.-(1) Deposits made in pursuance of the Act shall be held by that office of the Bank (hereinafter referred to as the appropriate Indian office) in whose area of administration the principal office in the State of the depositor is situated:Provided that deposits in sterling securities shall be held by the London office of the Bank on behalf of the appropriate Indian office.(2)Deposits in sterling securities shall be sent by the depositor with a covering letter to the manager of the London office of the Bank, and shall not be brought on the books of the appropriate Indian office until the receipt of an intimation in Form I from the London office.(3)Deposits, other than deposits in sterling securities, shall be sent by the depositor with a covering letter to the manager of the appropriate Indian office of the Bank.(4)Securities shall be duly transferred to the Bank by the depositor.(5)Upon receipt of the intimation referred to in sub-rule (2) or of a deposit under sub-rule (3) the appropriate Indian office of the Bank shall send--(a)a certificate in Form II to the depositor; and(b)a statement in Form III to the Controller of Insurance:Provided that, if the Bank is not satisfied as to the validity of the title of the depositor to the securities, it may return them to him with the request that they shall first be renewed or that such other measures as may be necessary shall be taken to clear the title.(6)The market value of sterling securities held by the Bank shall be converted at 1s. 6d. to the rupees.
