Section 20
Obligation of the Bank to transact Government business.
The Reserve Bank of India Act, 1934
About this Act
An Act to Constitute a Reserve Bank of India.
The Bank shall undertake to accept
monies for account of 1[
2***
the Central Government
3***] and to make payments up to the amount
standing to the credit of 4[its account], and to carry out 5[its exchange], remittance and other banking
operations, including the management of the public debt 6[of the Union].
Notes
1. Subs. by the M.O. 1937, for certain words.
2. The words "the Secretary of State" omitted by the A.O. 1950.
3. 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).
4 Subs. by s. 104, ibid., for "their accounts respectively" (w.e.f. 1-11-1956).
5. Subs. by s. 104, ibid., for "their exchange" (w.e.f. 1-11-1956).
6. Ins. by s. 104, ibid. (w.e.f. 1-11-1956).
2. The words "the Secretary of State" omitted by the A.O. 1950.
3. 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).
4 Subs. by s. 104, ibid., for "their accounts respectively" (w.e.f. 1-11-1956).
5. Subs. by s. 104, ibid., for "their exchange" (w.e.f. 1-11-1956).
6. Ins. by s. 104, ibid. (w.e.f. 1-11-1956).