legislations.in
The Reserve Bank of India Act, 1934

Chapter II — INCORPORATION, CAPITAL, MANAGEMENT AND BUSINESS

Section 17Business which the Bank may transact

Read in the full Act
Section 17: Business which the Bank may transact

17. Business which the Bank may transact

The Bank shall be authorised to carry on and transact the several kinds of business hereinafter specified, namely:—

(1)

the accepting of money on deposit without interest from, and the collection of money for, *** the [Central Government], [*** the [State] Government ***] *** local authorities, banks and any other persons:

[(1A) The accepting of money as deposits, repayable with interest, from banks or any other person under the Standing Deposit Facility Scheme, as approved by the Central Board, from time to time, for the purposes of liquidity management; ]

(2)

(a) the purchase, sale and rediscount of bills of exchange and promissory notes, [drawn on [and payable in India ]] and arising out of bona fide@i/@ commercial or trade transaction bearing two or more good signatures, one of which shall be that of a scheduled bank [or a State co-operative bank ] [or any financial institution, which is predominantly engaged in the acceptance or discounting of bills of exchange and promissory notes and which is approved by the Bank in this behalf] *** and maturing,—

(i)

in the case of bills of exchange and promissory notes arising out of any such transaction relating to the export of goods from India, within one hundred and eighty days, and

(ii)

in any other case, within ninety days, from the date of such purchase or rediscount exclusive of days of grace;

(b)

the purchase, sale and rediscount of bills of exchange and promissory notes, [drawn [and payable in India ]] and bearing two or more good signatures, one of which shall be that of a scheduled bank [or a State] co-operative bank [or any financial institution, which is predominantly engaged in the acceptance or discounting of bills of exchange and promissory notes and which is approved by the Bank in this behalf] and drawn or issued for the purpose of [financing agricultural operations] or the marketing of crops, and maturing within [fifteen months] from the date of such purchase or rediscount, exclusive of days of grace;

* * * * * [ (bb) the purchase, sale and rediscount of bills of exchange and promissory notes drawn and payable in India and bearing two or more good signatures, one of which shall be that of a State cooperative bank or a State financial corporation [or any financial institution, which is predominantly engaged in the acceptance or discounting of bills of exchange and promissory notes and which is approved by the Bank in this behalf ], and drawn or issued for the purpose of financing the production or marketing activities of cottage and small-scale industries approved by the Bank and maturing within twelve months from the date of such purchase or rediscount, exclusive of days of grace, provided that the payment of the principal and interest of such bills of exchange or promissory notes is fully guaranteed by the State Government; ]

(c)

the purchase, sale and rediscount of bills of exchange and promissory notes [drawn [and payable in India]] and bearing the signature of a scheduled bank, *** and issued or drawn for the purpose of holding or trading in securities of [the Central Government [or a [State ] Government ]] *** and maturing within ninety days from the date of such purchase or rediscount, exclusive of days of grace;

(3)

(a) the purchase from and sale to scheduled banks *** of [foreign exchange] ***;

(b)

the purchase sale and rediscount of bills of exchange (including treasury bills) drawn in or on any place in any country outside India which is a member of the International Monetary Fund and maturing,—

(i)

in the case of bills of exchange arising out of any bona fide transaction relating to the export of goods from India, within one hundred and eighty days, and

(ii)

in any other case, within ninety days, from the date of such purchase or rediscount:

* * * * *

Provided that no such purchase, sale or rediscount shall be made in India except with a scheduled bank or a State co-operative bank;

(3A)

the making to any scheduled bank or State co-operative bank, or loans and advances, against promissory notes or such bank, repayable on demand or on the expiry of fixed periods not exceeding one hundred and eighty days:

Provided that the borrowing bank furnishes a declaration in writing, to the effect that—

(i)

it holds bills of exchange arising out of any transaction relating to the export of goods from India of a value not less than the amount of such loans or advances,—

(a)

drawn in India and no any place in any country outside India which is a member of the International Monetary Fund or in any other country notified in this behalf by the Bank in the Gazette of India, and

(b)

maturing not later than one hundred and eighty days from the date of the loan or advance, and it will, so long as any part of such loans and advances remains unpaid, continue to hold such bills of exchange of a value not less than the amount of such loans or advances outstanding for the time being; or [(ii) it has granted a pre-shipment loan or advance to an exporter or any other person in India in order to enable him to export goods from India, the amount of the loan or advance drawn and outstanding at any time being not less than the outstanding amount of the loan or advance obtained by the borrowing bank from the Bank. ]

