The Reserve Bank of India Act, 1934

Act No. 02

6-Mar-1934

Section 1 — Short title, extent and commencement

1. Short title, extent and commencement .

(1)This Act may be called the Reserve Bank of India Act, 1934. 4[(2) It extends to the whole of India 5***.]

(3)This section shall come into force at once, and the remaining provisions of this Act shall come into force on such date or dates6 as the 7[Central Government] may, by notification in the Gazette of India, appoint.

Section 2 — Definitions

2. Definitions .-In this Act, unless there is anything repugnant in the subject or context, - 8* * * * * 9[(aii)] “the Bank ” means the Reserve Bank of India constituted by this Act; 10[(aiii)] “Bank for International Settlements ” means by body corporate established with the said name under the law of Switzerland in pursuance of an agreement dated the 20th January, 1930, signed at The Hague;] 11[(aiv) “bank note” means a bank note issued by the Bank, whether in physical or digital form, under section 22;]

(b)“the Central Board ” means the Central Board of Directors of the Bank; Subject to verification and confirmation by the Department.

Section 6 — Sections 2 to 19, 47, 50 to 52, 55 to 58 and 61 were brought into force on 1st Ja nuary, 1935, see Gazette of India, 1934, Pt. I, p.

6. Sections 2 to 19, 47, 50 to 52, 55 to 58 and 61 were brought into force on 1st Ja nuary, 1935, see Gazette of India, 1934, Pt. I, p. 1369, and the other sections on 1st April, 1935, seeibid ., 1935, Pt. I, p. 538.

Section 9 — Clause ( aa) re-lettered as clause ( aii) by Act 23 of 1965, s. 2 (w.e.f. 1 -3-1966).

9. Clause ( aa) re-lettered as clause ( aii) by Act 23 of 1965, s. 2 (w.e.f. 1 -3-1966).