RBI ACT 1934

RBI ACT 1934 (useful some sections)

1.SCHEDULE 2 (E): SCHEDULE BANK MEANS A BANK WHOSE NAME IS INCLUDED IN THE 2^ND SCHEDULE OF RBI ACT 1934.

2. SEC17:    DEFINE VARIOUS TYPES OF BUSINESS WHICH   RBI MAY TRANSIT WHICH INCLUDE ACCEPTANCE OF DEPOSIT WITHOUT INTEREST FROM CENTRAL/STATE GOVT.

3. SEC18:     RBI PROVIDES EMERGENCY LOANS TO BANKS ON LIABLE TERMS.

4. SEC20:    BANKER TO THE GOVT.

5. SEC21:   RBI HAS THE RIGHT TO TRANSACT GOVT.BUSINESS IN INDIA.

6. SEC24:    DENOMINATION OF NOTES. CENTRAL GOVT CAN DISCONTINUE OR       NON ISSUE OF BANK NOTES. LIKE  2, 5.

7. SEC26:  BANK NOTES ISSUED BY RBI SHALL BE LEGAL TENDER AND   SHALLBE GUARANTEED BY CENTRAL GOVT.

8. SEC29:   BANK NOTE SHALL BE EXEMPTED FROM STAMP DUTY UNDER INDIAN STAMP ACT.

9. SEC 33: ISSUER OF CURRENCY NOTES BACKED BY GOLD AND FOREX RESERVE.

10. SEC42:  CRR SHOULD BE MAINTAINED BY SCBS IN RBI.

11. SEC42(C): EMPOWERS RBI TO ADD OR DELETE THE NAME OF ANY BANK IN 2^ND SCHEDULE OF RBI ACT 1934

12. SEC45H-45T: REGULATION RELATING TO NBFC.

13.   SEC48: EXEMPTION TO RBI FROM PAYING INCOME TAX OR SUPER TAX.

14.   SEC49: ANNOUNCE/PUBLISH BANK RATE.