(3B)

the making to any scheduled bank or State co-operative bank or loans and advances repayable on demand or on the expiry of fixed periods not exceeding one hundred and eighty days against promissory notes of such bank:

Provided that the borrowing bank furnishes a declaration in writing to the effect that it has made loans and advances for bona fide commercial or trade transactions or for financing agricultural operations or the marketing of crops or for other agricultural purposes as set out in the declaration and the said declaration includes such other particulars as may be required by the Bank;

(4)

the making to *** local authorities, scheduled banks , *** [State] co-operative banks and State Financial Corporations *** or loans and advances, repayable on demand or on the expiry of fixed periods not exceeding ninety days, against the security of—

(a)

stocks, funds and securities (other than immovable property) in which a trustee is authorised to invest trust money by any Act of Parliament [of the United Kingdom] or by any law for time being in force in [India] ***;

(b)

gold or silver or documents of title to the same;

(c)

such bills of exchange and promissory notes as are eligible for purchase or rediscount by the Bank [or as are fully guaranteed as to the repayment of the principal and payment of interest by a State Government;];

(d)

promissory notes of any scheduled bank [ [or [State ]] co-operative bank ], supported by documents of title to goods [such documents having been transferred], assigned, or pledged to any such bank as security for [a loan or advance made] for bona fide commercial or trade transactions, or for the purpose of [financing agricultural operations] or the marketing of crops:

[Provided that loans and advances made against the security of bills of exchange and promissory notes arising out of any transaction relating to the export of goods from India shall be repayable on demand or on the expiry of fixed periods not exceeding one hundred and eighty days;]

(4A)

the making to any State Financial Corporation ***, of loans and advances repayable on the expiry of fixed periods not exceeding eighteen months from the date of such loan or advance, against securities of the Central Government or of any State Government, of any maturity, or against bonds and debentures issued by that Corporation and guaranteed by the State Government concerned and maturing within a period not exceeding eighteen months from the date of such loan or advance:

[Provided that the previous approval of the State Government shall be obtained for the borrowing by the State Financial Corporation and the amount of loans and advances granted to that Corporation under this clause shall not, at any time, exceed in the aggregate [twice the paid-up share capital thereof;]] [ [(4AA)] the making of annual contributions to the National Rural Credit (Long Term Operations) Fund and the National Rural Credit (Stabilisation) Fund established under sections 42 and 43, respectively, of the National Bank for Agriculture and Rural Development Act, 1981 (61 of 1981); ]

(4B)

the making to the Industrial Finance Corporation of India *** of loans and advances,—

(a)

repayable on demand or on the expiry of fixed periods not exceeding ninety days from the date of such loan or advance, against securities of the Central Government or of any State Government; or

(b)

repayable on the expiry of fixed periods not exceeding eighteen months from the date of such loan or advance, against securities of the Central Government of any maturity or against bonds and debentures issued by the Corporation and guaranteed by the Central Government and maturity within a period not exceeding eighteen months from the date of such loan or advance;

* * * * *

(4BB)

the making to any financial institution notified by the Central Government in this behalf, of loans and advances,—

(a)

repayable on demand or on the expiry of fixed periods not exceeding ninety days from the date of such loan or advance, against the securities of the Central Government or of any State Government, or

(b)

repayable on the expiry of fixed periods not exceeding eighteen months from the date of such loan or advance, against securities of the Central Government or of any State Government, of any maturity, or against bonds and debentures issued by that financial institution and guaranteed by the Central Government or any State Government, and maturing within a period not exceeding eighteen months from the date of such loan or advance:

(4BBB) the making to the Unit Trust of loans and advances---

Provided that the amount of loans and advances granted to a financial institution under sub-clause (@i/i@) shall not, at any time, exceed in the aggregate sixty per cent. of the paid-up share capital thereof;

(i)

repayable on demand or on the expiry of a fixed period not exceeding ninety days from the date of such loan or advance against the security of stocks, funds and securities (other than immovable property) in which a trustee is authorised to invest trust money by any law for the time being in force in India; ***

(ii)

repayable on demand or within a period of eighteen months from the date of such loan or advance against the security of the bonds of the Unit Trust issued with the approval of and guaranteed by the Central Government;

[(iii) for the purpose of any scheme other than the first unit scheme under the Unit Trust of India Act, 1963 (52 of 1963) on such terms and conditions and against the security of such other property of the Unit Trust as may be specified in this behalf by the Bank;] (4C) the making to a Warehousing Corporation established under the Agricultural Produce (Development and Warehousing) Corporations Act, 1956 (28 of 1956) of loans and advances,—

