Section 17 of the Act defines the manner in which the RBI can conduct business as the central bank of India.

Section 21 states that the RBI must conduct banking affairs for the central government and manage public debt.

Section 22 states that only the RBI has the exclusive rights to issue currency notes in India.

Section 26 of Act describes the legal tender character of Indian bank notes.

[2] Section 31 states that in India, only the RBI or the central government can issue and accept promissory notes that are payable on demand.