Central Bank Act, 1989.
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Chapter XI Legal Tender Notes | ||
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Provision of legal tender notes. |
118.—(1) It shall be lawful for the Bank to provide and issue in accordance with this Part notes to be known and in this Part referred to as legal tender notes for the following denominations, namely, £1, £5, £10, £20, £50, £100 and any other monetary denominations in respect of which the Minister has made an order under subsection (4) and such notes shall be current in the State and shall be legal tender in the State for the payment of any amount. | |
(2) Every legal tender note shall be of such form, size and design and printed in such a manner and on such paper and numbered and authenticated in such manner as stood prescribed before the commencement of this section or as may be prescribed thereafter from time to time for the purpose of this section. | ||
(3) Any legal tender note of any denomination provided and issued at any time under the Currency Act, 1927 , or any subsequent Act shall continue to be current in the State and shall continue to be legal tender in the State for the payment of any amount. | ||
(4) The Minister may, from time to time, by order specify for the purposes of subsection (1) any monetary denomination which is not already specified either in that subsection or by virtue of this subsection. | ||
(5) In this section— | ||
“paper” includes any material capable of being printed upon; | ||
“prescribed” means prescribed by the Bank with the sanction of the Minister. |