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Under section 26, RBI Act (1)
Text
Section 26, RBI Act [S10-18P]
As at 7 September 2026. In force from 1 April 1935.
26. Legal tender character of notes.—(1) Subject to the provisions of sub-section (2), every bank note shall be legal tender at any place in India in payment or on account for the amount expressed therein, and shall be guaranteed by the Central Government.
(2) On recommendation of the Central Board the Central Government may, by notification in the Gazette of India, declare that, with effect from such date as may be specified in the notification, any series of bank notes of any denomination shall cease to be legal tender save at such office or agency of the Bank and to such extent as may be specified in the notification.
Defined terms in this text (1)
bank note: Section 2(aiv), RBI Act: "bank note" means a bank note issued by the Bank, whether in physical or digital form, under section 22;
Made under this section, or naming it (1)
Notification S.O. 3407(E): specified bank notes of five hundred and one thousand rupees cease to be legal tender [N10-01S], 8 November 2016, superseded. Recital: "Now, therefore, in exercise of the powers conferred by sub-section (2) of section 26 of the Reserve Bank of India Act, 1934 (2 of 1934), the Central Government hereby declares that the specified bank notes shall cease to be legal tender with effect from the 9th November, 2016 to the extent specified below, namely:—"
Cited by (0)
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Not held (0)
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none
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