Amendment status not verified — confirm the current text below against the official source.
The words and figures “established under the State Financial Corporations Act, 1951” omitted by Act 24 of 1978, s. 4 (w.e.f. 21-7-1978). 15 (a) stocks, funds and securities (other than immovable property) in which a trustee is authorised to invest trust money by any Act of Parliament 1[of the United Kingdom] or by any law for time being in force in 2[India] 3***; (b) gold or silver or documents of title to the same; (c) such bills of exchange and promissory notes as are eligible for purchase or rediscount by the Bank 4[or as are fully guaranteed as to the repayment of the principal and payment of interest by a State Government]; (d) promissory notes of any scheduled bank 5[ 6[or 7[State]] co-operative bank], supported by documents of title to goods 8[such documents having been transferred], assigned, or pledged to any such bank as security for 9[a loan or advance made] for bona fide commercial or trade transactions, or for the purpose of 10[financing agricultural operations] or the marketing of crops: 11[Provided that loans and advances made against the security of bills of exchange and promissory notes arising out of any transaction relating to the export of goods from India shall be repayable on demand or on the expiry of fixed periods not exceeding one hundred and eighty days;] 12[(4A) the making to any State Financial Corporation 13***, of loans and advances repayable on the expiry of fixed periods not exceeding eighteen months from the date of such loan or advance, against securities of the Central Government or of any State Government, of any maturity, or against bonds and debentures issued by that Corporation and guaranteed by the State Government concerned and maturing within a period not exceeding eighteen months from the date of such loan or advance: 14 [Provided that the previous approval of the State Government shall be obtained for the borrowing by the State Financial Corporation and the amount of loans and advances granted to that Corporation under this clause shall not, at any time, exceed in the aggregate 15[twice the paid-up share capital] thereof;]] 16[ 17[(4AA)] the making of annual contributions to the National Rural Credit (Long Term Operations) Fund and the National Rural Credit (Stabilisation) Fund established under sections 42 and 43, respectively, of the National Bank for Agriculture and Rural Development Act, 1981 (61 of 1981);] 18[(4B) the making to the Industrial Finance Corporation of India 19*** of loans and advances,— (a) repayable on demand or on the expiry of fixed periods not exceeding ninety days from the date of such loan or advance, against securities of the Central Government or of any State Government; or