49A. Restriction on acceptance of deposits withdrawable by cheque
49A. Restriction on acceptance of deposits withdrawable by cheque.—No person other than a banking company, the Reserve Bank, the State Bank of India or any other [banking institution, firm or other person notified by the Central Government in this behalf on the recommendation of the Reserve Bank] shall accept from the public deposits of money withdrawable by cheque:
Provided that nothing contained in this section shall apply to any savings bank scheme run by the Government.
Amendment notes (2)
- Ins w.e.f. 1-10-1959 . Ins. by Act 33 of 1959, s. 35 (w.e.f. 1-10-1959).
- Subs w.e.f. 1-2-1964 . Subs. by Act 55 of 1963, s. 28, for certain words (w.e.f. 1-2-1964).