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2. Definitions.

In this Act, unless the context otherwise requires,

(a) "bank" means

(i) a banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949);

(ii) the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955);

(iii) a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act,1959 (38 of 1959);

(iv) a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970);

(v) a regional rural bank established under sub-section (1) of section 3 of the Regional Rural Banks Act, 1976 (21 of 1976);

(vi) a co-operative bank as defined in section 2 of the Reserve Bank of India Act, 1934 (2 of 1934); and includes every branch thereof;

(b) "bank notes" means the bank notes issued by the Reserve Bank of India under section 22 of the Reserve Bank of India Act, 1934 (2 of 1934);

(c)"distinctive number" in relation to a high denomination bank note means the number including the alphabetical and numerical prefixes appearing on the face of the note;

(d) "high denomination bank note" means a bank note of the denominational value of one thousand rupees, five thousand rupees or ten thousand rupees, 1[issued by the Reserve Bank immediately before the commencement of this Act];

(e) "public sector bank" means a bank referred to in sub-clause (ii), (iii) or (iv) of clause (a);

(f) "Reserve Bank" means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934 (2 of 1934);

(g) "scheduled bank" means a public sector bank or any other bank, being a bank included in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934);

(h) "State Bank" means the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955).

1. Subs. by Act 3 of 1999, s. 2, for "issued by the Reserve Bank" (w.e.f. 2-1-1999).



High Denomination Bank Notes (Demonetisation) Act, 1978 Back




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