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Section 58D - Application of section 58B barred, Section 58E - Cognizance of offences : RBI Act 1934

 

 

What is the meaning of Application of section 58B barred? What are Cognizance of offences? Section 58D and 58E of Reserve Bank of India Act 1934

Section 58D of RBI Act 1934: "Application of section 58B barred"

Nothing contained in section 58B shall apply to, or in respect of, any matter dealt with in section 42.

 

Section 58E of RBI Act 1934: "Cognizance of offences"

(1) No court shall take cognizance of any offence punishable under this Act except upon a complaint in writing made by an officer of the Bank, generally or specially authorised in writing in this behalf by the Bank, and no court other than that of a Metropolitan Magistrate or a Judicial Magistrate of the first class or a court superior thereto shall try any such offence:

Provided that in respect of any offence punishable under sub-section (5A) of section 58B, a complaint in writing may also be made by an officer of the State Government, generally or specially authorised in writing in this behalf by that Government.

(2) Notwithstanding anything contained in the Code of Criminal Procedure, 1973 (2 of 1974), a Magistrate may, if he sees reason so to do, dispense with the personal attendance of the officer of the Bank filing the complaint, but the Magistrate may in his discretion, at any stage of the proceedings, direct the personal attendance of the complainant.

 

RBI ACT 1934

Section 51 - Appointment of special auditors by Government

Section 52 - Powers and duties of auditors

Section 53 - Returns

Section 54 - Rural Credit and Development

 

 

Section 54A - Delegation of powers

Section 54AA - Power of bank to depute its employees to other institutions

Section 57 - Liquidation of the Bank

Section 58 - Power of the Central Board to make regulations

Section 58A - Protection of action taken in good faith

Section 58B - Penalties

 

 

Section Section 58C -Offences by companies

Section 58D - Application of section 58B barred

Section 58E - Cognizance of offences

Section 58F - Application of fine

 

 

Section 58G - Power of Bank to impose fine

First Schedule

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