(a)

repayable on demand or on the expiry of fixed periods not exceeding ninety days, from the date of such loan or advance, against securities of the Central Government or of any State Government, or

(b)

repayable on the expiry of fixed periods not exceeding eighteen months from the date of such loan or advance, against securities of the Central Government or of any State Government, of any maturity, or against bonds and debentures issued by the corporation to which the loan or advance is made, and guaranteed by the Central or a State Government, and maturing within a period not exceeding eighteen months from the date of such loan or advance:

[(4D) the making to the Deposit Insurance Corporation of loans and advances; and generally assisting the Corporation in such manner and on such terms as may be determined by the Central Board;] [(4DD) the making to the National Housing Bank of loans and advances arid generally assisting the National Housing Bank in such manner and on such terms as may be determined by the Central Board;]

Provided that the amount of loans and advances granted under clause (b) shall not at any time exceed, in the aggregate, three crores of rupees in the case of the Central Warehousing Corporation and fifty lakhs of rupees in the case of a State Warehousing Corporation;

(4E)

the making to the National Bank of loans and advances repayable on demand or on the expiry of fixed period not exceeding eighteen months from the date of making of the loan or advance, either—

(i)

against the security of stocks, funds and securities (other than immovable property) in which a trustee is authorised to invest trust money by any law for the time being in force in India; or

(ii)

on such other terms and conditions as the Bank may specify;

[(4F) contributing to the initial Capital of the Unit Trust;] [(4G) the making of loans and advances to, and the purchasing of bonds and debentures of, *** [the Exim Bank] [or the Reconstruction Bank] [or the Small Industries Bank [or the National Bank for Financing Infrastructure and Development or other development financial institution]] out of the National Industrial Credit (Long Term Operations) Fund established under section 46C;] [(4GG) the making of loans and advances to, and the purchasing of bonds and debentures of, the National Housing Bank out of the National Housing Credit (Long Term Operations) Fund established under section 46D;]

(4H)

the making to *** [or the Small Industries Bank] of loans and advances—

(a)

repayable on demand or on the expiry of fixed periods not exceeding ninety days from the date of such loan or advance against the security of stocks, funds and securities (other than immovable property) in which a trustee is authorised to invest trust money by any law for the time being in force in India; or-

(b)

against the security of bills of exchange or promissory notes, arising out of bona fide commercial or trade transactions bearing two or more good signatures and maturing within five years from the date of such loan or advance;

[(4-I) the making to scheduled banks, *** [the Exim Bank] [the Reconstruction Bank or the Small Industries Bank] the Industrial Finance Corporation and any other financial institution as may, on the recommendation of the Bank, be approved in this behalf by the Central Government of loans and advances repayable on demand or otherwise and against such security and on such other terms and conditions as may be approved in this behalf by the Central Board for the purpose of enabling such banks, or financial institution, as the case may be, to purchase foreign exchange from the Bank for the purpose of financing the import of capital goods or for such other purposes as may be approved by the Central Government; ]

(4J)

the making to the Exim Bank of loans and advances— br (making foot note) (a) repayable on demand or on the expiry of a fixed period not exceeding ninety days, from the date of such loan or advance against the security of stocks, funds and securities (other than immovable property) in which a trustee is authorised to invest trust money by any law for the time being in force in India; or

(b)

against the security of bills of exchange or promissory notes, arising out of bona fide commercial or trade transactions bearing two or more good signatures and maturing within five years from the date of such loan or advance;

(4K)

the making to the Reconstruction Bank of loans and advances— br

(a)

repayable on demand or on the expiry of a fixed period not exceeding ninety days, from the date of such loan or advance against the security of stocks, funds and securities (other than immovable property) in which a trustee is authorised to invest trust money by any law for the time being in force in India; or br

(b)

against the security of bills of exchange or promissory notes, arising out of bona fide commercial or trade transactions bearing two or more goods signatures and maturing within five years from the date of such loan or advance; br

(4L)

the making to the National Bank for Financing Infrastructure and Development or other development financial institution of loans and advances—

(a)

repayable on demand or on the expiry of a fixed period not exceeding ninety days, from the date of such loan or advance against the security of stocks, funds and securities (other than immovable property) in which a trustee is authorised to invest trust money by any law for the time being in force in India; or

(b)

against the security of bills of exchange or promissory notes, arising out of bona fide commercial or trade transactions bearing two or more good signatures and maturing within five years from the date of such loan or advance;

(5)

the making to the [Central Government] [ *** [and [State] Governments]] of advances repayable in each case not later than three months from the date of the making of the advance;

[(6) the issue of demand drafts, telegraphic transfers and other kinds of remittances made payable at its own offices or agencies, the purchase of telegraphic transfers, and the making, issue and circulation of bank post bills;]

(6A)

dealing in derivatives, and, with the approval of the Central Board, in any other financial instrument.

