What is Denominations of notes? What is Form of bank notes? Section 24 and 25 of Reserve Bank of India Act 1934
(1) Subject to the provisions of sub-section (2), bank notes shall be of the denominational values of two rupees, five rupees, ten rupees, twenty rupees, fifty rupees, one hundred rupees, five hundred rupees, one thousand rupees, five thousand rupees and ten thousand rupees or of such other denominational values, not exceeding ten thousand rupees, as the Central Government may, on the recommendation of the Central Board, specify in this behalf.
(2) The Central Government may, on the recommendation of the
Central Board, direct the non-issue or the discontinuance of
issue of bank notes of such denominational values as it may
specify in this behalf.
The design, form and material of bank notes shall be such as may be approved by the Central Government after consideration of the recommendations made by the Central Board.