Reserve Bank of India Act,1934
Act No : 2
Section : Power of direct discount
18. Power of direct discount. 11* When, in the opinion of the 12*[Bank] 13***, a special occasion has arisen making it necessary or expedient that action should be taken 14*[under this section] for the purpose of ---------------------------------------------------------------------- 1. The words "or Burma" omitted by Act 11 of 1947, s. 11 (w.e.f. 1- 4-1947). 2. The words "or a Burma scheduled bank" omitted by s. 11, ibid. (w.e.f. 1-4-1947). 3. The words "and Burma" omitted by s. 11, ibid. (w.e.f.) 1-4-1947). 4. Subs. by Act 32 of 1951, s. 7, for "share capital". 5. Cl. (14A) ins. by Act 79 of 1956, s. 43 and Sch. II (w.e.f. 22- 10-1956), omit by Act 38 of 1959, s. 64 and Sch. III (w.e.f. 1-10-1959) 6. The words "and the making and issue of Burma notes in accordance with the law of Burma" omitted by Act 11 of 1947, s. 11 (w.e.f. 1-4-1947). 7. The word "ond" omitted by Ordnance 47 of 1945, s. 6. 8. Subs. by Act 23 of 1965, s. 52 and Sch. III, for the former cl. (w.e.f. 1-7-1955). 9. Ins. by Act 58 of 1968, s. 24 (w.e.f. 1-2-1969). 10. The words "and the law of Burma" omitted by Act 11 of 1947, s. 11 (w.e.f. 1-4-1947). 11. S. 18 was re-numbered as sub-section (1) of that section by Act 10 of 1949, s. 55 and the First Sch. but "(1)" was omitted by Act 51 of 1974, s. 7. 12. Subs. by Act 32 of 1951. s. 8 for "Central Board" (w.e.f. 1-1- 1949). 13. Certain words omitted by Act 62 of 1948, s. 7 and Sch. (w.e.f. 1- 1-1949). 14. Subs. by Act 51 of 1974, s. 7. for "under this sub-section". 24I regulating credit in the interests of Indian 5*** trade, commerce, industry and agriculture, the Bank may, notwithstanding any limitation contained in 2* section 17,-- 3*[(1) purchase, sell or discount any bill of exchange or promissory note though such bill or promissory note is not eligible for purchase or discount by the Bank under that section; or] 4* * * * * * 5*[(3) make loans or advance to-- (a) a State co-operative bank, or (b) on the recommendation of a State co-operative bank, to a co-operative society registered within the area in which the State co-operative bank operates, or (c) any other person, repayable on demand or on the expiry of fixed periods, not exceeding ninety days, on such terms and conditions as the Bank may consider to be sufficient.] 6* * * * * * 7* * * * * *
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