Explanation.—For the purposes of this clause, derivative means an instrument, to be settled at a future date, whose value is derived from change in one or a combination of more than one of the following underlying, namely:—

(a)

interest rate,

(b)

price of securities of the Central Government or a State Government or of such securities of a local authority as may be specified in this behalf by the Central Government,

(c)

price of foreign securities,

(d)

foreign exchange rate, ,

(e)

index of rates or prices,

(f)

credit rating or credit index,

(g)

price of gold or silver coins, or gold or silver bullion, or

(h)

any other variable of similar nature;

* * * * *,

(8)

the purchase and sale of securities [of the Central [Government or a [State] Government]] of any maturity or of such securities of a local authority *** as may be specified in this behalf by the [Central Government] on the recommendation of the Central Board:

97 9899100101102103104 105 106 10710811294112113114115116117118 119 120121122 123 124 125 126 127 13074133134 135 136 137 140 141142 143 144 145

Provided that securities fully guaranteed as to principal and interest by [any such Government [or authority]] shall be deemed for the purposes of this clause to be securities of such Government 96

Amendment notes (139)
  1. omitted . The words the Secretary of State omitted by the A.O. 1948.
  2. Subs . Subs. by the M.O. 1937, for G.G. in C..
  3. Subs . Subs. by the M.O. 1937, for L.G.'s.
  4. omitted . The words the Federal Railway Authority omitted by the A.O. 1948.
  5. Subs . Subs. by the A.O. 1950, for Provincial.
  6. omitted w.e.f. 1-4-1947 . The words the Government of Burma, the Burma Railway Board, omitted by Act 11 of 1947, s 11 (w.e.f. 1-4-1947).
  7. omitted w.e.f. 1-11-1951 . The words and letter Part B States omitted by Act 32 of 1951, s. 7 (w.e.f. 1-11-1951).
  8. Ins w.e.f. 28-3-2018 . Ins. by Act 13 of 2018, s. 135 (w.e.f. 28-3-2018).
  9. Subs . Subs. by the M.O. 1937, for drawn on and payable in India.
  10. Subs w.e.f. 1-4-1947 . Subs. by Act 11 of 1947, s. 11, for India or Burma and payable in India or Burma (w.e.f. 1-4-1947).
  11. Ins w.e.f. 1-11-1951 . Ins. by Act 32 of 1951, s. 7 (w.e.f. 1-11-1951).
  12. Ins w.e.f. 13-12-1974 . Ins. by Act 51 of 1974, s. 6 (w.e.f. 13-12-1974).
  13. omitted w.e.f. 1-4-1947 . The words or a Burma scheduled bank omitted by Act 11 of 1947, s. 11 (w.e.f. 1-4-1947), which were inserted by M.O. 1937.
  14. Subs w.e.f. 15-9-1962 . Subs. by Act 35 of 1962, s. 3, for maturing within ninety days from the date of such purchase or re-discount, exclusive of days of grace (w.e.f. 15-9-1962).
  15. Subs . Subs. by M.O. 1937, for drawn and payable in India.
  16. Subs w.e.f. 1-4-1947 . Subs. by Act 11 of 1947, s. 11, for either in India or in Burma and payable either in India or in Burma (w.e.f. 1-4-1947).
  17. Subs w.e.f. 1-4-1947 . Subs. by s. 11, ibid., for a Burma scheduled bank, a provincial co-operative bank, or a Burma co-operative bank (w.e.f. 1-4-1947).
  18. Subs . Subs. by the A.O. 1950, for Provincial.
  19. Ins w.e.f. 13-12-1974 . Ins. by Act 51 of 1974, s. 6 (w.e.f. 13-12-1974).
