(1) This Act may be called the Legal Tender (Inscribed Notes) Act, 1964.

(2) It extends to the whole of India.

Notwithstandinganything contained in the Reserve Bank of India Act, 1934 (2 of 1934), or in the CurrencyOrdinance, 1940 (Ord. 4 of 1940), or in any other law for the time being in force, a currency note of theGovernment of India, a bank note issued by the Reserve Bank of India, or a Government of Indiaone-rupee note issued under the Currency Ordinance, 1940, which bears written upon it any extrinsicwords or visible representations intended to convey or capable of conveying a message of a politicalcharacter, shall not be legal tender; and the Reserve Bank of India shall not be under any legal obligationto receive any such note, or to issue rupee coin or other coin or currency notes or bank notes in exchangefor any such note, or to refund the value of any such note:

Provided that the Reserve Bank of India may refund as of grace the whole or part of the value of anysuch note.

(1) The Legal Tender (Inscribed Notes) Ordinance, 1942 (Ord. 59 of 1942),is hereby repealed.

(2) Notwithstanding such repeal, anything done or any action taken under the said Ordinance, shall bedeemed to have been done or taken under this Act as if this Act were in force on the day on which suchthing was done or such action was taken.