Section 29 - Bank exempt from stamp duty on bank notes, Section 30 - Powers of Central Government to supersede Central Board: RBI Act 1934

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

Section 29 of RBI Act 1934 : "Bank exempt from stamp duty on bank notes Powers of Central Government to supersede Central Board"

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.

Section 30 of RBI Act: 1934 Powers of Central Government to supersede Central Board"

(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or under this Act the Central Government may, by notification in the Gazette of India, declare the Central Board to be superseded, and thereafter the general superintendence and direction of the affairs of the Bank shall be entrusted to such agency as the Central Government may determine,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.