  20. Subs w.e.f. 13-12-1974 . Subs. by s. 6, ibid.,for financing seasonal agricultural operations (w.e.f. 13-12-1974).
  21. Subs w.e.f. 1-11-1951 . Subs. by Act 32 of 1951, s. 7, for nine months (w.e.f. 1-11-1951).
  22. omitted w.e.f. 1-3-1966 . The Explanation omitted by Act 23 of 1965, s. 4 (w.e.f. 1-3-1966). Earlier added by Act 54 of 1953, s. 3 (w.e.f. 30-12-1953).
  23. Ins w.e.f. 30-12-1953 . Ins. by Act 54 of 1953, s. 3 (w.e.f. 30-12-1953).
  24. Subs w.e.f. 1-4-1947 . Subs. by Act 11 of 1947, s. 11, for either in India or Burma and payable either in India or in Burma (w.e.f. 1-4-1947).
  25. omitted w.e.f. 1-4-1947 . The words or a Burma scheduled bank omitted by s. 11, ibid. (w.e.f. 1-4-1947).
  26. Subs . Subs. by the M.O. 1937, for the Government of India or a L.G..
  27. Subs w.e.f. 1-4-1947 . Subs. by Act 11 of 1947, s. 11, for or a Provincial Government (w.e.f. 1-4-1947).
  28. omitted w.e.f. 1-11-1951 . The words or such securities of Part B States as may be specified in this behalf by the Central Government on the recommendation of the Central Board omitted by Act 32 of 1951, s. 7 (w.e.f. 1-11-1951).
  29. omitted w.e.f. 1-4-1947 . The words and Burma scheduled banks omitted by Act 11 of 1947, s. 11 (w.e.f. 1-4-1947) which was earlier inserted by M.O. 1937.
  30. Subs w.e.f. 1-1-1949 . Subs. by Act 62 of 1948, s. 7 and the Schedule, for sterling (w.e.f. 1-1-1949).
  31. omitted w.e.f. 21-7-1978 . The words in amounts of not less than the equivalent of one lakh of rupees omitted by Act 24 of 1978, s. 4 (w.e.f. 21-7-1978).
  32. Subs w.e.f. 15-9-1962 . Subs. by Act 35 of 1962, s. 3, for sub-clause (b) (w.e.f. 15-9-1962).
  33. omitted w.e.f. 1-1-1949 . Sub-clause (c) omitted by Act 62 of 1948, s. 7 and the Schedule (w.e.f. 1-1-1949).
  34. Ins w.e.f. 15-9-1962 . Ins. by Act 35 of 1962, s. 3 (w.e.f. 15-9-1962).
  35. Subs w.e.f. 1-2-1969 . Subs. by Act 58 of 1968, s. 24, for sub-clause (b) (w.e.f. 1-2-1969).
  36. Subs w.e.f. 1-2-1969 . Subs. by s. 24, ibid., for clause (ii) (w.e.f. 1-2-1969).
  37. Ins w.e.f. 13-12-1974 . Ins. by Act 51 of 1974, s. 6 (w.e.f. 13-12-1974).
  38. omitted w.e.f. 1-11-1951 . The words and letter Part B States omitted by Act 32 of 1951, s. 7 (w.e.f. 1-11-1951).
  39. Subs . Subs. by the M.O. 1937, for and Provincial co-operative banks.
  40. omitted . The words Burma scheduled banks omitted by Act 11 of 1947, s. 11 (w.e.f 1-4-1947).
  41. Subs . Subs. by the A.O. 1950, for Provincial.
  42. Subs w.e.f. 8-6-1957 . Subs. by Act 19 of 1957, s. 2, for certain words (w.e.f. 8-6-1957).
  43. omitted w.e.f. 21-7-1978 . The words and figures established under the State Financial Corporations Act, 1951 omitted by Act 24 of 1978, s. 4 (w.e.f. 21-7-1978).
  44. Ins . Ins. by the A.O. 1950.
  45. Subs w.e.f. 1-11-1951 . Subs. by Act 32 of 1951, s. 2 for the States (w.e.f. 1-11-1951).
  46. omitted w.e.f. 1-4-1947 . The words or Burma omitted by Act 11 of 1947, s. 11 (w.e.f. 1-4-1947) which was inserted by the M.O. 1937.
  47. Ins w.e.f. 8-5-1955 . Ins. by Act 24 of 1955, s. 6 (w.e.f. 8-5-1955).
  48. Subs . Subs. by the M.O. 1937, for or a Provincial co-operative bank.
  49. Subs w.e.f. 1-4-1947 . Subs. by Act 11 of 1947, s. 11, for Burma scheduled bank, provincial co-operative bank or Burma (w.e.f. 1-4-1947).
