Incorporation, capital management and business




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List of relatives

1.Father, 2.Mother(including step mother), 3.Son (including step son), 4.Son's wife, 5.Daughter(including step daughter), 6.Father's father, 7.Father's mother, 8.Mother's mother, 9.Mother's father, 10. Son's son, 11.Son's son's wife, 12. Son's daughter, 13. Son's daughter's husband, 14.Daughter's husband, 15. Daughter's son, 16. Daughter's son's wife, 17. Daughter's daughter, 18.Daughter's daughter's husband, 19.Brother (including step brother), 20.Brother's wife, 21.Sister (including step sister), 22.Sister's husband.]


________________________________



1 Ins. by Act 1 of 1984,w.e.r.f 15 2 1984.

2 Subs by Act 23 of 1997, S.9, w.e.f. 1.4.1997.
48 The Reserve Bunk of India Act, 1934

NOTE
This provision was introduced in the Act, by Banking Law (Amendment) Act, 1983. This provision limits no. of deposits that can be accepted by individual, firm or incorporated association. It protects larger interest of depositors and it is held in the case of T Velayadhan v. Union of India (1993) 2 SCC 582 that the provision is not violative of Art. 19 (1 ) (g) of the Constitution.
This provision is substituted by its present provision by Reserve Bank of India (Amendment) Act, 1997 w.e.f. 01 04 1997.
45T.Power to issue search warrants  (1) Any court having jurisdiction to issue a search warrant under the Code of Criminal Procedure, 1973 (2 of 1974) may, on an application by an officer of the bank or of the State Government authorised in this behalf stating his belief that certain documents relating to acceptance of deposits in contravention of the provisions of section 45S are secreted in any place within the local limits of the jurisdiction of such court, issue a warrant to search for such documents.
(2) A warrant issued under sub section (1) shall be executed in the same manner and shall have the same effect as a search warrant issued under the Code Criminal Procedure, 1973 (2 of 1974).
CHAPTER IV

GENERAL PROVISIONS
46.Contribution by Central Government to the reserve fund  The Central Government shall transfer to the bank rupee securities of the value of five crores._ of rupees to be allocated by the bank of the reserve fund.
1[46A.Contribution to National Rural Credit (Long Term Operations) Fund and National Rural Credit (Stabilisation) Fund  The bank shall contribute every year such sums of money as it may consider necessary and feasible to do so, to the National Rural Credit(Long Term Operations) Fund and the National Rural Credit (Stabilisation) Fund established and maintained by the National Bank under sections 42 and 43, respectively, of the National Bank for Agriculture and Rural Development Act, 1981.
46C. National Industrial Credit (Long Term Operations) Fund  (1) The Bank shall establish and maintain a fund to be known as the National Industrial Credit (Long Term Operations) Fund to which shall be credited—
(a) an initial sum of ten crores of rupees by the bank;
(b) such further sums of money as the bank may contribute every year:
Provided that the annual contribution during each of the five years commencing with the year ending on the 30th day of June, 1965 shall not be less than five crores of rupees.

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I Subs. by Act 61 of 1981, for original ss.. 46A and 4613, w.e.f. 12.7.1982, vide S.O. 484(e),dt. 6.7.1982.
The Reserve Bank of India, 4ct. 1934 49
Provided further that the Central Government may, if the circumstances so require, authorise the Bank to reduce the said sum of five crores of rupees in any year.
(2) The amount in the said fund shall be applied by the bank only to the following objects, namely:
(a) the making to the Development Bank of loans and advances for the purpose of the purchase of, or subscription to, stocks, shares, bonds or debentures issued by the Industrial Finance Corporation of India, a State Financial Corporation or any other financial institution which may be notified by the Central Government in this behalf, or for the purposes of any other business of the Development Bank;
(b) the purchasing of bonds and debentures issued by the Development Bank;
(c) 1[the making to the Exim Bank 2[or the Reconstruction Bank 3[ or the Small Industries Bank], as the case may be] of loans and advances for the purposes of any business of the Exim Bank;
(d) the purchasing of bonds and debentures issued by the Exim Bank 4[or the Reconstruction Bank 5[ or the Small Industries Bank], as the case may be].


[46D.National Housing Credit (Long Term Operations) Fund  (1) The Bank shall establish and maintain a fund to be known as the National Housing Credit (Long Term Operations) Fund to which shall be credited every year such sums of money as it may consider necessary.
(2) The amount in the said fund shall be applied by the Bank only to the following objects, namely:

(a) the making to the National Housing Bank of loans and advances for the purpose of any business of the National Housing Bank;

(b) the purchasing of bonds and debentures issued by the National Housing Bank.
47. Allocation of surplus profits  After making provision for bad and doubtful debts, depreciation in assets, contributions to staff and superannuation funds and for all other matters for which provision is to be made by or under this Act or which are usually provided for by bankers, the balance of the profits shall be paid to the Central Government.
48. Exemption of Banks from income-tax and super-tax  (1) Notwithstanding anything contained in the Income Tax Act, 1961 (43 of 1961), or any other enactment for the time being in force relating to income tax or super tax, the bank shall not be liable to pay income tax or super tax on any of income, profits or gains.

