CHAPTER IX
MISCELLANEOUS
PART I
AMENDMENTS TO THE RESERVE BANK OF INDIA ACT, 1934
Commencement and amendment of Act 2 of 1934 .
154. [A] The provisions of this Part shall come into force on such date as the Central Government may, by notification, appoint and different dates may be appointed for different provisions of this Part.
Amendment of section 17
[B] In the Reserve Bank of India Act, 1934 (2 of 1934) (herein referred to as the Reserve Bank Act), in section 17, in sub-section (11), the following proviso shall be inserted, namely:--
“Provided that the Bank may exercise the functions specified in clauses (e) and (f) of this subsection for the Central Government, if the Central Government issues a notification under subsection (2) of section 21, entrusting the Bank with the function of managing public debt and issuing and managing bonds and debentures of the Central Government.”.
Notes on Clauses:
Clause 154 of the Bill seeks to amend certain provisions of the Reserve Bank of India Act, 1934. It is proposed to amend section 17 of the said Act so as to insert a proviso providing that the Reserve Bank may exercise the functions specified in clauses (e) and (f) of sub-section (11) of said section, if the Central Government issues a notification under sub-section (2) of section 21 of the said Act entrusting the Bank with the functions of the managing public debt and issuing managing bonds and debentures of the Central Government.