  50. Subs . Subs. by the A.O. 1950, for Provincial.
  51. Subs w.e.f. 1-11-1951 . Subs. by Act 32 of 1951, s. 7, for which have been transferred (w.e.f. 1-11-1951).
  52. Subs w.e.f. 8-5-1955 . Subs. by Act 24 of 1955, s. 6, for a cash credit or overdraft granted (w.e.f. 8-5-1955).
  53. Subs w.e.f. 13-12-1974 . Subs. by Act 51 of 1974, s. 6, for financing seasonal agricultural operations (w.e.f. 13-12-1974).
  54. Added w.e.f. 15-9-1962 . Added by Act 35 of 1962, s. 3 (w.e.f. 15-9-1962).
  55. Ins w.e.f. 30-4-1960 . Ins. by Act 14 of 1960, s. 2 (w.e.f. 30-4-1960).
  56. omitted w.e.f. 21-7-1978 . The words and figures established under the State Financial Corporations Act, 1951 omitted by Act 24 of 1978, s. 4 (w.e.f. 21-7-1978).
  57. Subs w.e.f. 13-12-1974 . Subs. by Act 51 of 1974, s. 6, for the proviso (w.e.f. 13-12-1974).
  58. Subs w.e.f. 1-5-1986 . Subs. by Act 81 of 1985, s. 2, for ninety per cent. of the paid-up share capital (w.e.f. 1-5-1986).
  59. Subs w.e.f. 12-7-1982 . Subs. by Act 61 of 1981, s. 61 and the Second Schedule, for clause (4AA) (w.e.f. 12-7-1982).
  60. renumbered w.e.f. 30-4-1960 . Clause (4A) renumbered and re-lettered as clause (4AA) thereof by Act 14 of 1960, s. 2 (w.e.f. 30-4-1960). Earlier it was inserted by Act 54 of 1953, s. 3 (w.e.f. 30-12-1953).
  61. Ins w.e.f. 30-12-1953 . Ins. by Act 54 of 1953, s. 3 (w.e.f. 30-12-1953).
  62. omitted w.e.f. 21-7-1978 . The words and figures established under the Industrial Finance Corporation Act, 1948 omitted by Act 24 of 1978, s. 4 (w.e.f. 21-7-1978).
  63. omitted w.e.f. 30-12-1988 . The proviso omitted by Act 66 of 1988, s. 5 (w.e.f. 30-12-1988).
  64. Subs w.e.f. 30-4-1960 . Subs. by Act 14 of 1960, s. 2, for clause (4BB) (w.e.f. 30-4-1960). Earlier inserted by Act 19 of 1957, s. 2 (w.e.f. 8-6-1957).
  65. Ins w.e.f. 1-2-1964 . Ins. by Act 52 of 1963, s. 44 and the Second Schedule (w.e.f. 1-2-1964).
  66. omitted w.e.f. 10-6-1966 . The word or omitted by Act 17 of 1966, s. 11 (w.e.f. 10-6-1966).
  67. Ins w.e.f. 10-6-1966 . Ins. by s. 11, ibid. (w.e.f. 10-6-1966).
  68. Ins w.e.f. 1-8-1956 . Ins. by Act 28 of 1956, s. 55 (w.e.f. 1-8-1956).
  69. Ins w.e.f. 1-1-1962 . Ins. by Act 47 of 1961, s. 51 and the Second Schedule (w.e.f. 1-1-1962).
  70. Ins w.e.f. 9-7-1988 . Ins. by Act 53 of 1987, s. 56 and the Second Schedule (w.e.f. 9-7-1988).
  71. Subs w.e.f. 12-7-1982 . Subs. by Act 61 of 1981, s. 61 and the Second Schedule, for clause (4E) (w.e.f. 12-7-1982).
  72. Ins w.e.f. 1-2-1964 . Ins. by Ac 52 of 1963, s. 44 and the Second Schedule (w.e.f. 1-2-1964).
  73. Ins w.e.f. 1-7-1964 . Ins. by Act 18 of 1964, s. 38 and the Second Schedule (w.e.f. 1-7-1964).
  74. omitted w.e.f. 2-7-2004 . The words the Development Bank or omitted by Act 53 of 2003, s. 12 and the Schedule (w.e.f. 2-7-2004).
  75. Ins w.e.f. 1-1-1982 (repeat) . Ins. by Act 28 of 1981, s. 40 and the Second Schedule (w.e.f. 1-1-1982).
  76. Ins w.e.f. 20-3-1985 . Ins. by Act 62 of 1984, s. 71 and the Third Schedule (w.e.f. 20-3-1985).
  77. Ins w.e.f. 7-3-1990 . Ins. by Act 39 of 1989, s. 53 and the Second Schedule (w.e.f. 7-3-1990).
  78. Ins w.e.f. 19-4-2021 (reapeat ) . Ins. by Act 17 of 2021, s. 47 and the second Schedule (w.e.f. 19-4-2021).
