Section 20. Obligation of the Bank to transact Government business

CHAPTER III CENTRAL BANKING FUNCTIONS 20. Obligation of the Bank to transact Government business.— The Bank shall undertake to accept monies for account of[4] [[5] * the Central Government[6] *] and to make payments up to the amount standing to the credit of[7] [its account], and to carry out[8] [its exchange], remittance and other banking operations, including the management of the public debt[9] [of the Union]. 1. Ins. by Act 51 of 1974, s. 8 (w.e.f. 13-12-1974). 2. Ins. by Act 38 of 1956, s. 2 (w.e.f. 6-10-1956). 3. Subs. by Act 32 of 1951, s. 9, for clause (2) (w.e.f. 1-1-1951). 4. Subs. by the M.O. 1937, for certain words. 5. The words "the Secretary of State" omitted by the A.O. 1950. 6. The words and letter "and the Governments of Part A States" omitted by Act 37 of 1956, s. 104 (w.e.f. 1-11-1956). 7. Subs. by s. 104, ibid., for "their accounts respectively" (w.e.f. 1-11-1956). 8. Subs. by s. 104, ibid ., for "their exchange" (w.e.f. 1-11-1956). 9. Ins. by s. 104, ibid . (w.e.f. 1-11-1956).