CHAPTER V
MISCELLANEOUS
PART I
AMENDMENTS TO THE RESERVE BANK OF INDIA ACT, 1934
Amendment of Act 2 of 1934.
124. In the Reserve Bank of India Act, 1934,––
(a) in section 2, after clause (aiii), the following clause shall be inserted, namely:––
‘(aiv) “bank note” means a bank note issued by the Bank, whether in physical or digital form, under section 22;’;
(b) after section 22, the following section shall be inserted, namely:––
Non-applicability of certain provisions to digital form of bank notes.
“22A. Nothing contained in sections 24, 25, 27, 28 and 39 shall apply to the bank notes issued in digital form by the Bank.”.
Notes on Clauses:
Clause 124 seeks to amend sections 2 and 22 of the Reserve Bank of India Act, 1934.
It is proposed to provide clarity in section 2 of the said Act that the Central Bank Digital Currency should also be regarded as bank notes.
It is further proposed to insert a new section 22A relating to non-applicability of sections 24, 25, 27, 28 and 39 of the said Act to digital form of bank notes.
