Amendment status not verified — confirm the current text below against the official source.
Ins. by Act 51 of 1974, s. 6 (w.e.f. 13-12-1974). 13 of bills of exchange and promissory notes and which is approved by the Bank in this behalf] 1*** and 2[maturing,— (i) in the case of bills of exchange and promissory notes arising out of any such transaction relating to the export of goods from India, within one hundred and eighty days, and (ii) in any other case, within ninety days, from the date of such purchase or rediscount exclusive of days of grace;] (b) the purchase, sale and rediscount of bills of exchange and promissory notes, 3[drawn 4[and payable in India]] and bearing two or more good signatures, one of which shall be that of a scheduled bank 5[or a 6[State] co-operative bank] 7[or any financial institution, which is predominantly engaged in the acceptance or discounting of bills of exchange and promissory notes and which is approved by the Bank in this behalf] and drawn or issued for the purpose of 8[financing agricultural operations] or the marketing of crops, and maturing within 9[fifteen months] from the date of such purchase or rediscount, exclusive of days of grace; 10* * * * * 11[(bb) the purchase, sale and rediscount of bills of exchange and promissory notes drawn and payable in India and bearing two or more good signatures, one of which shall be that of a State co-operative bank or a State financial corporation 7[or any financial institution, which is predominantly engaged in the acceptance or discounting of bills of exchange and promissory notes and which is approved by the Bank in this behalf], and drawn or issued for the purpose of financing the production or marketing activities of cottage and small-scale industries approved by the Bank and maturing within twelve months from the date of such purchase or rediscount, exclusive of days of grace, provided that the payment of the principal and interest of such bills of exchange or promissory notes is fully guaranteed by the State Government;] (c) the purchase, sale and rediscount of bills of exchange and promissory notes 3[drawn 12[and payable in India]] and bearing the signature of a scheduled bank, 13*** and issued or drawn for the purpose of holding or trading in securities of 14 [the Central Government 15 [or a 6[State] Government]] 16*** and maturing within ninety days from the date of such purchase or rediscount, exclusive of days of grace; (3) (a) the purchase from and sale to scheduled banks 17*** of 18[foreign exchange] 19***;