REGISTERED No. D-28
The Gazette of India
EXTRAORDLNARY
PUBLISHED BY AUTHORITY
NEW DELHI, SATURDAY, JULY 3, 1943
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
NOTIFICATION
New Delhi, the 30th June 1948
Wo. F.11(7)-F.I/48.—In exorcise of the powers conferred by section 23 of the .Rehabilitation Finance Administration Act, 1948, (XII of 1948), the Cen- tral Government is pleased to make the following rules, namely: —
RULES.
1. Short Title and Commencement.— (1) These rules may be called the Rehabilitation 'Finance Administration Rules 1948. (2) They shall come into •effect at once.
12. Regional Committees.—A Regional Committee, constituted under Hub- section (1) of section 6, shall consist of such members not exceeding seven in number as may be nominated by the Central Government. A member shall hold office for a term of two years from the date of his nomination but shall be eligible for re-nomination. A member may resign hie membership by writing under his hand addressed to the Central Government and he shall thereupon - cease to bo a member.
8. All appointments and nominations to the Administration, the Advisory Board and Regional Committees to bo Gazetted.—All appointments to the Administration made under clauses (a) and (b) of sub-section (1) of section 4, all nominations to the Administration and the Advisory Board made under clause (c) of sub-section (1) of section 4 and sub-section (2) of section 5, and all nominations to Regional Committees made under rule 2 shall be notified by the Central Government in the official Gazette.
4. Ordinary members and ex-officio members.—A person may be a member of both the Advisory Board and a Regional Committee. The Chief Adminis- trator, and the non-official members of the Administration, shall be ex-officio members of the Advisory Board, entitled to take part in discussion but not entitled to vote. Not more than one member of the Administration shall bo an ex-officio member of a Regional Committee and such member shall be en- titled to take part in discussion but not entitled to vote. The Deputy Chief Administrator in-charge of the East Punjab Branch and the Managers of other branches shall respectively be ex-officio members of the Regional Com- mittees constituted to advise their respective brunches and shall preside at the meetings of those Committees.
6. Absence from meetings of the Administration, the Advisory Board and Regional Committees.—If a nominated member of the Administration, the Advisory Board or a Regional Committee fails without sufficient causa accept-
( 955 )
086 THE GAZETTE Ui1 INDIA EXTllAUllDlNABY, JULYS, 1W4^_able to the fcJeuU'al Government, to attend throe consecutive meetings he shall be deemed to htive vuuated his oiliee on such date as the Central Government may lix.
6. Absence to bu reported to thu Cfintral Government.—Whon a member has remalnea absent Jirom three cunheoutive meetings, the Chiel! Admim'stm- tor shall report the faot to the Central Government stating the reasons given by the member for his absence.
7. Uaaual vaoanctOB and frenk nominations to be gazetted —All casual vacancies in, the Administration, the Advisory Board and the .Regional Com- mittees and all iresh appointments and nominations made to fill such vacan- cies, shall be notified by the Central Government in the official Gazette.
8. Funds of the Administration.-—For the purposes of sub-section (2) of section 11, only such funds as are not iuvested hi approved securities or ill' loans and rediscount*! under clause (a) and (b) of section 12 shall be deposited in the lteserve Bank of India or its agents. PltOVlDED, that the head office and each branch of the Administration may keep in its hands at any time a sum not exceeding rupees five thousand in cash.
THE GAZETTE OF INDIA EXTliAOKDINAEY, J t J LY A- 1 9 4H b;>7
of the ioati, it shall be bound, when subsequently oalled upon to do HO, to ne- disoount the relative bill of exchange or promissory note or guarantee a part .,1 the loss on tho loan, aa the case may be, unless the terrQB on which the kjtiu has been granted ditfer hi any material respect from those indicated in the JL- ferenoe made to the Administration.
14. Hate of rediscount.—Jiedisoounts under clause (h) of suction \'Z shall be made at not less than &J per cent.
958 THK GAZETTE OM INDIA EXTRAORDINARY, JULY 3, 1948J_V—\i) Total ainounl. overdue from borrowers fit 'lie uommetiuoment ot the half-year;
(ii) Tot'il amount which became overdue during the half-year; (iii) Total overdue amount recovered during the half-year; (iv) Total amount overdue at the close of the half-year and the total number of defaulters.
