Section 12   [ View Judgements ]

Insertion of new section 21A in Act II of 1934

After section 21 the principal Act, the following section shall be inserted.namely:----

"21A.Bank to transact Government business of Part B States on agreement.- ---(1) The Bank may by agreement with the Government of any Part B State undertake---

(a) all its money, remittance, exchange and banking transactions in India, including in particular, the deposit, free of interest, of all its cash balances with the Bank; and

(b) the management of public debt, of and the issue of any new loans by, that State.

(2) Any agreement made under this section shall be laid, as soon as may be after it is made, before Parliament."

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