REGISTERED NO. DL-(N) 04/0007/2006-08
रजिस्ट्रीके डी० एल (एन)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
से 22]
नई दिल्ली, बुधवार, मार्च 28, 2007/ चैत्र7, 1929
NEW DELHI , WEDNESDAY, MARCH 28, 2007 /CHAITRA 7 , 1929
No. 22]
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 28th March, 2007/Chaitra 7 , 1929 (Saka)
The following Act of Parliament received the assent of the President on the 26th March , 2007 , and is hereby published for general information:-
THE BANKING REGULATION ( AMENDMENT) ACT, 2007
No. 17 OF 2007
[26thMarch, 2007. ]
AnAct further to amend the Banking RegulationAct, 1949.
BE it enacted by Parliament in the Fifty- eighth Year ofthe Republic of India as follows:-
1. (1) This Act may be called the Banking Regulation (Amendment ) Act, 2007.
Short title and commencement.
(2) It shall be deemed to have come into force on the 23rd day of January, 2007 .
10 of 1949 .
Amendment of section 24 .
2. In section 24 of the Banking Regulation Act, 1949 (hereinafter referred to as the principal Act) ,-
(a) sub-sections (1) and (2) shall be omitted ;
2
THE GAZETTE OF INDIA EXTRAORDINARY [PART II- SEC . 1 ]
(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 of which 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 ofthe second preceding fortnight as the Reserve Bank may, by notification inthe 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. Insection 53 of the principal Act,-
Amendment of section 53
(i) in sub-section (1) , the words and figures " or any oftheir branches functioning or located in any Special Economic Zone established under the Special Economic ZonesAct, 2005 " shall be omitted;
28 of 2005 .
(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 .
"A copy of every notification proposed to be issued under sub - section (1) relating to any banking company or institution or any class ofbanking 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 . " .
Ord . 1 of 2007.
4.(1) The Banking Regulation (Amendment) Ordinance , 2007 is hereby repealed .
Repeal and saving.
Ord. 1 of 2007.
(2) Notwithstanding the repeal of the Banking Regulation (Amendment) Ordinance , 2007, anything done or any action taken under the principal Act , as amended by the said Ordinance, shall be deemed to have been done or taken under the corresponding provisions of the principal Act , as amended by this Act.
K. N. CHATURVEDI,
Secy. to theGovt. of India .
PRINTED BY THE MANAGER , GOVERNMENT OF INDIA PRESS , MINTO ROAD , NEW DELHI AND PUBLISHED BY THE CONTROLLER OF PUBLICATIONS , DELHI , 2007.
MGIPMRND- 1386GI ( S5) -02-04-2007.