58. Power of the Central
Board to make regulations.- (1) The Central Board
may, with the previous sanction of the Central Government
by notification in the official Gazette] make regulations
consistent with this Act to provide for all matters for which
provision is necessary or convenient for the purpose of giving
effect to the provisions of this Act.
(2) In particular and without prejudice to the generality
of the foregoing provision, such regulations may provide for
all or any of the following matters, namely:-
(a) Omitted by Act 62 of 1948
(b) Omitted by Act 62 of 1948
© Omitted by Act 62 of 1948
(d) Omitted by Act 62 of 1948
(e) Omitted by Act 62 of 1948
(f) the manner in which the business of the Central Board
shall be transacted, and the procedure to be followed at meetings
thereof;
(g) the conduct of business of Local Boards and the delegation
to such Boards of powers and functions;
(h) the delegation of powers and functions of the Central
Board to Deputy Governors, Directors or officers of the Bank;
(i) the formation of Committees of the Central Board, the
delegation of powers and functions of the Central Board to
such Committees, and the conduct of business in such Committees;
(j) the constitution and management of staff and superannuation
funds for the officers and servants of the Bank;
(k) the manner and form in which contracts binding on the
Bank may be executed;
(l) the provisions of an official seal of the Bank and the
manner and effect of its use;
(m) the manner and form in which the balance-sheet of the
Bank shall be drawn up, and in which the accounts shall be
maintained;
(n) the remuneration of Directors of the Bank;
(o) the relations of the scheduled banks with the Bank and
the returns to be submitted by the scheduled banks to the
Bank;
(p) the regulation of clearing-houses for the banks (including
post office savings banks).
(pp) the regulation of fund transfer through electronic means
between the banks or between the banks and other financial
institutions referred to in clause (c) of section 45-I, including
the laying down of the conditions subject to which banks and
other financial institutions shall participate in such fund
transfers, the manner of such fund transfers and the rights
and obligations of the participants in such fund transfers.
(q) the circumstances in which, and the conditions and limitations
subject to which, the value of any lost, stolen, mutilated
or imperfect currency note of the Government of India or bank
note may be refunded; and
(r) generally, for the efficient conduct of the business
of the Bank.
(3) Any regulation made under this section shall have effect
from such earlier or later date as may be specified in the
regulation.
(4) Every regulation shall, as soon as may be after it is
made by the Central Board, be forwarded to the Central Government
and that Government shall cause a copy of the same to be laid
before each House of Parliament, while it is in session, for
a total period of thirty days which may be comprised in one
session or in two or more successive sessions, and if, before
the expiry of the session immediately following the session
or the successive sessions aforesaid, both Houses agree in
making any modification in the regulation, or both Houses
agree that the regulation should not be made, the regulation
shall, thereafter, have effect only in such modified form
or be of no effect, as the case may be; so, however, that
any such modification or annulment shall be without prejudice
to the validity of anything previously done under that regulation.
(5) Copies of all regulations made under this section shall
be available to the public on payment.
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