Question
Under Section 31 of the RBI Act, 1934, who, apart from
the Bank, may be expressly authorised to draw, accept, make or issue bills of exchange or promissory notes payable to bearer on demand?Solution
Section 31(1) provides that no person in India other than the Bank or, as expressly authorised by the Act, the Central Government shall draw, accept, make or issue any bill of exchange, hundi, promissory note or engagement for the payment of money payable to bearer on demand. A proviso permits cheques or drafts drawn on a banker's account. Section 31(3) further allows the Central Government to authorise a scheduled bank to issue electoral bonds. The person so authorised apart from the Bank is the Central Government.
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