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Section 58 – Reserve Bank of India Act,1934

Reserve Bank of India Act,1934

Section 58. Power of the Central Board to make regulations

(1) The Central Board may, with the previous sanction of the Central Government, 3[by notification in the Official Gazette make regulations consistent with this Act to provide for all matters for which provision is necessary or convenient for the purpose of giving effect to the provisions of this Act.

(2) In particular and without prejudice to the generality of the foregoing provision, such regulations may provide for all or any of the following matters, namely: –

[Clauses

(a) to (e) omitted]

(f) The manner in which the business of the Central Board shall be transacted, and the procedure to be followed at meetings thereof;

(g) The conduct of business of Local Boards and the delegation to such Boards of powers and functions;

(h) The delegation of powers and functions of the Central Board to Deputy Governors, Directors or officers of the Bank;

(i) The formation of Committees of the Central Board, the delegation of powers and functions of the Central Board to such Committees, and the conduct of business in such Committees;

(j) The constitution and management of staff and superannuation funds for the officers and servants of the bank;

(k) The manner and form in which contracts binding on the bank may be executed;

(l) The provision of an official seal of the bank and the manner and effect of its use;

(m) The manner and form in which the balance-sheet of the Bank shall be drawn up, and in which the accounts shall be maintained;

(n) The remuneration of Directors of the bank;

(o) The relations of the scheduled banks with the Bank and the returns to be submitted by the scheduled banks to the bank;

(p) The regulation of clearing-houses for 1[banks (including post office savings banks);]

2[(pp) The regulation of fund transfer through electronic means between the banks or between the banks and other financial institutions referred to in clause (c) of section 45-I, including the laying down of the conditions subject to which banks and other financial institutions shall participate in such fund transfers, the manner of such fund transfers and the right and obligations of the participants in such fund transfers.]

(q) The circumstances in which, and the conditions and limitations subject to which, the value of any lost, stolen, mutilated or imperfect currency note of the Government of India or bank note may be refunded; and

(r) Generally, for the efficient conduct of the business of the bank.

(3) Any regulation made under this section shall have effect from such earlier or later date as may be specified in the regulation.

(4) Every regulation shall, as soon as may be after it is made by the Central Board, be forwarded to the Central Government and that government shall cause a copy of the same to be laid before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation, or both Houses agree that the regulation should not be made, the regulation shall, thereafter, have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation.

(5) Copies of all regulations made under this section shall be available to the public on payment.

——————–

1. Substituted by Act No. 66 of 1988, w.e.f. 30/12/1988.

2. Inserted b y the Information Technolog y Act,2000, w.e.f. 9th. June,2000.

3. Inserted by Act No. 66 of 1988, w.e.f. 30/12/1988.

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Reserve Bank of India Act,1934

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