What is the meaning of Bank to have the right to transact Government business in India? Section 21 of Reserve Bank of India Act 1934
(1) The Central Government shall entrust the Bank, on such conditions as may be agreed upon, with all its money, remittance, exchange and banking transactions in India, and, in particular, shall deposit free of interest all 4[its] cash balances with the Bank :
Provided that nothing in this sub-section shall prevent the Central Government from carrying on money transactions at places where the Bank has no branches or agencies, and the Central Government may hold at such places such balances as it may require.
(2) The Central Government shall entrust the Bank, on such conditions as may be agreed upon, with the management of the public debt and with the issue of any new loans.
(3) In the event of any failure to reach agreement on the conditions referred to in this section the Central Government shall decide what the conditions shall be.
(4) Any agreement made under this section shall be laid, as soon as may be after it is made, before Parliament.
(5) Omitted by the States Reorganisation Act, 1956, w.e.f. 1-11-1956. Original sub-section (5) was inserted by the Reserve Bank of India (Amendment) Act, 1951, w.e.f. 1-11-1951.
Section 21 - Bank to have the right to transact Government business in India
Section 21A - Bank to transact Government business of States on agreement
Section 22 - Right to issue bank notes
Section 24 - Denominations of notes
Section 25- Form of bank notes
Section 26 - Legal tender character of notes
Section 26A - Certain bank notes to cease to be legal tender
Section 27 - Re-issue of notes
Section 28 - Recovery of notes lost, stolen, mutilated or imperfect
Section 28A - Issue of special bank notes and special one rupee notes in certain cases
Section 29 - Bank exempt from stamp duty on bank notes
Section 30 - Powers of Central Government to supersede Central Board
Section 31 - Issue of demand bills and notes
Section 33 - Assets of the Issue Department
Section 34 - Liabilities of the issue department
Section 35 - Initial assets and liabilities
Section 36 - Method of dealing with fluctuations in rupee coin assets
Section 37 - Suspension of assets requirements as to foreign securities
Section 38 - Obligations of Government and the Bank in respect of rupee coin
Section 39 - Obligation to supply different forms of currency