Section 26 of RBI Act : Section 26: Legal Tender Character Of Notes
RBI Act
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Explanation using Example
Imagine you go to a local grocery store to buy some items. When you go to pay, you hand the cashier a ₹500 note. According to Section 26(1) of The Reserve Bank of India Act, 1934, the cashier is legally bound to accept this note for the amount it represents, as it is legal tender guaranteed by...
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