Is Bank exempt from stamp duty on bank notes? What are the Powers of Central Government to supersede Central Board? Section 29 and 30 of Reserve Bank of India Act 1934
The Bank shall not be liable to the payment of any stamp duty under the Indian Stamp Act, 1899 (2 of 1899), in respect of bank notes issued by it.
(1) If in the opinion of the Central Government the Bank fails to carry out any of the obligations imposed on it by or under this Act the Central Government may, by notification in the Gazette of India, declare the Central Board to be superseded, and thereafter the general superintendence and direction of the affairs of the Bank shall be entrusted to such agency as the Central Government may determine, and such agency may exercise the powers and do all acts and things which may be exercised or done by the Central Board under this Act.
(2) When action is taken under this section the Central Government shall cause a full report of the circumstances leading to such action and of the action taken to be laid before Parliament at the earliest possible opportunity and in any case within three months from the issue of the notification superseding the Board.
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