(1) Money required for the current expenditure of the Board with the exception of the petty cash, and surplus moneys shall be kept in the personal ledger Account in the District Treasury or subtreasury or in current account with the State Bank of India * (or any other Nationalised Bank) or any of its subsidiaries.
(2) Any funds not required for current expenditure may be placed in deposit account with the Central Government in the Public Account. # or in the fixed deposits in the State Bank of India or any other Nationalised Bank of any of its subsidiaries.
Provided that the funds in the Board s pension fund or provident fund, not required for current expenditure, may be invested in Trustee Securities or Ten-Year Treasury Savings Deposit Certificates or National Defence Certificates to the extent permissible or in fixed deposit with the State Bank of India + (or any other Nationalised Bank or any of its subsidiaries).
*Inserted vide the Tobacco Board (Second Amendment) Rules 1976 Published in Gazette of India, Part-II, Section 3(1), Dt.1-11-1976.
# Inserted vide the Tobacco Board (Amendment) Rules 1988 Published in the Gazette of India (Extraordinary) Part-II, Section- 3(i), Dt.16-5-1988.
+ Substituted vide the Tobacco Board (Second Amendment) Rules 1976 Published in Gazette of India, Part-II, Section – 3(i), Dt.1-11-
1976.
* (“Explanation: for the purposes of sub-rule (1) and this sub-rule, “Nationalised Bank” means a Corresponding new bank as defined in the Banking Companies (Acquisition and transfer of undertakings) Act, 1970 (5 of 1970)”.
(3) Payment by or on behalf of the Board shall be made in cash or by cheque drawn against the current account of the Board.
CHAPTER - V POWERS OF THE BOARD, THE CHAIRMAN, THE EXECUTIVE DIRECTOR AND THE SECRETARY