Reserve Bank of India Act, 1934 · Chapter III: Central Banking Functions
Section 28: Recovery of notes lost, stolen, mutilated or imperfect
*** Notwithstanding anything contained in any enactment or rule of law to the contrary, no person shall of right be entitled to recover from the [Central Government] or the Bank, the value of any lost, stolen, mutilated or imperfect currency note of the Government of India or bank note:
Provided that the Bank may, with the previous sanction of the [Central Government], prescribed the circumstances in and the conditions and limitations subject to which the value of such currency notes or bank notes may be refunded as of grace and the rules made under this proviso shall be laid on the table *** of [Parliament].
* * * * *
Source: India Code (indiacode.gov.in), the consolidated text published by the Legislative Department, Government of India. Text as updated on India Code on 15 October 2026. Words in square brackets [ ] were inserted or substituted by later amending Acts, and *** marks words omitted by an amendment. The amendment footnotes are not reproduced here. Official text on India Code.
Supreme Court judgments citing the section 28
No Supreme Court judgment in our database cites this section yet.