Section 29 of The Reserve Bank of India Act, 1934 View Chapter 3

Bank exempt from stamp duty on bank notes.

   The Bank shall not be liable to the payment of any stamp duty under the Indian Stamp Act, 1899 (2 of 1899) in respect of bank notes 1*** issued by it.

1The words "or Burma notes" omitted by Act 11 of 1947, s. 16 (w.e.f. 1-4-1947) which was earlier inserted by the M.O. 1937.