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Reserve Bank of India Act, 1934

An Act to constitute a Reserve Bank of India

Sections Particulars
Chapter I Preliminary
1 Short title, extent and commencement
2 Definitions
Chapter II Incorporation, Capital, Management And Business
3 Establishment and incorporation of Reserve Bank
4 Capital of the Bank
5 [Repealed by Act No. 62 of 1948, w.e.f. 1st. January, 1949]
6 Offices, branches and agencies
7 Management
8 Composition of the Central Board, and term of office of directors
9 Local Boards, their constitution and functions
10 Disqualifications of directors and members of Local Boards
11 Removal from and vacation of office
12 Casual vacancies and absences
13 Meetings of the Central Board
14 General meetings [Repealed]
15 First constitution of the Central Board [Repealed]
16 First constitution of Local Boards [Repealed]
17 Business which the Bank may transact
18 Power of direct discount
18A Validity of loan or advance not to be questioned
19 Business which the bank may not transact
Chapter III Central Banking Functions
20 Obligation of the Bank to transact government business
21 Bank to have the right to transact government business in India
21A Bank to transact government business of States on agreement
21B Effect of agreements made between the Bank and certain States before the 1st November, 1956
22 Right to issue bank notes
23 Issue department
24 Denominations of notes
25 Form of bank notes
26 Legal tender character of notes
26A Certain bank notes to cease to be legal tender
27 Re-issue of notes
28 Recovery of notes lost, stolen, mutilated or imperfect
28A Issue of special bank notes and special one rupee notes in certain cases
29 Bank exempt from stamp duty on bank notes
30 Powers of Central Government to supersede Central Board
31 Issue of demand bills and notes
32 [Repealed by the Reserve Bank of India (Amendment) Act, 1974]
33 Assets of the issue department
34 Liabilities of the issue department
35 [Repealed by Act No. 62 of 1948, w.e.f. 1st. January, 1949]
36 [Repealed by Act No. 55 of 1963, w.e.f. 1st. February, 1964]
37 Suspension of assets requirements as to foreign securities
38 Obligations of government and the Bank in respect of rupee coin
39 Obligation to supply different forms of currency
40 Transactions in foreign exchange
41A Obligation to provide remittance between India and Burma : repealed by Act No. 11 of 1947, w.e.f. 1st. April, 1947
42 Cash reserves of scheduled banks to be kept with the Bank
43 Publication of consolidated statement by the bank
43A Protection of action taken in good faith
44 Power to require returns from co-operative banks :[repealed by the Banking Laws (Application to Co-operative Societies) Act, 1965, w.e.f. 1st. March 1966]
45 Appointment of agents
Chapter III A Collection And Furnishing Of Credit Information
45A Definitions
45B Power of bank to collect credit information
45C Power to call for returns containing credit information
45D Procedure for furnishing credit information to banking companies
45E Disclosure of information prohibited
45F Certain claims for compensation barred
45G Penalties: [repealed by the Reserve Bank of India (Amendment) Act, 1974]
Chapter III B Provisions Relating To Non-Banking Institutions Receiving Deposits And Financial Institutions
45H Chapter III-B not to apply in certain cases
45-I Definitions
45-IA Requirement of registration and net owned fund
45-IB Maintenance of percentage of assets
45-IC Reserve fund
45J Bank to regulate or prohibit issue of prospectus or advertisement soliciting deposits of money
45JA Power of bank to determine policy and issue directions
45K Power of bank to collect information from non-banking institutions as to deposits and to give directions
45L Power of bank to call for information from financial institutions and to give directions
45M Duty of non-banking institutions to furnish statements, etc., required by bank
45MA Powers and duties of auditors
45MB Power of bank to prohibit acceptance of deposit and alienation of assets
45MC Power of bank to file winding up petition
45N Inspection
45NA Deposits not to be solicited by unauthorized persons
45NB Disclosure of information
45NC Power of bank to exempt
45-O Penalties: [repealed by the Reserve Bank of India (Amendment) Act, 1974]
45P Cognizance of offences: [repealed by the Reserve Bank of India (Amendment) Act, 1974]
45Q Chapter III B to override other laws
45QA Power of Company Law Board to order repayment of deposit
45QB Nomination by depositors
Chapter IIIC Prohibition Of Acceptance Of Deposits By Unincorporated Bodies
45R Interpretation
45S Deposits not to be accepted in certain cases
45T Power to issue search warrants
Chapter IV General Provisions
46 Contribution by Central Government to the reserve fund
46A Contribution to National Rural Credit (Long Term Operations) Fund and National Rural Credit (Stabilization) Fund
46B [Repealed]
46C National Industrial Credit (Long Term Operations) Fund
46D National Housing Credit (Long Term Operations) Fund
47 Allocation of surplus profits
48 Exemption of bank from income-tax and super-tax
49 Publication of bank rate
50 Auditors
51 Appointment of special auditors by government
52 Powers and duties of auditors
53 Returns
54 Rural credit and development
54A Delegation of powers
54AA Power of bank to depute its employees to other institutions
55 Reports by the bank: repealed by Act No. 62 of l948, w.e.f. 1st. January, 1949
56 Power to require declaration as to ownership of registered shares : repealed by Act No. 62 of l948, w.e.f. 1st. January, 1949
57 Liquidation of the Bank
58 Power of the Central Board to make regulations
58A Protection of action taken in good faith
Chapter V Penalties
58B Penalties
58C Offences by companies
58D Application of section 58B barred
58E Cognizance of offences
58F Application of fine
58G Power of bank to impose fine
59-61 [Repealed by Act No. 20 of 1937]
Schedule I Scheduled Area
Schedule II Scheduled Banks
Schedule III [Repealed by Act No. 23 of 1955, w.e.f. 1/7/1955]
Schedule IV [Repealed by Act No. 62 of 1948, w.e.f. 1/1/1949]
Schedule V [Repealed by the M.O. 1937]

Whereas it is expedient to constitute a Reserve Bank for India to regulate the issue of Bank notes and the keeping of reserves with a view to securing monetary stability in India and generally to operate the currency any credit system of the country to its advantage;

And whereas in the present disorganization of the monetary systems of the world it is not possible to determine what will be suitable as a permanent basis for the Indian monetary system;

But whereas it is expedient to make temporary provision on the basis of the existing monetary system, and to leave the question of the monetary standard best suited to India to be considered when the international monetary position has become sufficiently clear and stable to make it possible to frame permanent measures;

It is hereby enacted as follows:-

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