Question
Under Section 24 of the RBI Act, 1934, bank notes shall
not exceed which maximum denominational value (subject to the Central Government's power to specify)?Solution
Section 24(1) provides that bank notes shall be of specified denominational values and of such other denominational values, not exceeding ten thousand rupees, as the Central Government may specify on the recommendation of the Central Board. The Central Government may also direct the non-issue or discontinuance of any denomination under Section 24(2). The statutory ceiling on the denomination of a bank note is therefore ten thousand rupees.
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