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Section 46D - National Housing Credit (Long-Term Operations) Fund, Section 47 - Allocation of surplus profits : RBI Act 1934

 

 

What is National Housing Credit (Long-Term Operations) Fund? How to do Allocation of surplus profits? Section 46D and 47 of Reserve Bank of India Act 1934

Section 46-D of RBI Act 1934 : "National Housing Credit (Long-Term Operations) Fund"

(1) The Bank shall establish and maintain a Fund to be known as the National Housing Credit (Long-Term Operations) Fund to which shall be credited every year such sums of money as it may consider necessary.

(2) The amount in the said Fund shall be applied by the Bank only to the following objects, namely :-

(a) the making to the National Housing Bank of loans and advances for the purpose of any business of the National Housing Bank ;

(b) the purchasing of bonds and debentures issued by the National Housing Bank.]

 

Section 47 of RBI Act 1934: "Allocation of surplus profits"

After making provision for bad and doubtful debts, depreciation in assets, contributions to staff and superannuation funds and for all other matters for which provision is to be made by or under this Act or which are usually provided for by bankers, the balance of the profits shall be paid to the Central Government.

 

RBI ACT 1934

Section 45 N - Inspection

Section 45NA - Deposits not to be solicited by unauthorised persons

Section 45 NB - Disclosure of information

Section 45 NC - Power of Bank to exempt

Section 45Q - Chapter IIIB to override other laws

Section 45QA - Power of Company Law Board to order repayment of deposit

 

 

Section 45QB - Nomination by depositors

CHAPTER IIIC
PROHIBITION OF ACCEPTANCE OF DEPOSITS BY UNINCORPORATED BODIES

Section 45R - Interpretation

45S - Deposits not to be accepted in certain cases

Section 45T - Power to issue search warrants

 

 

Section 45U - Definitions

CHAPTER IIID
REGULATION OF TRANSACTIONS IN DERIVATIVES, MONEY MARKET INSTRUMENTS, SECURITIES, ETC.

Section 45V - Transactions in derivatives

Section 45W - Power to regulate transactions in derivatives, money market instruments, etc

Section 45X - Duty to comply with directions and furnish information

 

 

CHAPTER IIIE
JOINT MECHANISM

Section 45Y - Joint Mechanism

CHAPTER IV
GENERAL PROVISIONS

Section 46 - Contribution by Central Government to the Reserve Fund

Section 46A - Contribution to National Rural Credit (Long Term Operations) Fund and National Rural Credit (Stabilization) Fund

Section 46C - National Industrial Credit (Long Term Operations) Fund

Section 46D - National Housing Credit (Long-Term Operations) Fund

Section 47 - Allocation of surplus profits

Section 48 - Exemption of Bank from income-tax and super-tax

Section 49 - Publication of Bank rate

Section 50 - Auditors

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