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CHAPTER III

CENTRAL BANKING FUNCTIONS

20. Obligation of the bank to transact Government business.

The Bank shall undertake to accept monies for account of 1[* * *] the Central Government 2[* * *] and to make payments up to the amount standing to the credit of 3[its account], and to carry out 4[its exchange], remittance and other banking operations, including the management of the public debt 5[of the Union].

 

Note:

1 Subs. by the M.O. 1937 for certain words.

2 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).

3 Subs. by s. 104, Act 37 of 1956, for "their accounts respectively" (w.e.f. 1-11-1956).

4 Subs. by s. 104, Act 37 of 1956, for "their exchange" (w.e.f. 1-11-1956).

5 Ins. by s. 104, Act 37 of 1956, (w.e.f. 1-11-1956).