(3)For the purposes of this section,-(a)[ "assets in India" shall be deemed to include export bills drawn in, and import bills drawn on and payable in India and expressed in such currencies as the Reserve Bank may from time to time approve in this behalf and also such securities as the Reserve Bank may approve in this behalf notwithstanding that all or any of the said bills or securities are held outside India;] [Substituted by Act 20 of 1950, Section 7, for Clause (a).](b)[ "liabilities in India" shall not include the paid-up capital or the reserves or any credit balance in the profit and loss account of the banking company;] [Inserted by Act 33 of 1959, Section 16 (w.e.f. 1.10.1959).](c)[] [Clause (b) relettered as Clause (c) by Act 33 of 1959, Section 16 (w.e.f. 1.10.1959).] "quarter" means the period of three months ending on the last day of March, June, September or December.
