Section 17(11) in The Reserve Bank of India Act, 1934
(11)the acting as agent for the Central Government or any State Government or any local authority or the Industrial Finance Corporation of India or any other body corporate which is established or constituted by or under any other law or the Government of any such country outside India or any such person or authority is may be approved in this behalf by the Central Government in the transaction of any of the following kinds of business, namely:—(a)the purchase and sale of gold or silver or foreign exchange;(b)the purchase, sale, transfer and custody of bills of exchange, securities or shares in any company;(c)the collection of the proceeds, whether principal, interest or dividends, of any securities or shares;(d)the remittance of such proceeds, at the risk of the principal, by bills of exchange payable either in India or elsewhere;(e)the management of public debt;(f)the issue and management of bonds and debentures;
