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31. Issue of demand bills and notes.- 2[ (1) ] No person in 3[ India] other than the Bank or, as expressly authorized by this 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, or borrow, owe or take up any sum or sums of money on the bills, hundis or notes payable to bearer on demand of any such person: Provided that cheques or drafts, including hundis, payable to bearer on demand or otherwise may be drawn on a person' s account with a banker, shroff or agent.
(2) 4[ Notwithstanding anything contained in the Negotiable Instruments Act, 1881 (26 of 1881 ), no person in 3[ India] other than the Bank or, as expressly authorized by this Act, the Central Government shall make or issue any promissory note expressed to be payable to the bearer of the instrument.]
What else can I help you with?
What 's the role of RBI in multi state credit cooperative society act 2002?
Mscs/cr/526/2012
What is the fiscal year of RBI in India?
when does a fiscal year in India end's on? a. feb 26 b.Jan 31 c. dec 31 d. mar 31
Who is the chairman of rbi?
Dr. YV Reddy is the Governor of the RBI
Who is the first rbi chairman?
Sir Osborne Smith was the first governor of RBI.
Money supply measures in India by rbi?
explain in detail rbi's measures of money supply
What is RBI act?
RBI stands for "runs batted in", the number of runs the player pushes across the plate with a hit, a walk, etc.
What do you mean by sec 18c and sec 27 b under act 1940 and 1945?
cosmetic n beauty products act
What is non-bank?
the banks which are not under the purview of second schedule of RBI Act.
Is RBI a statutory body or non statutory body?
RBI is a statutory body formed under the Reserve Bank of India Act 1934 and not a constitutional body.
Which cheque works just like a currency note?
Currency notes are promissory notes payable to the bearer on demand.section 31 of RBI ACT provides that no one other than RBI or Central Govt. Can issue a promissory note or bill of exchange payable to bearer on demand...hence no cheque works just as a currency note.
What is second schedule of RBI Act?
The Second Schedule of the Reserve Bank of India (RBI) Act, 1934, lists the banks and financial institutions that are recognized as scheduled banks in India. Scheduled banks are those that are registered under the RBI Act and meet certain criteria set by the Reserve Bank. These banks are eligible for borrowing from the RBI and are subject to its regulations, ensuring they maintain a minimum level of liquidity and solvency. The schedule is periodically updated to reflect changes in the banking sector.
WHAT IS NON SCHEDULE BANKING?
the banks which are not under the purview of second schedule of RBI Act.
Example of non-scheduled bank?
the banks which are not under the purview of second schedule of RBI Act.
When was RBI taken over by the government year?
The Reserve Bank of India (RBI) was nationalized in 1949. This took place following the Reserve Bank of India Act, 1934, which established the RBI as the central bank of India, and the nationalization formalized government control over its operations.
When was the SEC formed?
The Securities and Exchange Commission (SEC) was established by Congress in 1934 to enforce the Securities Exchange Act of 1934.
What are the provisions of the Securities Exchange Act of 1934?
This act created the Securities Exchange Commission (SEC) and required any brokers or dealers engaged in the exchange of securities to report these transactions to the SEC
Is rbi governor post is a constitutional post?
No. Constitution is silent on RBI as RBI was established on 1 April 1935 during the British Raj in accordance with the provisions of the Reserve Bank of India Act, 1934, whereas constitution was written after India's independence during 1947-1949. Nitin
