Section 27 - Re-issue of notes, Section 28 - Recovery of notes lost,
stolen, mutilated or imperfect: RBI Act 1934
What is Re-issue of notes? What is the meaning of Recovery of notes
lost, stolen, mutilated or imperfect?
Section 27 and 28 of
Reserve Bank of India Act 1934
Section 27 of RBI Act 1934 : "Re-issue of notes"
The Bank shall not re-issue bank notes which are
torn, defaced or excessively spoiled.
Section 28 of RBI Act 1934: "Recovery of notes
lost, stolen, mutilated or imperfect"
Notwithstanding anything contained in any enactment or rule
of law to the contrary, no person shall of right be entitled to
recover from the Central Government or the Bank, the value of
any lost, stolen, mutilated or imperfect currency note of the
Government of India, or bank note :
Provided that the Bank may, with the previous sanction of the
Central Government, prescribe the circumstances in and the
conditions and limitations subject to which the value of such
currency notes or bank notes may be refunded as of grace and the
rules made under this proviso shall be laid on the table of