Section 50   [ View Judgements ]

Power to make regulations


(1) The Reserve Bank, with the previous approval of the Central Government may, by notification in the official Gazette, make regulations not inconsistent with this Act and the rules made thereunder to carry out the purposes of this Act.



(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely:-



(a) the other terms and conditions of remittance of funds under sub-clause (d) of clause (j) of section 2;



(b) the rules of procedure to be observed by the District Micro Finance Committee under sub-section (2) of section 10;



(c) the form and manner of submitting quarterly report by the District Micro Finance Committee to the Reserve Bank under section 12;



(d) the form and manner and fee payable for making an application for registration by the micro finance institution to the Reserve Bank under sub-section (1) of section 14;



(e) other higher amount of net owned fund under clause (c) of sub-section (1) of section 15;



(f) the unencumbered securities for the purpose of investment under sub-section (3) of section 18;



(g) the form in which the balance sheet, profit and loss account or an income and expenditure account shall be prepared under section 19;



(h) qualifications and experience of a person duly qualified under section 20;



(i) the form and the manner of filing return under section 23;



(j) the maximum limit of the margin and the annual percentage rate to be charged by the micro finance institution for providing micro credit facilities to its clients under clause (d) of sub-section (2) of section 24;



(k) the procedure for removal of any officer, office bearer or managing committee of the micro finance institution or for prohibiting the micro finance institution from providing micro finance services for such period as the Reserve Bank may deem fit under sub-section (6) of section 27;



(l) the manner of management of the Fund by the Reserve Bank under sub-section (2) of section 32;



(m) providing loans, refinance, grants, seed capital or any other financial assistance to any micro finance institution or any other agency under clause (a) of sub-section (3) of section 32;



(n) the terms and conditions subject to which grants or loans shall be given by the Reserve Bank under clause (b) of sub-section (3) of section 32;



(o) the terms and conditions subject to which the investment in equity or any other form of capital or quasi-equity of a micro finance institution shall be made under clause (c) of sub-section (3) of section 32;



(p) any other expenses as may be required for the promotion of micro finance services under clause (e) of sub-section (3) of section 32;



(q) the other expenses (except salaries, allowances and other remuneration of officers and other employees) of the Reserve Bank under clause (f) of sub-section (3) of section 32;



(r) any other matter which is required to be, or may be, specified by regulations.

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