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Section 34 - Liabilities of the issue department, Section 35 - Initial assets and liabilities, Section 36 - Method of dealing with fluctuations in rupee coin assets: RBI Act 1934

 

 

What is Liabilities of the issue department? What are Initial assets and liabilities? What is the Method of dealing with fluctuations in rupee coin assets? Section 34, 35 and 36 of Reserve Bank of India Act 1934

Section 34 of RBI Act 1934 : "Liabilities of the issue department"

(1) The liabilities of the Issue Department shall be an amount equal to the total of the amount of the currency notes of the Government of India and bank notes for the time being in circulation.

(2) [Omitted by the Banking Laws (Miscellaneous Provisions) Act, 1963, w.e.f 1-2-1964. Earlier, it was substituted by the Reserve Bank of India (Amendment) Act, 1957.

 

Section 34 of RBI Act: 1934  "Initial assets and liabilities"

Omitted by the Reserve Bank (Transfer to Public Ownership) Act, 1948, w.e.f. 1-1-1949.

Section 35 of RBI Act: 1934  "Method of dealing with fluctuations in rupee coin assets"

Omitted by the Banking Laws (Miscellaneous Provisions) Act, 1963, w.e.f. 1-2-1964. Earlier, it was amended by the Reserve Bank of India (Amendment) Act, 1951, w.e.f. 1-11-1951.

 

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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