Amendment status not verified — confirm the current text below against the official source.
Power of Board to take Temporary Loans or Over Drafts.- Notwithstanding anything contained in this Act, the Board may,- (i) borrow money by means of temporary over draft or otherwise by placing the securities held by the Board in its Reserve Funds 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 Government: Provided that such temporary over drafts 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 Government, if at any time in any year the amount of such over drafts, or other loans exceeds such amount not exceeding fifty lakhs of rupees as the Government may fix in this behalf; Provided further that all moneys so borrowed by over drafts or otherwise shall be expended for the purpose of this Act. 29