rbi has the authority to make and issue bank notes under
Reserve Bank of India Act, 1934 The Section 18 deals with emergency loans to banks. The Section 21 states the RBI must conduct the banking affairs for the central government and manage public debt. The Section 22 says that only RBI has the exclusive rights to issue currency notes in India. The Section 24 states that the maximum denomination a note can be â‚¹10,000 (US$150).