[20. Borrowings in foreign currency.-- (1) Notwithstanding anything contained in the Foreign Exchange Management Act, 1999 (42 of 1999), or in any other law for the time being in force, relating to foreign exchange, the National Bank may borrow, with the previous approval of the Central Government and in consultation with the Reserve Bank, foreign currency from any bank or financial institution in India or elsewhere, for granting loans and advances or for utilising such currency for any other purpose specified under the provisions of this Act.]
Section 20: Borrowings in foreign currency.
The National Bank for Agriculture and Rural Development Act, 1981Central Act · Act 61 of 1981
Where this provision sits
| Act | The National Bank for Agriculture and Rural Development Act, 1981 |
|---|---|
| Section | 20 |
| Marginal note | Borrowings in foreign currency. |
| Jurisdiction | Central |
| Status | In 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.
- substituted. . Subs. by s. 11, ibid., for section 20 (w.e.f. 1-2-2001).
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