www.Aaptaxlaw.com
 
 
 

Section 37 - Suspension of assets requirements as to foreign securities, Section 38 - Obligations of Government and the Bank in respect of rupee coin: RBI Act 1934

 

 

What is Suspension of assets requirements as to foreign securities? What are the Obligations of Government and the Bank in respect of rupee coin? Section 37 and 38 of Reserve Bank of India Act 1934

Section 37 of RBI Act 1934 : "Suspension of assets requirements as to foreign securities"

Notwithstanding anything contained in the foregoing provisions, the Bank may, with the previous sanction of the Central Government, for periods not exceeding six months in the first instance, which may, with the like sanction, be extended from time to time by periods not exceeding three months at a time, hold as assets foreign securities of less amount in value than that required by sub-section (2) of section 33.

 

Section 38 of RBI Act: 1934  "Obligations of Government and the Bank in respect of rupee coin"

The Central Government shall undertake not to put into circulation any rupees, except through the Bank; and the Bank shall undertake not to dispose of rupee coin otherwise than for the purposes of circulation.

 

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

Home     About Us     Privacy Policy     Disclaimer    Contact Us  Sitemap