Section 21(1)(b) in The Industrial Reconstruction Bank Of India Act, 1984

[Cites 0, Cited by 0] [Section 21(1)] [Section 21] [Entire Act]

Union of India - Subsection

Section 21(1)(b) in The Industrial Reconstruction Bank Of India Act, 1984

(b)borrow money from the Reserve Bank--

(i)repayable on demand or on the expiry of fixed periods, not exceeding ninety days from the date on which the money is so borrowed against the security of stocks, funds and securities (other than immovable property) in which a trustee is authorised to invest trust money by any law for the time being in force in India;

(ii)against bills of exchange or promissory notes arising out of bona fide commercial or trade transactions, bearing two or more good signatures and maturing within five years from the date of borrowing;

(iii)for any other purpose approved by the Central Government in accordance with the provisions of the Reserve Bank of India Act, 1934 (2 of 1934);

Legal Document View

Unlock Advanced Research with PRISMAI

Union of India - Subsection

Section 21(1)(b) in The Industrial Reconstruction Bank Of India Act, 1984