Reserve Bank of India Act : Suspension of assets requirements as to foreign securities Indian Bare Acts :

Reserve Bank of India Act,1934

Act No : 2

Section : Suspension of assets requirements as to foreign securities

5*[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 periods not exceeding three months at a time, hold as assets foreign securities of less amount in value than that required by sub- section (2) of section 33. 6* * * * * ---------------------------------------------------------------------- 1. Subs. by Act 24 of 1978, s. 6, for "period of five years" (w.e.f. 21-7-1978). 2. Subs. by s. 6. ibid., for "within five years" (w.e.f. 21-7-1978). 3. Sub-section (2) omitted by Act 55 of 1963 s. 2 (w.e.f. 1-2-1964). 4. Sub-section (3) omitted by Act 11 of 1947, s. 19 (w.e.f. 1-4- 1947). 5. Subs. by Act 38 of 1956, s. 4, for the former section (w.e.f. 6- 10-1964). 6. Proviso omitted by Act 48 of 1957, s. 3 (w.e.f. 31-10-1957). 30