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1 Ins. by Act 28 of 1981, w.e.f. 1.1.1982.

2 Ins. by Act 62 of 1984, w.e.f. 20.3.1985.

3 Ins. by Act 39 of 1989. w.e.f. 7.3.1990.

4 Ins. by Act 62 of 1984.w.e.f 20 03 1985

5 Ins. by Act 39 of 1989, w.e.f. 7.3.1990.

6 Ins. by Act 53 of 1987, w.e.f. 9.7.1988.


  1. The Reserve Bank of India Act. 1934

(2)[The proviso and sub section (2) Omitted by Act 62 of 1948,S.7 and Sch., w.e.f. 1.1.1949].


49. Publication of Bank rate  The bank shall make public from time to time the standard rate at which it is prepared to buy or re discount bills of exchange or other commercial paper eligible for purchase under this Act.
50. Auditors  (1) Not less than two auditors shall be appointed, and their remuneration fixed, by the Central Government.
(2) The auditors shall hold office for such term not exceeding one year as the Central Government may fix while appointing them, and shall be eligible for reappointment.
51. Appointment of special auditors by Government  Without prejudice to anything contained in section 50, the Central Government may at any time appoint the Comptroller and Auditor General to examine and report upon the accounts of the Bank.
52. Powers and duties of auditors  (1) Every auditor shall be supplied with a copy of the annual balance sheet, and it shall be his duty to examine the same, together with the accounts and vouchers relating thereto; and every auditor shall have a list delivered to him of all books kept by the Bank, and shall at all reasonable times have access to the books. accounts and other documents of the Bank, and may, at the expense of the Bank. employ accountants or other person to assist him in investigating such accounts and may. in relation to such accounts, examine any Director or officer of the Bank.
(2)The auditors shall make a report to the Central Government upon the annual balance sheet and accounts, and in very such report they shall state whether. in their opinion, the balance sheet is a full and fair balance sheet containing all necessary particulars and properly drawn up so as to exhibit a true and correct view of the state of the Bank's affairs, and, in case they have called for any explanation or information from the Central Board. whether it has been given and whether it is satisfactory.
53. Returns  (1) The Bank shall prepare and transmit to the Central Government a weekly accounts of the Issue Department and of the Banking Department in such form as the Central Government may, by notification in the Gazette of India, prescribed. The Central Government shall cause these accounts to be published in the Gazette of India at such intervals and in such modified form as it may deem fit.
(2) The Bank shall also, within two months from the date on which the annual accounts of the Bank are closed, transmit to the Central Government a copy of the annual accounts signed by the Governor, the Deputy Governors and the Chief Accounting Officer of the Bank and certified by the auditors, together with a report by the Central Board on the working of the Bank throughout the year, and the Central Government shall cause such accounts and report to be published in the Gazette of India.

The Reserve Bank of India Act, 1934 51

' [54. Rural Credit and development  The Bank may maintain expert staff to study various aspects of rural credit and development and in particular it may


  1. tender expert guidance and assistance to the National Bank;




  1. conduct special studies in such areas as it may consider necessary to do so for promoting integrated rural development.]


54A. Delegation of powers  (1) The Governor may, by general or special order, delegate to a Deputy Governor, subject to such conditions and limitations, if any, as may be specified in the order, such of the powers and functions exercisable by him under this Act or under any other law for the time being in force as he may deem necessary for the efficient administration of the functions of the Bank.
(2) The fact that a Deputy Governor exercises any power or does any act or thing in pursuance of this Act shall be conclusive proof of his authority to do so.
54AA. Power of Bank to depute its employees to other institutions  (1) The Bank may, notwithstanding anything contained in any law, or in any agreement, for the time being in force, depute any member of its staff for such period as it may think fit


  1. to any institution which is wholly or substantially owned by the Bank;

  2. to the Development Bank, so, however, that no such deputation shall continue after the expiration of thirty months from the commencement of Section 5 of the Public Financial Institutions Laws (Amendment) Act, 1975;

  3. to the Unit Trust, so, however, that no such deputation shall continue after the expiration of thirty months from the date notified by the Central Government under sub section (.1) of section 4A of the Unit Trust of India Act, 1963 (52 of 1963);

and thereupon the person so deputed shall, during the period of his deputation, render such service to the institution to which he is so deputed as that institution may

require.
(2) Where a person has been deputed to an institution under sub section (1), he shall not be entitled to claim any salary, emoluments and other terms and conditions of service which he would not have been entitled to claim if he had not been so deputed.
(3) Nothing contained in this section shall empower the Bank to depute any member of its staff to any institution on any salary, emoluments or other terms and conditions which is or are less favourable to him than that or those to which he is entitled immediately before such deputation.
(4) For the purposes of this section, an institution shall be deemed to substantially owned by the Bank if in the capital of the institution the Bank has not less than forty per cent share.
Explanation  The word "capital" means, in relation to the Unit Trust, the initial capital of that Trust.


