Section Section 39
shall be only on the specified office or branch and, further, shall be subject t
section 39 shall be only on the specified office or branch and, further, shall be subject to such regulations as may be made under this section. The Bank may, with the previous sanction of the Central Government, make regulations to provide for all matters for which provision is necessary O convenient for the purpose of giving effect to the provisions of this section, and, in particular, the manner in which, and the conditions or limitations subject to which=
1. Sub-section (3) omitted by Act 1 of 1947, s. 14 (W.e.f: 1-4-1947) which was inserted by the M.O. 1937_ 2. Ins. by Act 62 of 1956, s. 2 and the Schedule (W.e.f: 1-11-1956)_ 3_ The brackets and figure * ( 1)" omitted by Act 11 of 1947, 15 (w.e.f 1-4-1947) which was inserted by the M.O. 1937. 4. Subs. by the M.O. 1937, for "G.G. in C. 5 . The words *of both Houses omitted by the A.O. 1948_ 6. Subs. by the A.O. 1950, for "the Central Legislature" _ 7. Sub-section (2) omitted by Act 1l of 1947, $. 15 (W.e.f: 1-4-1947) which was inserted by the M.O. 1937_ 8 Ins. by Act 14 of 1959, S.2 (w.e.f: 1-5-1959).
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bank notes and one rupee notes in circulation in any country outside India may be replaced by special notes issued under this section; (ii any such special notes may be exchanged for any other bank notes or one rupee notes_ 29 . Bank exempt from stamp duty on bank notes.-The Bank shall not be liable to the payment of any stamp duty under the Indian Stamp Act, 1899 (2 of 1899) in respect of bank notes' 1xx* issued by it. 30. Powers of Central Government to supersede Central Board. ~(1) If in the opinion of the H[Central Government] the Bank fails to carry out any of the obligations imposed on it by Or under this Act 3**8 [the Central Government] may, by notification in the Gazette of India, declare the Central Board to be superseded, and thereafter the general superintendence and direction of the affairs of the Bank shall be entrusted to such agency as the ?[Central Government] may determine, and such agency may exercise the powers and do all acts and things which may be exercised or done by the Central Board under this Act. (2) When action is taken under this section the ?[Central Government] shall cause a full report of the circumstances leading to such action and of the action taken to be laid before S[Parliament] at the earliest possible opportunity and in any case within three months from the issue of the notification superseding the Board. 31. Issue of demand bills and notes:- [(Z)] No person in " [India] other than the Bank; Or, as expressly authorised by this Act the 2[Central Government] shall draw_ accept, make or issue any bill of exchange, hundi, promissory note o engagement for the payment of money payable to bearer on demand, or bOrrow, owe or take up any sum O sums of money on the bills, hundis o notes payable to bearer on demand of any such person: Provided that cheques or drafts, including hundis, payable to bearer on demand or otherwise may be drawn on person's account with a banker, shroff or agent: S[(2) Notwithstanding anything contained in the Negotiable Instruments Act; 1881, (26 of 1881) no person in ?[India] other than the Bank O, as expressly authorised by this Act, the Central Government shall make or issue any promissory note expressed to be payable to the bearer of the instrument:] 9[(3) Notwithstanding anything contained in this section, the Central Government may authorise any scheduled bank to issue electoral bond. Explanation.-For the purposes of this sub-section, "electroal bond" means bond issued by any scheduled bank under the scheme as may be notified by the Central Government:] 32. [Penalty]: Omitted by the Reserve Bank of India (Amendment) Act, 1974 (51 of 1974), 9(w.e f: 13-12-1974). 33. Assets of the Issue Department:- (7) The assets of the Issue Department shall consist of gold coin, gold bullion, I[foreign securities], rupee coin and rupee securities to such aggregate amount as is not less than the total of the liabilities of the Issue Department as hereinafter defined. "[(2) The aggregate value of the gold coin; gold bullion and foreign securities held as assets and the aggregate value of the gold coin and gold bullion so held shall not at any time be less than two hundred crores of rupees and one hundred and fifteen crores of rupees, respectively:]
The words ~or Burma notes" omitted by Act 11 of 1947,s. 16 (w.e.f: 1-4-1947) which was earlier inserted by the M.O. 1937. 2. Subs. by the M.O. 1937, for "G.G_ in C. 3 The words "or by or under the law of Burma' omitted by Act 1l of 1947, s. 17 (W.e.f: 1-4-1947) which was earlier inserted by the M.O. 1937. 4. Subs. by the M.O. 1937, for "he" 5. Subs: by the AO_ 1950, for "the Central Legislature 6.
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