Section 26 Archives - Tax Heal https://www.taxheal.com/tag/section-26 Complete Guide for Income Tax and GST in India Mon, 21 Nov 2016 15:17:22 +0000 en-US hourly 1 https://wordpress.org/?v=7.0 Section 26 of Reserve Bank of India Act 1934 https://www.taxheal.com/section-26-of-reserve-bank-of-india-act-1934.html https://www.taxheal.com/section-26-of-reserve-bank-of-india-act-1934.html#respond Mon, 21 Nov 2016 14:56:01 +0000 http://taxheal.com/?p=17981 Section 26 of Reserve Bank of India Act 1934 Legal tender character of notes. 26. (1) Subject to the provisions of sub-section (2), every bank note shall be legal tender at any place in 1[India] in payment or on account for the amount expressed therein, and shall be guaranteed by the Central Government. (2) On… Read More »

]]> Section 26 of Reserve Bank of India Act 1934

Legal tender character of notes.

26. (1) Subject to the provisions of sub-section (2), every bank note shall be legal tender at any place in 1[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 denomination shall cease to be legal tender 2 [save at such office or agency of the Bank and to such extent as may be specified in the notification].

1. Substituted for “the States” by the Reserve Bank of India (Amendment) Act, 1951, w.e.f. 1-11-1951.
2. Substituted for “save at an office or agency of the Bank” by the Reserve Bank of India (Amendment) Act, 1951, w.e.f. 1-11-1951.
Note:- as per Section 2 (b) of Reserve Bank of India Act 1934 “the Central Board” means the Central Board of Directors of the Bank ;
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