Indian currency exclusion for special bank notes and special one rupee notes limits their legal tender status and issuance controls. The definition of Indian currency under FEMA excludes special bank notes and special one rupee notes issued under section 28A of the Reserve Bank of India Act. Section 28A permits issuance of specially designed notes to control circulation abroad, requires Central Government approval of design after considering the Governor's recommendations, allows regulations (with Central Government sanction) for replacement and exchange, limits statutory payment obligations where a note is payable at a specified office, and declares such special notes not to be legal tender in India while treating the special one rupee note as a rupee coin for most purposes.
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Provisions expressly mentioned in the judgment/order text.
Indian currency exclusion for special bank notes and special one rupee notes limits their legal tender status and issuance controls.
The definition of Indian currency under FEMA excludes special bank notes and special one rupee notes issued under section 28A of the Reserve Bank of India Act. Section 28A permits issuance of specially designed notes to control circulation abroad, requires Central Government approval of design after considering the Governor's recommendations, allows regulations (with Central Government sanction) for replacement and exchange, limits statutory payment obligations where a note is payable at a specified office, and declares such special notes not to be legal tender in India while treating the special one rupee note as a rupee coin for most purposes.
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