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Section 46 C – Reserve Bank of India Act,1934

Reserve Bank of India Act,1934

Section 46 C. National Industrial Credit (Long Term Operations) Fund

(1) The bank shall establish and maintain a fund to be known as the national industrial credit (long term operations) fund to which shall be credited-

(a) An initial sum of ten crores of rupees by the bank;

(b) Such further sums of money as the bank may contribute every year:

PROVIDED that the annual contribution during each of the five years commencing with the year ending on the 30th day of June,1965 shall not be less than five crores of rupees:

PROVIDED FURTHER that the Central Government may, if the circumstances so require, authorise the bank to reduce the said sum of five crores of rupees in any year.

(2) The amount in the said fund shall be applied by the bank only to the following objects, namely: –

(a) The making to the Development Bank of loans and advances for the purpose of the purchase of, or subscription to, stocks, shares, bonds or debentures issued by the Industrial Finance Corporation of India, a State Financial Corporation or any other financial institution which may be notified by the Central Government in this behalf, or for the purposes of any other business of the Development Bank;

(b) The purchasing of bonds and debentures issued by the Development Bank;

1[(c) The making to the Exim Bank or the Reconstruction Bank [or the Small Industries Bank], as the case may be, of loans and advances for the purposes of any business of the Exim Bank or the Reconstruction Bank 2[or the Small Industries Bank],

(d) The purchasing of bonds and debentures issued by the Exim Bank or the Reconstruction Bank [or the Small Industries Bank, as the case may be.

——————–

1. Inserted by Act No. 28 of 1981, w.e.f. 1/1/1982.

2. Inserted by Act No. 39 of 1989, w.e.f. 7/3/1990.

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