Section 49
Treasury and bank balances.
The Punjab Reorganisation Act, 1966
About this Act
An Act to provide for the Reorganisation of the existing State of Punjab and for matters connected therewith.
The total of the cash balances in all treasuries of the existing
State of Punjab and the credit balances of that State with the Reserve Bank of India, the State Bank of
India or any other bank immediately before the appointed day shall be divided between the successor
States according to the population ratio:
Provided that for the purposes of such division, there shall be no transfer of cash balances from any treasury to any other treasury and the apportionment shall be effected by adjusting the credit balances of the successor States in the books of the Reserve Bank of India on the appointed day:
Provided further that if any successor State has no account with the Reserve Bank of India, the adjustment shall be made in such manner as the Central Government may by order, direct.
Provided that for the purposes of such division, there shall be no transfer of cash balances from any treasury to any other treasury and the apportionment shall be effected by adjusting the credit balances of the successor States in the books of the Reserve Bank of India on the appointed day:
Provided further that if any successor State has no account with the Reserve Bank of India, the adjustment shall be made in such manner as the Central Government may by order, direct.