20. Obligation of the Bank to transact Government business
The Bank shall undertake to accept monies for account of [ *** the Central Government ***] and to make payments up to the amount standing to the credit of [its account], and to carry out [its exchange], remittance and other banking operations, including the management of the public debt [of the Union].
Amendment notes (6)
- Subs . Subs. by the M.O. 1937, for certain words.
- omitted . The words "the Secretary of State" omitted by the A.O. 1950.
- omitted w.e.f. 1-11-1956 . The words and letter "and the Governments of Part A States" omitted by Act 37 of 1956, s. 104 (w.e.f. 1-11-1956).
- Subs w.e.f. 1-11-1956 Subs. by s. 104, ibid., for "their accounts respectively" (w.e.f. 1-11-1956).
- Subs w.e.f. 1-11-1956 . Subs. by s. 104, ibid., for "their exchange" (w.e.f. 1-11-1956).
- Ins w.e.f. 1-11-1956 . Ins. by s. 104, ibid. (w.e.f. 1-11-1956).