Section 37
Suspension of assets requirements as to foreign securities.
The Reserve Bank of India Act, 1934
About this Act
An Act to Constitute a Reserve Bank of India.
1[37. Suspension of assets requirements as to foreign securities.--Notwithstanding anything
contained in the foregoing provisions, the Bank may, with the previous sanction of the Central
Government, for periods not exceeding six months in the first instance, which may, with the like sanction,
be extended from time to time by period not exceeding three months at a time, hold as assets foreign
securities of less amount in value than that required by sub-section (2) of section 33.
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Notes
1. Subs. by Act 38 of 1956, s. 4, for section 37 (w.e.f. 6-10-1956).
2. The proviso omitted by Act 48 of 1957, s. 3 (w.e.f. 31-10-1957).
2. The proviso omitted by Act 48 of 1957, s. 3 (w.e.f. 31-10-1957).