Section 24: Sole right to issue bank notes

24. Sole right to issue bank notes.—(1) The Bank shall have the sole right to issue bank notes made payable to bearer on demand in Pakistan in accordance with the provisions hereinafter made, provided that the currency notes of the Government of Pakistan supplied to the Bank by the Government may be issued by it for a period which shall be fixed by the 1[Federal Government] on the recommendations of the 4[Board]. (2) Any person contravening this authority or committing any other offence specified in section 35, shall be liable to the penalties therein mentioned.

Effective date: 1956-04-18

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