note issue
4.The note-issuing banks may issue currency notes only by surrendering non-interest-bearing US dollar backing at a fixed exchange rate of 7.80.
5.Specifically, Certificates of Indebtedness, which authorise note-issuing banks to issue banknotes, are issued and redeemed against US dollars at that fixed rate and for the account of the Exchange Fund.
6.The note-issuing banks may issue currency notes only by surrendering non-interest-bearing US dollar backing at a fixed exchange rate of 7.80. Thus the Fund enjoys the seigniorage of the currency notes.


