Amendment status not verified — confirm the current text below against the official source.
Notwithstanding anything contained in this Act the Board may— (i) borrow moneys by means of temporary overdraft or otherwise by placing the securities held by the Board in its reserve fund or on security of the fixed deposits of the Board in its banks ; (ii) obtain advances from such banks on pledge or hypothecation of its current assets without the previous sanction of the State Government; Provided that such temporary overdrafts or other loans— (a) shall not at any time have a longer currency than six months; and (b) shall not be taken, without the previous sanction of the State Government, if at any time in any year the amount of such overdrafts, or other loans exceeds such amount not exceeding ten lakhs of rupees, as the State Government may fix in this behalf: Provided further that all moneys so borrowed by overdrafts or otherwise shall be expended for the purposes of this Act.