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1 Subs. by Act 61 of 1981, w.e.f. I 5 1982.

52 The Reserve Bank of India Act, 1934

55. and 56. [Reports by the Bank, Power to require declaration as to ownership of registered shares  [Repealed by Act 62 of 1948, S.7 and Sch. w.e.f. 1.1.1949].
57.Liquidation of the Bank  (1) Nothing in the Companies Act, 1956 (1 of 1956) shall apply to the Bank and the Bank shall not be placed in liquidation save by order of the Central Government and in such manner as it may direct.
(2) [Omitted by Act 62 of 1948 S.7 and Sch., w.e.f. 1.1.1949].
58.Power of the Central Board to make regulations  (1) The Central Board may, with the previous sanction of the Central Government, 1[by notification in the Official Gazette] make regulations consistent with this Act to provide for all matters for which provision is necessary or convenient for the purpose of giving effect to the provisions of this Act.
(2) In particular and without prejudice to the generality of the foregoing provision, such regulations may provide for all or any of the following matters, namely:
[clauses (a) to (e) omitted by Act 62 of 1948, S.7 and Sch., w.e.f. 1.1.1949].
(f) the manner in which the business of the Central Board shall be transacted, and the procedure to be followed at meetings thereof;

(g) the conduct of business of Local Boards and the delegation to such Boards of powers and functions;

(h) the delegation of powers and functions of the Central Board to Deputy Governors, Directors or officers of the Bank;

(i) the formation of committees of the Central Board, the delegation of powers and functions of the Central Board to such Committees, and the conduct of business in such Committees;

(j) the constitution and management of staff and superannuation funds for the officers and servants of the Bank;

(k) the manner and form in which contracts binding on the Bank may be executed;

(1) the provision of an official seal of the bank and the manner and effect of its use;

(m) the manner and form in which the balance sheet of the Bank shall be drawn up, and in which the accounts shall be maintained;

(n) the remuneration of Directors of the Bank;

(o) the relations of the scheduled banks with the Bank and the returns to be submitted by the scheduled banks to the Bank;

(p) the regulation of clearing houses for 2[banks (including post office savings banks;]

(q) the circumstances in which, and the conditions and limitations subject to which, the value of any lost, stolen, mutilated or imperfect currency note of the Government of India or bank note may be refunded; and



_________________________________

l Ins. by act 66 of 1988, w.e.f. 30 12 1988.

2 Subs. by Act 66 of 1988, w.e.f. 30 12 1988.
The Reserve Bank of India Act, 1934 53
(r) generally, for the efficient conduct of the business of the Bank.
(3) Any regulation made under this section shall have effect from such earlier or later date as may be specified in the regulation.
(4) Every regulation shall, as soon as may be after it is made by the Central Board, be forwarded to the Central Government and that Government shall cause a copy of the same to be laid before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation, or both Houses agree that the regulation should not be made, the regulation shall, thereafter, have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation.
(5) Copies of all regulations made under this section shall be available to the public on payment.
58A. Protection of action taken in good faith  (1) No suit, prosecution or other legal proceeding shall lie against the Central Government or the Bank or any other person in respect of anything which is in good faith done or intended to be done under this Act or in pursuance of any order, regulation or direction made or given thereunder.
(2) No suit or other legal proceeding shall lie against the Central Government or the Bank for any damage caused or likely to be caused by anything which is in good faith done or intended to be done under this Act or in pursuance of any order, regulation or direction made or given thereunder.
CHAPTER V
PENALTIES
58B. Penalties  (1) whoever in any application, declaration, return, statement, information or particulars made, required or furnished by or under or for the purposes of any provisions of this Act, or any order, regulation or direction made or given thereunder or in any prospectus or advertisement issued for or in connection with the invitation by any person, of deposits of money from the public wilfully makes a statement which is false in any material particular knowing it to be false or wilfully omits to make material statement shall be punishable with imprisonment for a term which may extend to three years and shall also be liable to fine.
(2) If any person fails to produce any book, account or other document or to furnish any statement, information or particulars which, under this Act or any order, regulation or direction made or given thereunder, it is his duty to produce or furnish or to answer any question put to him in pursuance of the provisions of this Act or of any order, regulation or direction made or given thereunder, he shall be punishable with fine which may extend to two thousand rupees in respect of each offence and if he persists in such failure or refusal, with further fine which may extend to one hundred rupees for every day, after the first during which the offence continues.


