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Section 49A: Restriction on acceptance of deposits withdrawable by cheque.

The Banking Regulation Act, 1949Central Act · Act 10 of 1949

[49A. Restriction on acceptance of deposits withdrawable by cheque.--No person other than a banking company, the Reserve Bank, the State Bank of India or any other [banking institution, firm or other person notified by the Central Government in this behalf on the recommendation of the Reserve Bank] shall accept from the public deposits of money withdrawable by cheque:

Provided that nothing contained in this section shall apply to any savings bank scheme run by the Government.]

Where this provision sits

ActThe Banking Regulation Act, 1949
Section49A
Marginal noteRestriction on acceptance of deposits withdrawable by cheque.
JurisdictionCentral
StatusIn force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • inserted, Act 33 of 1959. . Ins. by Act 33 of 1959, s. 35 (w.e.f. 1-10-1959).
  • substituted, Act 55 of 1963. . Subs. by Act 55 of 1963, s. 28, for certain words (w.e.f. 1-2-1964).

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