  79. Ins w.e.f. 9-7-1988 Ins. by Act 53 of 1987, s. 56 and the Second Schedule (w.e.f. 9-7-1988).
  80. Ins w.e.f. 21-7-1978 . Ins. by Act 24 of 1978, s. 4 (w.e.f. 21-7-1978).
  81. Ins w.e.f. 20-3-1985 Ins. by Act 62 of 1984, s. 71 and the Third Schedule (w.e.f. 20-3-1985).
  82. Ins w.e.f. 19-4-2021 . Ins. by Act 17 of 2021, s. 47 and the Second Schedule (w.e.f. 19-4-2021).
  83. Subs . Subs. by the M.O. 1937, for G.G. in C.
  84. Subs . Subs. by ibid., for certain words.
  85. omitted . The words the Federal Railway Authority omitted by the A.O. 1948.
  86. Subs w.e.f. 1-4-1947 . Subs. by Act 11 of 1947, s. 11, for Provincial Governments, the Government of Burma and the Burma Railway Board (w.e.f. 1-4-1947).
  87. Subs . Subs. by the A.O. 1950, for Provincial.
  88. Subs w.e.f. 1-11-1951 . Subs. by Act 32 of 1951, s. 7, for clause (6) (w.e.f. 1-11-1951).
  89. Ins w.e.f. 9-1-2007 . Ins. by Act 26 of 2006, s. 2 (w.e.f. 9-1-2007).
  90. repealed w.e.f. 5-1-1948 . Clause (7) repealed by Act 2 of 1948, s. 2 and the Schedule (w.e.f. 5-1-1948).
  91. Subs . Subs. by the M.O. 1937, for of the G. of I or of a L.G..
  92. Subs .Subs. by Act 11 of 1947, s. 11, for Government, a Provincial Government or the Government of Burma (w.e.f. 1-4-197).
  93. omitted w.e.f. 1-11-1951 . The words and letter or such Part B States omitted by Act 32 of 1951, s. 7 (w.e.f. 1-11-1951).
  94. Subs . Subs. by the M.O. 1937, for G.G. in C.
  95. Subs . Subs., ibid., for the G. of I., a L.G., a local authority or State in India .
  96. Subs w.e.f. 1-11-1951 . Subs. by Act 32 of 1951, s. 7, for authority or State (w.e.f. 1-11-1951).
  97. omitted w.e.f. 1-11-1951 . The second proviso omitted by s. 7, ibid. (w.e.f. 1-11-1951).
  98. Ins w.e.f. 1-7-1955 . Ins. by Act 23 of 1955, s. 52 and the Third Schedule (w.e.f. 1-7-1955).
  99. Ins w.e.f. 1-5-1963 . Ins. by Act 10 of 1963, s. 47 and the Second Schedule (w.e.f. 1-5-1963).
  100. Subs w.e.f. 12-7-1982 . Subs. by Act 61 of 1981, s. 61 and the Second Schedule, for Agricultural Refinance and Development Corporation (w.e.f. 12-7-1982).
  101. Ins w.e.f. 1-1-1962 . Ins. by Act 47 of 1961, s. 51 and the Second Schedule (w.e.f. 1-1-1962).
  102. omitted w.e.f. 2-7-2004 . The words the Development Bank omitted by Act 53 of 2003, s. 12 and the Schedule (w.e.f. 2-7-2004).
  103. Subs w.e.f. 22-10-1956 . Subs. by Act 79 of 1956, s. 43 and the Second Schedule, for or any of its subsidiary banks (w.e.f. 22-10-1956).
  104. Ins w.e.f. 8-6-1957 . Ins. by Act 19 of 1957, s. 2 (w.e.f. 8-6-1957).
  105. Ins w.e.f. 9-7-1988 . Ins. by Act 53 of 1987, s. 56 and the Second Schedule (w.e.f. 9-7-1988).
  106. Ins w.e.f. 10-9-1959 . Ins. by Act 38 of 1959, s. 64 and the Third Schedule (w.e.f. 10-9-1959).
  107. omitted . The words the Secretary of State omitted by the A.O. 1948.
  108. Subs . Subs., ibid., for certain words.
  109. omitted w.e.f. 1-11-1951 . The words and letter or any Part B State omitted by Act 32 of 1951, s. 7 (w.e.f. 1-11-1951).
  110. omitted w.e.f. 1-4-1947 . The words or the Government of Burma omitted by Act 11 of 1947, s. 11 (w.e.f. 1-4-1947).
  111. Ins . . Ins. by Act 44 of 1949, s. 2.
