Question
Who guarantees every bank note and confers its legal
tender character under Section 26 of the RBI Act, 1934?Solution
Section 26(1) provides that every bank note shall be legal tender at any place in India for the amount expressed therein, and shall be guaranteed by the Central Government. Under Section 26(2), the Central Government may, on the recommendation of the Central Board and by notification, declare that any series of bank notes of any denomination shall cease to be legal tender. Hence it is the Central Government, not the Bank, that guarantees bank notes.
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