28A. Issue of special
bank notes and special one rupee notes in certain cases.-
(1) For the purpose of controlling the circulation of bank
notes without India, the Bank may, notwithstanding anything
contained in any other provision of this Act, issue bank notes
of such design, form and material as may be approved under
sub-section (3) (hereinafter in this section referred to as
special bank notes) of the denominational values of five rupees,
ten rupees and one hundred rupees.
(2) For the purpose of controlling the circulation of Government
of India one rupee notes without India, the Central Government
may, notwithstanding anything contained in any other provision
of this Act or in the Currency Ordinance, 1940, issue Government
of India notes of the denominational value of one rupee of
such design, form and material as may be adopted under sub-section
(3) (hereinafter in this section referred to as special one
rupees notes).
(3) The design, form and material of the special bank notes
shall be such as may be approved by the Central Government
after consideration of the recommendations made by the Governor
and of the special one rupee notes shall be such as the Central
Government may think fit to adopt.
(4) Neither the special bank notes nor the special one rupee
notes shall be legal tender in India.
(5) The special one rupee note shall be deemed to be included
in the expression ‘‘rupee coin’’ for
all the purposes of this Act except section 39, but shall
be deemed not to be a currency note for any of the purposes
of this Act.
(6) Where a special bank note is on its face expressed to
be payable at a specified office or branch of the Bank, the
obligation imposed by section 39 shall be only on the specified
office or branch and, further, shall be subject to such regulations
as may be made under this section.
(7) The Bank may, with the previous sanction of the Central
Government, make regulations to provide for all matters for
which provision is necessary or convenient for the purpose
of giving effect to the provisions of this section, and, in
particular, the manner in which, and the conditions or limitations
subject to which–
(i) bank notes and one rupee notes in circulation in any country
outside India may be replaced by special notes issued under
this section;
(ii) any such special notes may be exchanged for any other
bank notes or one rupee notes.
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