Kerala Gazette No. 51 dated 25th December 2007.
Section i
PART I
GOVERNMENT OF KERALA
Law (Legislation-Publication) Department
NOTIFICATION
No. 22388/Leg. Pbn.3/2007/Law. Thiru vananthapuram, 11th October 2007.
The following Act of Parliament, published in the Gazette of India,
Extraordinary, Part II, Section I, dated the 28th March 2007 is hereby republished
for general information. The Bill as passed by the Houses of Parliament
received the assent of the President on the 26th March 2007.
By order of the Governor,
P. S. GOPINATHAN, Law Secretary.
G. 1068/2007/DTP.
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THE BANKING REGULATION (AMENDMENT) ACT, 2007
(A CT NO. 17 OF 2007)
AN
ACT
further to amend the Banking Regulation Act, 1949.
BE it enacted by Parliament in the Fifty-eighth Year of the Republic of
India as follows:—
1. Short title and commencement.— (1) This Act may be called the
Banking Regulation (Amendment) Act, 2007.
(2) It shall be deemed to have come into force on the 23rd day of
January, 2007.
2. Amendment of section 24.—In section 24 of the Banking Regulation
Act, 1949 ( 10 of 1949) (hereinafter referred to as the principal Act),—
(a) sub-sections (1) and (2) shall be omitted;
(b) for sub-section (2A), the following sub-section shall be substituted,
namely:—
"(2A) 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 (2 of 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 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. Amendment of section 53.—In section 53 of the principal Act,—
(i) in sub-section (1), the words and figures "or any of their branches
functioning or located in any Special Economic Zone established under the
Special Economic Zones Act, 2005" (28 of 2005) shall be omitted;
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(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:—
"A copy 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
(28 of 2005) shall be laid in draft before each House of Parliament.".
4. Repeal and saving.— (1) The Banking Regulation (Amendment)
Ordinance, 2007 (Ord. 1 of 2007) is hereby repealed.
(2) Notwithstanding the repeal of the Banking Regulation (Amendment)
Ordinance, 2007 (Ord. 1 of 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.