Section 22:
Right to issue bank notes.
(1) The Bank shall have the sole right to issue bank notes
in 1[India], and may, for a period which shall be fixed by the 2[Central Government] on the
recommendation of the Central Board, issue currency notes of the Government of India supplied to it by
the 2[Central Government], and the provisions of this Act applicable to bank notes shall, unless a contrary
intention appears, apply to all currency notes of the Government of India issued either by the 2[Central
Government] or by the Bank in like manner as if such currency notes were bank notes, and references in
this Act to bank notes shall be construed accordingly.
(2) On and from the date on which this Chapter comes into force the 2[Central Government] shall not
issue any currency notes.
Notes:
1. Subs. by Act 32 of 1951, s. 2, for "the States" (w.e.f. 1-11-1951).
2. Subs. by the M.O. 1937, for "G.G. in C."