E.—(i) Total investment of the Administration an at the elosa of the hall year in rediscounts under clause (b) of section 12;
(ii) Total liability of the Administration as at tii0 "lose of the half-year on guarantees under clause (o) of section 12;
t\—(i) Number of cases in whioh legal action had to be taken against de- faulters during the half-year;
(ii) Number of cases in whioh the business or industry of a defaulting borrower had to be takeu charge of by the Administration.
G.—Number of persons rehabilitated by the Administration (a) directly, (b) indirectly, (b) total, from the date the Administra- tion was set up to the close of the half-year.
H. ft. NEGI, Dy. Secy.
'. : •mausWD If1 'Ina VA J t A 0'IB ov FceTJCATirrNa, DELHI, IN-OTA.
E ^ N TO jr *n" WANAam, IkiYWNMaiT or IKSIA Fnasa, N"EW USLHI, INDIA.
- commence to run from the first day of the following calendar month. (2) At the close of each financial year, the Administration shall calculate the amount of interest payable to the Central Government and enter the amount itj the relative account under advico to the Central Government. Irl the odvioe the amount of principal and of interest due at the close of the financial year shall also be stated. PEOVIDED, that interest shall not be compoimded with the principal, 10. Business of the Administration.—For purposes of clause (a) of seotion 12 amounts returning to the Administration from its borrowers may again be udvauced by the Administration to other borrowers. 11. Hr.-diacount of bills of exchange and promissory notes and guarantee of losses to scheduled banks and syndioalea of banks.—A syndicate of banka making an application to th© Administration for assistance) under clause (b) or (c) of section 12 may be required to submit to the Administration a statement showing the financial basis on which it is formed and the names of the banka . joining it, together with the latest available balance sheet ->f eaoh such bank" and such other information regarding the standing and financial position of all or any of such banks as the Administration may ask for. 12. Prohibition of rediscount and $uar«ntec.—Vhe> Administration shall "f>t rediscount bills of oxchange or promissory notes for, or guarantee pait of the losses of, any syndicate not approved by it. IS. Option to rediscount or guarantee.—The Administration may in its dia* oretion refuse to rt-discount a bill of exchange or promissory note under clause (b) of section 12 or guarantee any loss under clause (o) of section 12, if in ita opinion the loan has not been made to a displaced person or has not been made for purposes of business or industry, or does not conform to other provisions of the Act and these rules. A scheduled bank or an approved syndicate ofc banks may, before granting a loan, submit full particulars thereof 'to the Ad- ministration to ascertain whether the loan will be acceptable for purposes of * clauses (b) and (oi of seotion 12, If the Administration approves the grant ↩
- to be legally entitled to receive from the Administration and its employees all or any information relating to the affairs of its borrowers. 16. Returns.—The half-yearly report under section 18 shall be submitted to the Central Government by the Administration us at the close of busmen of 80th June and 81st December each year and within two monthB ot theee dtites. Besides sueh other particulars as Government may from time to time ask for, the report shall contain the following information: — A—(i_) Total amount of prinoipal due to Government; (ii) Total amount of interest due to Government; (iii) Total principal amount outstanding on advances made by the Ad- ministration ; (iv) Approximate total amount of interest accrued on (iii) but not yet received; (v) Total of the monies of tho Administration lying with the Kesei've Bank of India and its agenta; (vi) Total of the cash balances at the head office and braaohes of the Administration; (Tii) Total outstanding rediscounts of Bills o£ Exchange and Promiesorv Notes; " (viii) If the tota] of (i) and (ii) exceeds the total of (in) to (vii) an ex- planation of the deficit; (ix) Total cost of running the Administration during the half-year. B.—(i) The total number of new advances sanctioned by the Administra- tion during the half-year—(0) for business, (b) for industry (ii) The total amount for which the advances in (i) were sanctioned; (in) The total amount out of (ii) actually advanced during the half-year, (iv) The highest the lowest and the average amounts for which fe) ousiness advances and (b) industrial advances were sanctioned aunn£. the half-year; (v) Classification of (i) and (ii) into advances to (a) individuate, (b) companies, (e) co-operative societies and (f) joint stoek compa- (vi) Total amount advanced by the Administration during the halfye«r in respect of advances previously sanctioned. 0.—(i) Total amount outstanding on (a) loans granted by the Administra- tion and (b) interest thereon, at the commencement of the half- year; (li) Total amount recovered during the half-year (a) on aooount of prin- cipal and (b) on account of interest. ↩