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Section 21B - Effect of agreements made between the Bank and certain States before the 1st November, 1956 : RBI Act 1934

 

 

What is the Effect of agreements made between the Bank and certain States before the 1st November, 1956? Section 21B of Reserve Bank of India Act 1934

Section 21B of RBI Act 1934 : "Effect of agreements made between the Bank and certain States before the 1st November, 1956"

(1) Any agreement made under section 21 or section 21A between the Bank and the Government of a State specified in the Explanation below and in force immediately before the 1st day of November, 1956, shall, as from that day have effect as if it were an agreement made on that day under section 21A between the Bank and the Government of the corresponding State subject to such modifications, if any, being of a character not affecting the general operation of the agreement, as may be agreed upon between the Bank and the Government of the corresponding State, or in default of such agreement, as may be made therein by order of the Central Government.

Explanation.-In this sub-section "corresponding State" means,-

(a) in relation to the agreement between the Bank and the State of Andhra, the State of Andhra Pradesh;

(b) in relation to the agreement between the Bank and any other Part A State as it existed before the 1st day of November, 1956, the State with the same name; and

 

(c) in relation to the agreement between the Bank and the Part B State of Mysore or Travancore-Cochin as it existed before the 1st day of November, 1956, the State of Mysore or Kerala respectively.

(2) Any agreement made under section 21A between the Bank and the Government of the Part B State of Hyderabad, Madhya Bharat or Saurashtra shall be deemed to have terminated on the 31st day of October, 1956.

 

RBI ACT 1934

Section 21 - Bank to have the right to transact Government business in India

Section 21A - Bank to transact Government business of States on agreement

Section 21B - Effect of agreements made between the Bank and certain States before the 1st November, 1956

Section 22 - Right to issue bank notes

Section 23 - Issue Department

 

 

Section 24 - Denominations of notes

Section 25- Form of bank notes

Section 26 - Legal tender character of notes

Section 26A - Certain bank notes to cease to be legal tender

Section 27 - Re-issue of notes

Section 28 - Recovery of notes lost, stolen, mutilated or imperfect

 

 

Section 28A - Issue of special bank notes and special one rupee notes in certain cases

Section 29 - Bank exempt from stamp duty on bank notes

Section 30 - Powers of Central Government to supersede Central Board

Section 31 - Issue of demand bills and notes

Section 32 - Penalty

Section 33 - Assets of the Issue Department

 

 

Section 34 - Liabilities of the issue department

Section 35 - Initial assets and liabilities

Section 36 - Method of dealing with fluctuations in rupee coin assets

Section 37 - Suspension of assets requirements as to foreign securities

Section 38 - Obligations of Government and the Bank in respect of rupee coin

Section 39 - Obligation to supply different forms of currency

Section 40 - Transactions in foreign exchange

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