(1) Deposits made in pursuance of theAct shall be held by that office of the Bank (hereinafter referred toas the appropriate Indian office) in whose area of administration theprincipal office in the State of the depositor is situated:
Provided that deposits in sterling securities shall be held by theLondon office of the Bank on behalf of the appropriate Indian office.
(2) Deposits in sterling securities shall be sent by the depositorwith a covering letter to the Manager of the London office of theBank, and shall not be brought on the books of the appropriate Indianoffice until the receipt of an intimation in Form I from the Londonoffice.
(3) Deposits, other than deposits in sterling securities, shall besent by the depositor with a covering letter to the manager of theappropriate Indian office of the Bank.
(4) Securities shall be duly transferred to the Bank of thedepositor.
(5) Upon receipt of the intimation referred to in sub-rule (2) orof a deposit under sub-rule (3) the appropriate Indian office of theBank shall send -
(a) a certificate in Form II to the depositor; and
(b) a statement in Form III to the Controller of Insurance:
Provided that, if the Bank is not satisfied as to the validity ofthe title of the depositor to the securities, it may return them tohim with the request that they shall first be renewed or that suchother measures as may be necessary shall be taken to clear the title.
(6) The market value of sterling securities held by the Bank shallbe converted at 1s.6d. to the rupee.