  1. If any person contravenes the provisions of section 31, he shall be punishable with fine which may extend to the amount of the bill of exchange, hundi, promissory note or engagement for payment of money in respect whereof the offence is committed.


54 The Reserve Bank of India Act. 1934
(4) If any person discloses any credit information, the disclosure of which is prohibited under section 45E, he shall be punishable with imprisonment for a term which may extend to six months, or with fine which may extend to one thousand rupees, or with both.
1[(4A) If any person contravenes the provisions of sub section (1) of section 45 IA, he shall be punishable with imprisonment for a term which shall not be less than one year but which may extend to five years and with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees.
(4AA) If any auditor fails to comply with any direction given or order made by the Bank under section 45MA, he shall be punishable with fine which may extend to five thousand rupees.
(4AAA) Whoever fails to comply with any order made by the Company Law Board under sub section (2) of section 45QA, shall be punishable with imprisonment for a term which may extend to three years and shall also be liable to a fine of not less than rupees fifty for every day during which such non compliance continues.]
(5) If any person 2[other than an auditor]—
(a) receives any deposit in contravention of any direction given or order made under Chapter IIIB; or

(aa) 3[fails to comply with any direction given or made by the bank under any of the provisions of Chapter IIIB; or]

(b) issues any prospectus or advertisement otherwise than in accordance with section 45NA or any order made under section 45J, as the case may be,
he shall be punishable with imprisonment for a term which may extend to three years and shall also be liable to fine which may extend
(i) in the case of a contravention falling under clause (a), to twice the amount of the deposit received; and

(ii) in the case of a contravention falling under clause (b), to twice the amount of the deposit called for by the prospectus or advertisement.


4[5A) If any person contravenes any provision of section 45S, he shall be punishable with imprisonment for a term which may extend to two years, or with fine which may extend to twice the amount of deposit received by such person in contravention of that section, or two thousand rupees, whichever is more, or with both.
Provided that in the absence of special and adequate reasons to the contrary to be mentioned in the judgment of the court, the imprisonment shall not be less than one year and the fine shall not be less than one thousand rupees.
(5B) Notwithstanding anything contained in section 29 of the Code of Criminal Procedure, 1973 (2 of 1974), it shall be lawful for a Metropolitan Magistrate or a Judicial Magistrate of the first class to impose a sentence of fine in excess of the limit specified in that section on any person convicted under sub section (5A).

____________________________________



1 Ins. by Act 23 of 1997, S.10, w.e.f. 9.1.1997.

2 Ins. by Act 23 of 1997, S.10, w.e.f. 9.1.1997.

3 Ins. by Act 23 of 1997, S.10, w.e.f. 9.1.1997.

4 Ins. by Act of 1984, w.e.f. 15 2 1984.
The Reserve Bank of India Act. 1934 55

(6) If any other provision of this Act is contravened or if any default is made in complying with any other requirement of this Act or of any older, regulation or direction made or given or condition imposed thereunder, any person guilty of such contravention or default shall be punishable with fine which may extend to two thousand rupees and where a contravention or default is a continuing one, with further fine which may extend to one hundred rupees for every day, after the first, during which the contravention or default continues.


NOTE
Sub. sec. (5 A) is a penal provision in respect of contravention of sec. 45 S regarding acceptance of deposits. This provision was challenged on the ground that while receiving deposits was not an offence, making it a criminal liability and directing payment would amount to ex. post facto law offending Art. 20(1) of the Constitution. It is held that the challenge is not sustainable.
T Velayadhan v. Union of India (1993) 2 SCC 582
*******
58C. Offences by companies  (1) Where a person committing a contravention or default referred to in section 58B is a company, every person who, at the time the contravention or default was committed, was in charge of, and was responsible to, the company for the conduct of the business of the company, as well as the company, shall be deemed to be guilty of the contravention or default and shall be liable to be proceeded against and punished accordingly.
Provided that nothing contained in this sub section shall render any such person liable to punishment if he proves that the contravention or default was committed without his knowledge or that he had exercised all due diligence to prevent the contravention or default.
(2) Notwithstanding anything contained in sub section (1), where an offence under this Act has been committed by a company and it is proved that the same was committed with the consent or connivance of, or is attributable to any neglect on the part of, any director. manager, secretary, or other officer or employee of the company, such director, manager, secretary, other officer or employee shall also be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly.
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