Rules and Regulations of India

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Section 287 – THE COMPANIES (COURT) RULES, 1959

287. All moneys to be paid into the Reserve Bank

(1) The Official Liquidator shall pay into the public account of India in the Reserve Bank of India (hereinafter referred to as the Bank) to the credit of an account in his official name, all moneys received by him as the Official Liquidator of any company, and the realization of each day shall be paid into the Bank without deduction not later than the next working day of the Bank, provided that the remittance of moneys into the Bank may be deferred until the realizations exceed Rs. 100. The money needed for meeting expenses or for making payments in cash shall be drawn from the Bank by cheques drawn upon the Bank by the Official Liquidator. All payments out of’ the account by the Official Liquidator above Rs. 50 shall ordinarily be made by cheques drawn against the said account.


(2) The Official Liquidator shall maintain a Bank remittance Challana book in counterfoil the   leaves of which shall be serially numbered in which the acknowledgement of the Bank shall be obtained for all moneys (whether in cash or cheque) deposited into the Bank to the credit of the account mentioned in clause (1) above. The Form of the Challana book shall be settled by the Official Liquidator in consultation with the Bank.

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