Section Section 17
Or under clause (1) of section 18.] For the purposes of this section, gold coin
section 17 Or under clause (1) of section 18.] For the purposes of this section, gold coin the gold bullion shall be valued at 2 [a price not exceeding the international market price for the time being obtaining], rupee coin shall be valued at its face value, and securities shall be valued [at rates not exceeding the market rates] for the time being obtaining: 5) Of the gold coin and gold bullion held as assets, not less than seventeen-twentieths shall be held in 4[India], and all gold coin and gold bullion held as assets shall be held in the custody of the Bank O its agencies: Provided that gold belonging to the Bank which is in any other bank or in any mint or treasury or in transit may be reckoned as part of the assets_ S[(6) For the purposes of this section, the foreign securities which may be held as part of the assets shall be securities of the following kinds payable in the currency of any foreign country which is a member of the International Monetary Fund, namely: balances with the bank which is the principal currency authority of that foreign country and any other balances or securities in foreign currency maintained with Or issued by the International Monetary Fund, the International Bank for Reconstruction and Development; the International Development Association or the International Finance Corporation [or Asian Development Bank] or the Bank for International Settlements or [any banking or financial institution '[approved] by the Central Government] in this behalf provided that they are repayable within a '[period of ten years]; (b) bills of exchange bearing two O more good signatures and drawn o and payable at any place in that foreign country and having a maturity not exceeding ninety days; and C Government securities of that foreign country maturing I[within ten years]; ii) any drawing rights representing a liability of the International Monetary Fund:] 34. Liabilities of Issue Department:- (Z) The Liabilities of the Issue Department shall be an amount equal to the total of the amount of the currency notes of the Government of India and bank notes for the time being in circulation. I*
12*
35. [Initial assets and liabilities]:-~Omitted by the Reserve Bank (Transfer to Public Ownership) Act, 1948 (62 of 1948), $ 7 and the Schedule (w.e f: 1-1-1949).
1. Subs. by Act 61 of 1981, s_ 61 and the Second Schedule, for sub-section (3) (w.e.f. 12-7-1982). 2. Subs. by Act 8 of 1991, s. 2, for *0.118489 grammes of fine gold per rupee" (W.e.f: 15-10-1990). 3 . Subs. by Act 58 of 1968, s. 26, for at the market rate" (w.e.f: 1-2-1969) 4. Subs. by Act 32 of 1951, s. 2, for ""the States" (W.e.f: 1-11-1951) 5. Subs by Act 51 of 1974,s. 10, for sub-section (6) (W.e.f: 13-12-1974). 6. Ins. by Act 24 of 1978, s. 6 (w.e.f. 21-7-1978). 7. Subs. by s. 6,ibid, for any commercial bank notified by the Central Government" (W.e.f: 21-7-1978). 8. Subs. by Act 1 of 1984, s. 4, for " notified" (W.e.f: 15-2-1984). 9. Subs. by Act 24 of 1978, s. 6, for ""period of five years" (W.e.f: 21-7-198) 10. Subs. by s. 6,ibid for " within five years" (w.e.f: 21-7-198) 11. Sub-section (2) omitted by Act 55 of 1963, s_ 2 (w.e.f. 1-2-1964).- 12. Sub-section (3) omitted by $. 2, ibid (w.e.f: 1-2-1964) which was earlier inserted by the M.O. 1937_
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36. [Method of dealing with fluctuations in rupee coin assets] ~Omitted by the Banking Laws (Miscellaneous Provisions) Act, 1963 (55 of 1963), $. 3 (w.e f: 1-2-1964). [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 time, hold as assets foreign securities of less amount in value than that required by sub-section (2) of
Roop's Law Assist