AdvocateKhoj
Login : Advocate | Client
Home Post Your Case My Account Law College Law Library
    

Reserve Bank of India Act, 1934


An Act to constitute a Reserve Bank of India

Contents

Sections

Particulars

Chapter I

Preliminary

1

Short title, extent and commencement

2

Definitions

Chapter II

Incorporation, Capital, Management And Business

3

Establishment and incorporation of Reserve Bank

4

Capital of the Bank

5

[Repealed by Act No. 62 of 1948, w.e.f. 1st. January, 1949]

6

Offices, branches and agencies

7

Management

8

Composition of the Central Board, and term of office of directors

9

Local Boards, their constitution and functions

10

Disqualifications of directors and members of Local Boards

11

Removal from and vacation of office

12

Casual vacancies and absences

13

Meetings of the Central Board

14

General meetings [Repealed]

15

First constitution of the Central Board [Repealed]

16

First constitution of Local Boards [Repealed]

17

Business which the Bank may transact

18

Power of direct discount

18A

Validity of loan or advance not to be questioned

19

Business which the bank may not transact

Chapter III

Central Banking Functions

20

Obligation of the Bank to transact government business

21

Bank to have the right to transact government business in India

21A

Bank to transact government business of States on agreement

21B

Effect of agreements made between the Bank and certain States before the 1st November, 1956

22

Right to issue bank notes

23

Issue department

24

Denominations of notes

25

Form of bank notes

26

Legal tender character of notes

26A

Certain bank notes to cease to be legal tender

27

Re-issue of notes

28

Recovery of notes lost, stolen, mutilated or imperfect

28A

Issue of special bank notes and special one rupee notes in certain cases

29

Bank exempt from stamp duty on bank notes

30

Powers of Central Government to supersede Central Board

31

Issue of demand bills and notes

32

[Repealed by the Reserve Bank of India (Amendment) Act, 1974]

33

Assets of the issue department

34

Liabilities of the issue department

35

[Repealed by Act No. 62 of 1948, w.e.f. 1st. January, 1949]

36

[Repealed by Act No. 55 of 1963, w.e.f. 1st. February, 1964]

37

Suspension of assets requirements as to foreign securities

38

Obligations of government and the Bank in respect of rupee coin

39

Obligation to supply different forms of currency

40

Transactions in foreign exchange

41A

Obligation to provide remittance between India and Burma : repealed by Act No. 11 of 1947, w.e.f. 1st. April, 1947

42

Cash reserves of scheduled banks to be kept with the Bank

43

Publication of consolidated statement by the bank

43A

Protection of action taken in good faith

44

Power to require returns from co-operative banks :[repealed by the Banking Laws (Application to Co-operative Societies) Act, 1965, w.e.f. 1st. March 1966]

45

Appointment of agents

Chapter III A

Collection And Furnishing Of Credit Information

45A

Definitions

45B

Power of bank to collect credit information

45C

Power to call for returns containing credit information

45D

Procedure for furnishing credit information to banking companies

45E

Disclosure of information prohibited

45F

Certain claims for compensation barred

45G

Penalties: [repealed by the Reserve Bank of India (Amendment) Act, 1974]

Chapter III B

Provisions Relating To Non-Banking Institutions Receiving Deposits And Financial Institutions

45H

Chapter III-B not to apply in certain cases

45-I

Definitions

45-IA

Requirement of registration and net owned fund

45-IB

Maintenance of percentage of assets

45-IC

Reserve fund

45J

Bank to regulate or prohibit issue of prospectus or advertisement soliciting deposits of money

45JA

Power of bank to determine policy and issue directions

45K

Power of bank to collect information from non-banking institutions as to deposits and to give directions

45L

Power of bank to call for information from financial institutions and to give directions

45M

Duty of non-banking institutions to furnish statements, etc., required by bank

45MA

Powers and duties of auditors

45MB

Power of bank to prohibit acceptance of deposit and alienation of assets

45MC

Power of bank to file winding up petition

45N

Inspection

45NA

Deposits not to be solicited by unauthorized persons

45NB

Disclosure of information

45NC

Power of bank to exempt

45-O

Penalties: [repealed by the Reserve Bank of India (Amendment) Act, 1974]

45P

Cognizance of offences: [repealed by the Reserve Bank of India (Amendment) Act, 19  74]

45Q

Chapter III B to override other laws

45QA

Power of Company Law Board to order repayment of deposit

45QB

Nomination by depositors

Chapter IIIC

Prohibition Of Acceptance Of Deposits By Unincorporated Bodies

45R

Interpretation

45S

Deposits not to be accepted in certain cases

45T

Power to issue search warrants

Chapter IV

General Provisions

46

Contribution by Central Government to the reserve fund

46A

Contribution to National Rural Credit (Long Term Operations) Fund and National Rural Credit (Stabilization) Fund

46B

[Repealed]

46C

National Industrial Credit (Long Term Operations) Fund

46D

National Housing Credit (Long Term Operations) Fund

47

Allocation of surplus profits

48

Exemption of bank from income-tax and super-tax

49

Publication of bank rate

50

Auditors

51

Appointment of special auditors by government

52

Powers and duties of auditors

53

Returns

54

Rural credit and development

54A

Delegation of powers

54AA

Power of bank to depute its employees to other institutions

55

Reports by the bank: repealed by Act No. 62 of l948, w.e.f. 1st. January, 1949

56

Power to require declaration as to ownership of registered shares : repealed by Act No. 62 of l948, w.e.f. 1st. January, 1949

57

Liquidation of the Bank

58

Power of the Central Board to make regulations

58A

Protection of action taken in good faith

Chapter V

Penalties

58B

Penalties

58C

Offences by companies

58D

Application of section 58B barred

58E

Cognizance of offences

58F

Application of fine

58G

Power of bank to impose fine

59-61

[Repealed by Act No. 20 of 1937]

Schedule

Schedule I

Scheduled Area

Schedule II

Scheduled Banks

Schedule III 

[Repealed by Act No. 23 of 1955, w.e.f. 1/7/1955]

Schedule IV

[Repealed by Act No. 62 of 1948, w.e.f. 1/1/1949]

Schedule V

[Repealed by the M.O. 1937]

Whereas it is expedient to constitute a Reserve Bank for India to regulate the issue of Bank notes and the keeping of reserves with a view to securing monetary stability in India and generally to operate the currency any credit system of the country to its advantage;

And whereas in the present disorganization of the monetary systems of the world it is not possible to determine what will be suitable as a permanent basis for the Indian monetary system;

But whereas it is expedient to make temporary provision on the basis of the existing monetary system, and to leave the question of the monetary standard best suited to India to be considered when the international monetary position has become sufficiently clear and stable to make it possible to frame permanent measures;

It is hereby enacted as follows: -



Bare Acts Back




Client Area | Advocate Area | Blogs | About Us | User Agreement | Privacy Policy | Advertise | Media Coverage | Contact Us | Site Map
powered by nubia  |  driven by neosys