RBI Act, 1934

	RBI Act, 1934
	Reserve Bank of India, 1934
Section	Description
3	The reserve Bank was constituted for taking over management of
	currency from central govt,
3(2)	Body corporate having perpetual succession and a common seal
4	Capital of RBI is Rs.5 crore
7(1)	The Govt. has Power to Issue Directions to the RBI in public
	interest after consultation with the Governor.
7(2)	general superintendence and direction of the affairs and business
	of the RBI to Central Govt.
8	RBI is headed by Governor
8(a)	Govt can appoint 4 Deputy Governors for RBI
8(2)	Govt. may appoint a Deputy Governor of RBI as Chairman of
	NABARD
17	Businesses which the Reserve Bank may transact
17(1)	Reserve Bank is authorised to accept on money on deposit from
	the Central/State Govt. local authorities, banks Without Interest
	No interest on deposit accounts of Cental and State Govt.
17(4)	Reserve Bank is authorised to grant loans and advances to any
	scheduled bank, cooperative banks, SFC's repayable on deman
	or on expiry of fixed periods not exceeding 180 days
17(4)	against the security of stocks, funds and trustee securities, gold or
	silver or documents of title to the same, such bills of exchange
	and promissory notes

17(5)		Loans  and  advances  to  Central  and  State  Govt.  which  are
		repayable not later than 3 months.
19		RBI has been prohibited making loans and advances, drawing
		and accepting bills payable otherwise than on demand, engage in
		trade  or  otherwise  have  a  direct  interest  in  any  commercial,
		industrial, or other undertaking
20		Requires the Reserve Bank to undertake to :
20		Accept monies,make payments, carry out exchange, remittance
		and other banking operations of the Central Govt.
20,21,21A		Reserve Bank manags the public debt and issues new loans on
		behalf of the Central and State Govt. Banker to Govt.
22		Sole right to issue bank notes
23		Issue Dept : Issue of bank notes
23		The assets of Issue Dept of Reserve Bank shall not be subject to
		any liability other than the liabilities of the Issue Dept.
24		Prohibits  issuance  of  bank  notes  by  Reserve  Bank  for
		denomination exceeding Rs.10,000
25		The design, form and materialof  bank  notes is approved by
		Central Govt
27		Prohibits the Reserve Bank from reissuing bank notes which are
		torn, defaced or excessively soiled
29		No Stamp Duty is payable on the bank  notes  issued by the
		Reserve Bank
31		Banks are Prohibited from issuing Demand Drafts payable to
		bearer
33		Assets of Issue Department : Gold Coin, Gold Bullion, foreign
		securities and rupee securities
42(1)		Every scheduled bank has to maintain cash reserve with reserve
		banks: Average daily balance of 3% total of demand and time
		liabilities
42(2)		Every Scheduled Bank shall submit to Reserve Bank a return at
		the close of each alternate Friday showing its demand and time
		liabilities, cash in hand and with other banks, investments etc.
42(6)		Inclusion in and Exclusion from the Second Schedule of a bank
45		Collects credit information from banks
45		calls for returns containing credit information from banks
45-IA		NBFC:obtain a certificate of registration from Reserve Bank
45-IA		NBFC:shall have net owned fund of RS.25 lakhs or such sum not
		exceeding Rs. 200 lakhs
49		Bank Rate is defined

Various acts

		Various Acts
293(1)	Company Act	Borrowing limits of the company
125	Indian Companies	Charge created on companies assets have to be
	Act	registered within 30 days.
11	Indian Contract Act	Lunatics disqualified from contracting
59	Indian Contract Act	Rights of Appropriation is vested with debtor
60	Indian Contract Act	If debtor does not intimate, the right of appropriation is
		vested with creditor
124	Indian Contract Act	Indemnity
148	Indian Contract Act	Bailee-Bailor
171	Indian Contract Act	Banker an absolute right for General Lien
3	Indian Majority Act	A person attains majority at the age of 18
371	Indian Succession	In the absence of will, Legal hairs will have to obtain
	Act	Succession Certificate from the Court

