(1)The assets{Subs.by Act 20 of 1950, s.3, for ” in the States.} [in India] of every banking company at the close of the last working day of every quarter shall not be less than seventy-five per cent.of its demand and time liabilities therein.(2)Every banking company shall, within one month from the end of every quarter, submit to the Reserve Bank a return in the prescribed form and manner of the assets and liabilities referred to in subsection (1) as at the close of the last working day of the previous quarter.(3)For the purposes of this section,—{Subs.By Act 20 of 1950, s.7.}[(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 ;](b)” quarter ” means the period of three months ending on the last day of March, June, September or December.
