Amendment status not verified — confirm the current text below against the official source.
Subs. by Act 51 of 1974, s. 11, for “other than the State Bank and any other bank notified by the Central Government in this behalf” (w.e.f. 13-12-1974). 32 1* * * * * (b) the total amount of legal tender notes and coins held by it in India, (c) the balance held by it at the Bank in India, (d) the balances held by it at other banks in current account and the money at call and short notice in India, (e) the investments (at book value) in Central and State Government securities including treasury bills and treasury deposit receipts, (f) the amount of advances in India, (g) the inland bills purchased and discounted in India 2 [and foreign bills purchased and discounted]. 3[at the close of business on each alternate Friday, and every such return shall be sent not later than seven days after the date to which it relates]: 4[Provided that the Bank may, by notification in the Gazette of India, delete or modify or add to any of the particulars specified in the foregoing clauses: Provided further that] where 5 [such alternate] Friday is a public holiday under the Negotiable Instruments Act, 1881 (26 of 1881), for one or more offices of a scheduled bank the return shall give the preceding working day’s figures in respect of such office or offices, but shall nevertheless be deemed to relate to that Friday: 6[Provided also that where the Bank is satisfied that the furnishing of a fortnightly return under this sub-section is impracticable in the case of any scheduled bank by reason of the geographical position of the bank and its branches, the Bank may allow such bank— (i) to furnish a provisional return for the fortnight within the period aforesaid to be followed by a final return not later than twenty days after the date to which it relates, or (ii) to furnish in lieu of a fortnightly return a monthly return to be sent not later than twenty days after the end of the month to which it relates giving the details specified in this sub-section in respect of such bank at the close of business for the month.]] 5[(2A) Where the last Friday of a month is not an alternate Friday for the purpose of sub-section (2), every scheduled bank shall send to the Bank, a special return giving the details specified in sub-section (2) as at the close of business on such last Friday or where such last Friday is a public holiday under the Negotiable Instruments Act, 1881 (26 of 1881), as at the close of business on the preceding working day and such return shall be sent not later than seven days after the date to which it relates.] 7[(3) If the average daily balance held at the Bank by a scheduled bank during any 8[fortnight] is below the minimum prescribed by or under sub-section (1) or sub-section (1A), such scheduled bank shall be liable to pay to the Bank in respect of that 8[fortnight] penal interest at a rate of three per cent. above the bank rate on the amount by which such balance with the Bank falls short of the prescribed minimum, and if during the next succeeding 8[fortnight], such average daily balance is still below the prescribed minimum, the rates of penal interest shall be increased to a rate of five per cent, above the bank rate in respect of that 8[fortnight] and each subsequent 8[fortnight] during which the default continues on the amount by which such balance at the Bank falls short of the prescribed minimum.]