Section 44 in The Central Warehousing Corporation Rules, 1963
44. Deposit in Bank or investment in securities of surplus funds.
(1)Any funds of the Corporation not required for current expenditure may be placed in fixed deposit with the Reserve Bank or the State Bank or any subsidiary of the State Bank or any Scheduled or Cooperative Bank approved in this behalf by the Central Government or invested in the name of the Corporation in the securities of the Central Government or any State Government.(2)The placing of money in fixed deposit and the investment thereof and the disposal of money so placed or invested shall require the sanction of the Executive Committee :Provided that short-term fixed deposits may be made and withdrawn in accordance with the requirements of the Corporation by the managing director.
