Rules and Regulations of India

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– Employees State Insurance (Central) Rules, 1950

21. Bank or banks for depositing the fund

(1) All moneys accruing or payable to the Fund shall be received by such officers of the Corporation as may be authorized by it in this behalf. The amount so received shall as soon as practicable be acknowledged by a receipt in Form I and deposited in the Reserve or the State Bank of India or any of its subsidiaries 13[or the Nationalised Banks] to the account of the Fund:

PROVIDED that any moneys may also be paid directly to the account of the Fund in any such bank.

14[Explanation: “Nationalised Bank” means a corresponding new bank specified in the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), or a corresponding new bank specified in the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980).]

(2) The receipt book in Form I shall be numbered serially by machine and the unused forms shall be kept in the custody of the 11[Financial Commissioner] or such other officer of the Corporation as may be authorized by the Corporation in this behalf.

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