NABARD ACT

THE NATIONAL BANK FOR AGRICULTURE
AND RURAL DEVELOPMENT ACT, 1981

CHAPTER I
PRELIMINARY
1. (1) This Act may be called the National Bank for Agriculture and Rural
Development Act, 1981.
(2) It extends to the whole of India.
(3) It shall come into force on such date as the Central Government may, by
notification in the Official Gazette, appoint, and different dates may be appointed for
different provisions of this Act, and any reference in any provision to the
commencement of this Act shall be construed as a reference to the coming into force
of that provision.
2. In this Act, unless the context otherwise requires,-
(a) “agriculture” includes horticulture, animal husbandry, forestry, dairy and poultry
farming, pisciculture, and other allied activities, whether or not undertaken jointly
with agriculture and the expression “agricultural operations” shall be construed
accordingly .
Explanation :- For the purposes of this clause, “pisciculture” includes the
development of fisheries, both inland and marine, catching of fish and all activities
connected therewith or incidental thereto;
1. Came into effect from 19 September 2003
2. Subs. by Act No.55 of 2000, S.2
Short title,
extent and
commencement
Definitions
National Bank for Agriculture and Rural Development 2
(b) “Agricultural Refinance and Development Corporation” means the Corporation
established under section 3 of the Agricultural Refinance and Development Corporation
Act, 1963, and renamed under section 3A of that Act as the Agricultural Refinance and
Development Corporation;
(c) “Board” means the Board of Directors of the National Bank;
(d) “central co-operative bank” means the principal co-operative society in a district
in a State, the primary object of which is the financing of other co-operative societies in
that district:
Provided that in addition to such principal society in a district, or where there is no
such principal society in a district, the State Government may declare any one or more cooperative
societies carrying on the business of financing other co-operative societies in
that district to be also or to be a central co-operative bank or central co-operative banks
within the meaning of this definition;
(e) “Chairman” means the Chairman 1[.......] appointed under section 6;
(f) “co-operative society” means a society registered or deemed to be registered,
under the Co-operative Societies Act, 1912 or any other law relating to co-operative
societies for the time being in force in any State;
(g) “crops” includes products of agricultural operations ;
(h) “director” means a director appointed under section 6 ;
(i) “industry in the tiny and decentralised sector” means industrial concerns in the
tiny and decentralised sector and “industrial concern in the tiny and decentralised sector”
means an industrial concern in which the investment in machinery and plant is not in
excess of rupees two lakhs or such higher amount as the Central Government may specify
by notification in this behalf having regard to trends in industrial development and other
relevant factors;
(j) “Managing Director” means the Managing Director appointed under section 6;
(k) “marketing of crops” includes the processing of crops prior to marketing by any
agricultural producers or any organisation of such producers;
(l) “National Bank” means the National Bank for Agriculture and Rural
Development established under section 3;
(m) “notification” means a notification published in the Official Gazette;
(n) “primary rural credit society” means a co-operative society by whatever name
called,-
(1) which has as its object or business the provision of financial accommodation to
its members for agriculture or agricultural operations or for the marketing of crops, or for
rural development; and
(2) the bye-laws of which do not permit admission of any other co-operative
society as member;
1. The words “of the Board” omitted by Act No.55 of 2000, S.3.
10 of 1963
2 of 1912
National Bank for Agriculture and Rural Development 3
Provided that this sub-clause shall not apply to the admission, as a member of a
co-operative society, which is a State co-operative bank or a central co-operative bank by
reason of such bank subscribing to the share capital of the co-operative society out of funds
provided by the State Government for the purpose;
(o) “prescribed” means prescribed by regulations made under this Act;
(p) “regional rural bank” means a regional rural bank established under section 3 of
the Regional Rural Banks Act, 1976;
(q) “rural development” means development of rural areas through any activities
conducive to such development.
Explanation.- For the purposes of this clause,-
(a) activities conducive to development of rural areas include activities relating to
production of goods or provision of services in rural areas and activities for the promotion
of cottage and village industries, industry in the tiny and decentralized sector and smallscale
industry and handicrafts and other rural crafts;
(b) “rural area” means the area comprised in any village and includes the area
comprised in any town, the population of which does not exceed ten thousand or such other
figure as the Reserve Bank may specify from time to time;
(r) “Reserve Bank” means the Reserve Bank of India constituted under section 3 of
the Reserve Bank of India Act, 1934;