Rules and Regulations of India

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6. Deposits of bills for collection

All bills, cheques, hundies, notes and other securities of like nature, payable to a company in the charge of the official liquidator or to the official liquidator, shall, as soon as they come into the hands of the official liquidator be deposited by him in the Reserve Bank for being presented for acceptance and payment or for payment, as the case may be, and the proceeds, when realized, shall be credited by the Reserve Bank to the said account and the fact intimated to the official liquidator. Any discount deducted or allowed on realization by the official liquidator in payment of the amount due to him or other bank charges or any other charges shall be recoverable from the persons making the payment.

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