रजिस्ट्रीसं० डी० एल (एन ) 04/0007/2006-08
REGISTERED NO . DL--( N) 04/ 0007/2006-08
भारत का राजपत्र The Gazette ofIndia
असाधारण
EXTRAORDINARY
भाग II - खण्ड 1
PART II- Section 1
प्राधिकार से प्रकाशित
PUBLISHED BY AUTHORITY
सं० 11]
नई दिल्ली, मंगलवार, जनवरी 23 , 2007/ माघ 3 , 1928
No. 11 ]
NEW DELHI , TUESDAY, JANUARY 23 , 2007 / MAGHA 3 , 1928
इस भाग में भिन्न पृष्ठ संख्या दी जाती है जिससे कि यह अलग संकलन के रूप में रखा जा सके । Separate paging is given to this Part in order that it may be filed as a separate compilation.
MINISTRY OF LAW AND JUSTICE
(Legislative Department)
New Delhi, the 23rd January, 2007/3 Magha , 1928 (Saka)
THE BANKING REGULATION ( AMENDMENT) ORDINANCE, 2007
No. 1 OF 2007
Promulgatedby the President in the Fifty- seventh Year of the Republic of India.
AnOrdinance further to amend the Banking RegulationAct, 1949 .
WHEREAS the Banking Regulation (Amendment) Bill, 2005 to further amend the Banking Regulation Act, 1949 was introduced in the House of the People , but has not been passed;
AND WHEREAS Parliament is not in session and the President is satisfied that circumstances exist which render it necessary for him to take immediate action to give effect to some of the provisions of the said Bill and to make amendment to the Banking Regulation Act, 1949;
NOW, THEREFORE, in exercise of the powers conferred by clause ( 1) of article 123 ofthe Constitution, the President is pleased to promulgate the following Ordinance:-
2007.
1.( 1 ) This Ordinance may be called the Banking Regulation ( Amendment) Ordinance , Short title and commencement .
(2) It shall come into force at once .
[PART II-SEC. 1]
THE GAZETTE OF INDIA EXTRAORDINARY
2
Amendment of section 24 .
2.In section 24 of the Banking Regulation Act, 1949 (hereinafter referred to as the 10 of 1949. principalAct),-
(a) sub - sections ( 1 ) and ( 2) shall be omitted;
(b) for sub -section ( 24 ) , the following sub - section shall be substituted, namely:-
2 of 1934 .
"(24) A scheduled bank, in addition to the average daily balance which it is, or may be, required to maintain under section 42 of the Reserve Bank of India Act, 1934 and every other banking company, in addition to the cash reserve which it is required to maintain under section 18, shall maintain in India, assets , the value ofwhich shall not be less than such percentage not exceeding forty per cent of the total of its demand and time liabilities in India as on the last Friday of the second preceding fortnight as the Reserve Bank may, by notification in the Official Gazette, specify from time to time and such assets shall be maintained, in such form and manner, as may be specified in such notification . " ;
(c) sub - section (2B ) shall be omitted.
3. In section 53 of the principal Act,-
Amendment of section 53.
28 of 2005.
(i) insub -section (1 ) , the words and figures " or any of their branches functioning orlocated in any Special Economic Zone established under the Special Economic Zones Act , 2005 " shall be omitted;
(ii) in sub- section ( 2), in the opening portion, for the words , brackets and figure "A copy of every notification proposed to be issued under sub - section ( 1 ), shall be laid in draft before each House of Parliament " , the following words , brackets and figures shall be substituted , namely: ---
28 of 2005 .
"Acopy of every notification proposed to be issued under sub - section ( 1) relating to any banking company or institution or any class of banking companies or any branch of a banking company or an institution , as the case may be, functioning or located in any Special Economic Zone established under the Special Economic Zones Act, 2005 shall be laid in draft before each House of Parliament " .
A.P.J. ABDUL KALAM, President.
K.N. CHATURVEDI,
Secy, to the Govt . of India .
PRINTED BY THE MANAGER , GOVERNMENT OF INDIA PRESS , MINTO ROAD , NEW DELHI AND PUBLISHED BY THE CONTROLLER OF PUBLICATIONS , DELHI , 2007 .
MGIPMRND - 126Gl ( $ 5 ) -- 23.01.2007