Section 47
Allocation of surplus profits.
The Reserve Bank of India Act, 1934
About this Act
An Act to Constitute a Reserve Bank of India.
1[47. Allocation of surplus profits.--After making provision for bad and doubtful debts,
depreciation in assets, contributions to staff and superannuation fund 2[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.]
Notes
1. Subs. by Act 62 of 1948, s. 7 and the Schedule, for section 47 (w.e.f. 1-1-1949).
2. Subs. by Act 24 of 1955, s. 8, for "and such other contingencies as" (w.e.f. 8-5-1955).
2. Subs. by Act 24 of 1955, s. 8, for "and such other contingencies as" (w.e.f. 8-5-1955).