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5. Payments into account

(1) All moneys received by official liquidator which under the Act are required to be paid into the public account of India shall be paid into the Reserve Bank to the credit of the said account under the head “T-Deposits and Advances-Part II-Deposits not bearing interest-(c) Other Deposit Accounts-Departmental and Judicial Deposits- Civil Deposits- Personal Deposits- Official Liquidator’s Account”:


Provided that in respect of the amounts paid under sub-section (2) of section 17 of the Deposit Insurance Corporation Act, 1961 (47 of 1961), and any provision for unpaid amounts made under section 20 of that Act by the Deposit Insurance Corporation, the official liquidator shall make payment to that Corporation as required by clause (a) of sub-section (2) of section 21 of that Act.


(2) All moneys realized by the official liquidator each day shall, without deduction, be paid into the credit of the said account not later than the next working day, provided that the remittances to the Reserve Bank may be deferred until the amount realized exceeds Rs. 100.

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