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[Cites 0, Cited by 0] [Section 42(5)] [Section 42] [Entire Act]

Union of India - Subsection

Section 42(5)(a) in The Reserve Bank of India Act, 1934

(a)The penalties imposed by sub-sections (3) and (4) shall be payable within a period of fourteen days from the date on which a notice issued by the Bank demanding the payment of the same is served on the scheduled bank, and in the event of failure of the scheduled bank to pay the same within such period, may be levied by a direction of the principal civil court having juris­diction in the area where an office of the defaulting bank is situated, such direction to be mode only upon an application made in this behalf to the court by the Bank;