Section 21A: Bank to transact Government business of States on agreement.
The Reserve Bank of India Act, 1934Central Act · Act 2 of 1934
[21A. Bank to transact Government business of States on agreement.--(1) The Bank may by agreement with the Government of any *** State *** undertake--
(a) all its money, remittance, exchange and banking transactions in India, including in particular, the deposit, free of interest, of all its cash balances with the Bank; and
(b) the management of the public debt of, and the issue of any new loans by, that State.
(2) Any Agreement made under this section shall be laid, as soon as may be after it is made, before Parliament.]
Bank to transact Government business of States on agreement.
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.
inserted, Act 32 of 1951. . Ins. by Act 32 of 1951, s. 12 (w.e.f. 1-11-1951).
omitted, Act 37 of 1956. . The word and letter "Part B" omitted by Act 37 of 1956, s. 104 (w.e.f. 1-11-1956).
inserted, Act 81 of 1971. . The words "(including the autonomous State of Meghalaya)" omitted by Act 81 of 1971, s. 72 (w.e.f. 21-1-1972) which was earlier inserted by Act 55 of 1969, s. 75 (w.e.f. 2-4-1970).
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