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Section 28: Recovery of notes lost, stolen, mutilated or imperfect.

The Reserve Bank of India Act, 1934Central Act · Act 2 of 1934

*** Notwithstanding anything contained in any enactment or rule of law to the contrary, no person shall of right be entitled to recover from the [Central Government] or the Bank, the value of any lost, stolen, mutilated or imperfect currency note of the Government of India or bank note:

Provided that the Bank may, with the previous sanction of the [Central Government], prescribed the circumstances in and the conditions and limitations subject to which the value of such currency notes or bank notes may be refunded as of grace and the rules made under this proviso shall be laid on the table *** of [Parliament].

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Where this provision sits

ActThe Reserve Bank of India Act, 1934
Section28
Marginal noteRecovery of notes lost, stolen, mutilated or imperfect.
JurisdictionCentral
StatusIn force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • inserted, Act 11 of 1947. . The brackets and figure "(1)" omitted by Act 11 of 1947, s. 15 (w.e.f. 1-4-1947) which was inserted by the M.O. 1937.
  • substituted. . Subs. by the M.O. 1937, for "G.G. in C.".
  • omitted. . The words "of both Houses" omitted by the A.O. 1948.
  • substituted. . Subs. by the A.O. 1950, for "the Central Legislature".
  • inserted, Act 11 of 1947. . Sub-section (2) omitted by Act 11 of 1947, s. 15 (w.e.f. 1-4-1947) which was inserted by the M.O. 1937.

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