alleryUnder the RBI Act, can a person claim the value of a lost note as a right?
AYes, as a full right
BYes, as a part right
CYes, as a joint right
DNo, not as a right
Answer & Solution
Correct answer: D. No, not as a right
1. Section 28 read with Section 58(2) governs this.
2. Refund is possible but not claimable.
3. It is paid as a matter of grace, not as of right.
_Source: RBI Master Direction, Facility for Exchange of Notes and Coins_
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