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Section 11 – The Rehabilitation Finance Administration Act,1948

The Rehabilitation Finance Administration Act,1948

Section 11. Funds of the Administration

1[(1) The Central Government may from time to time advance money to the Administration for its business, the aggregate amount of which,” ”

(a) For the purpose of enabling the Administration to advance loans, shall not, save as hereinafter provided, exceed twelve crores and fifty lakhs of rupees; and

(b) For the purpose of enabling the Administration to meet any liability which it may incur in guaranteeing losses in respect of loans advanced by scheduled banks, shall not exceed two crores of rupees:

Provided that if, after the lapse of such period form the commencement of this Act as the Central Government may think fit to fix in this behalf, any sum of money earmarked for the purpose specified in clause (b) is found not to have been actually advanced for that purpose and is not, in the opinion of the Central Government, likely to be required for the said purpose the Central Government may utilize the money for making advances from time to time to the Administration for the purpose specified in clause (a), and when any such advance is made, the limit specified in clause (a) shall be deemed to have been correspondingly increased.]

(2) Subject to any regulations that may be made in his behalf, all moneys belonging the Administration which are not immediately required by the Administration for any purpose shall be deposited in the Reserve Bank of India or any agents thereof or invested in such securities as may be approved by the Central Government.

(3) The Administration shall pay interest on the money so advanced at the rate of e percent per annum to the Central Government.

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1. Subs by Act 36 of 1953, s.2.for the former sub-section (1).

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The Rehabilitation Finance Administration Act,1948

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