  112. omitted w.e.f. 21-7-1978 . The words established under the Industrial Finance Corporation Act, 1948 (15 of 1948) omitted by Act 24 of 1978, s. 4 (w.e.f. 21-7-1978).
  113. Ins w.e.f. 13-12-1974 . Ins. by Act 51 of 1974, s. 6 (w.e.f. 13-12-1974).
  114. Ins w.e.f. 1-11-1951 . Ins. by Act 32 of 1951, s. 7 (w.e.f. 1-11-1951).
  115. Subs w.e.f. 13-12-1974 . Subs. by Act 51 of 1974, s. 6, for any such person (w.e.f. 13-12-1974).
  116. Added w.e.f. 18-4-1947 . Added by Act 23 of 1947, s. 3 (w.e.f. 18-4-1947).
  117. Ins . Ins. by Act 44 of 1949, s. 2.
  118. omitted w.e.f. 13-12-1974 . The words in respect of the aforesaid Corporation omitted by Act 51 of 1974, s. 6 (w.e.f. 13-12-1974).
  119. omitted w.e.f. 13-12-1974 . The word its omitted by s. 6, ibid. (w.e.f. 13-12-1974).
  120. Subs w.e.f. 1-2-1969 . Subs. by Act 58 of 1968, s. 24, for clause (11A) (w.e.f. 1-2-1969). Earlier it was inserted by Act 14 of 1960, s. 2 (w.e.f. 30-4-1960).
  121. omitted w.e.f. 1-5-1986 . Restored by Act 81 of 1985, s. 12 (w.e.f. 1-5-1986). Earlier sub-clause (a) omitted by Act 21 of 1978, s. 9 (date to be notified).
  122. Subs w.e.f. 21-7-1978 . Subs. by Act 24 of 1978, s. 4, for clause (12) (w.e.f. 21-7-1978).
  123. Subs w.e.f. 21-7-1978 . Subs. by s. 4, ibid., for clause (12A) (w.e.f. 21-7-1978).
  124. Ins w.e.f. 9-1-2007 . Ins. by Act 26 of 2006, s. 2 (w.e.f. 9-1-2007).
  125. Ins w.e.f. 21-7-1978 . Ins. by Act 24 of 1978, s. 4 (w.e.f. 21-7-1978).
  126. omitted . The words the Development Bank omitted by Act 53 of 2003, s. 12 and the Schedule (w.e.f. 2-7-2004.
  127. Subs w.e.f. 21-7-1978 . Subs. by Act 24 of 1978, s. 4, for clause (13) (w.e.f. 21-7-1978) which was inserted by the M.O. 1937.
  128. Ins . Ins. by Act 44 of 1973, s. 2 (w.r.e.f. 15-9-1973).
  129. omitted w.e.f. 1-4-1947 . The words or a Burma scheduled bank omitted by s. 11, ibid. (w.e.f. 1-4-1947) which were earlier inserted by the M.O. 1937.
  130. omitted w.e.f. 1-4-1947 . The words or a Burma scheduled bank omitted by s. 11, ibid. (w.e.f. 1-4-1947) which were earlier inserted by the M.O. 1937.
  131. omitted w.e.f. 1-4-1947 . The words and Burma omitted by s. 11, ibid. (w.e.f. 1-4-1947).
  132. omitted w.e.f. 1-4-1947 . The words and Burma omitted by Act 11 of 1947, s. 11 (w.e.f. 1-4-1947).
  133. Subs w.e.f. 1-11-1951 . Subs. by Act 32 of 1951, s. 7, for share capital (w.e.f. 1-11-1951).
  134. omitted w.e.f. 1-10-1959 . Clause (14A) omitted by Act 38 of 1959, s. 64 and the Third Schedule (w.e.f. 1-10-1959) which was inserted by Act 79 of 1956, s. 43 and the Second Schedule (w.e.f. 22-10-1956).
  135. omitted w.e.f. 1-4-1947 . The words and the making and issue of Burma notes in accordance with the law of Burma omitted by Act 11 of 1947, s. 11 (w.e.f. 1-4-1947) which was inserted by the M.O. 1937
  136. omitted . The word and omitted by Ordinance 47 of 1945, s. 6.
  137. Subs w.e.f. 1-7-1955 . Subs. by Act 23 of 1955, s. 52 and the Third Schedule for clause (15A) (w.e.f. 1-7-1955).
  138. Ins w.e.f. 1-2-1969 . Ins. by Act 58 of 1968, s. 24 (w.e.f. 1-2-1969).
  139. omitted w.e.f. 1-4-1947 .The words and the law of Burma omitted by Act 11 of 1947, s. 11 (w.e.f. 1-4-1947) which was inserted by the M.O. 1937.