CHAPTER III

CENTRAL BANKING FUNCTIONS

20. Obligation of the bank to transact Government business.

The Bank shall undertake to accept monies for account of ¹[* * *] the Central Government ²[* * *] and to make payments up to the amount standing to the credit of ³[its account], and to carry out ⁴[its exchange], remittance and other banking operations, including the management of the public debt ⁵[of the Union].

Note:

^1. Subs. by the M.O. 1937 for certain words.

^2.  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).

^3.  Subs. by s. 104, Act 37 of 1956, for "their accounts respectively" (w.e.f. 1-11-1956).

^4.  Subs. by s. 104, Act 37 of 1956, for "their exchange" (w.e.f. 1-11-1956).

^5.  Ins. by s. 104, Act 37 of 1956, (w.e.f. 1-11-1956).