. Form of bank notes:-~The design, form the 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. 26. Legal tender character of notes. (1) Subject to the provisions of subsection (2), every bank note shall be legal tender at any place in '[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 H[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 6[save at such office or agency of the Bank and to such extent as may be specified in the notification]: 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. Ins by Act 6 of 2022, $. 125 (w.e.f. 30-3-2022). 4. Sub-section (3) omitted by Act 1l of 1947, $. 13 (W.e.f: 1-4-1947) which was inserted by the M.O. 1937_ 5. Subs by Act 58 of 1968, s. 25, for

Section Section 34