What is Liabilities of the issue department? What are Initial assets and liabilities? What is the Method of dealing with fluctuations in rupee coin assets? Section 34, 35 and 36 of Reserve Bank of India Act 1934
(1) The liabilities of the Issue Department shall be an amount equal to the total of the amount of the currency notes of the Government of India and bank notes for the time being in circulation.
(2) [Omitted by the Banking Laws (Miscellaneous Provisions) Act, 1963, w.e.f 1-2-1964. Earlier, it was substituted by the Reserve Bank of India (Amendment) Act, 1957.
Omitted by the Reserve Bank (Transfer to Public Ownership) Act, 1948, w.e.f. 1-1-1949.
Omitted by the Banking Laws (Miscellaneous Provisions) Act, 1963, w.e.f. 1-2-1964. Earlier, it was amended 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