Section 20:
Obligation of the Bank to transact Government business.
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).