Amendment status not verified — confirm the current text below against the official source.
Issue of short term bills.—(1} Subject to the p f section 31 of the Reserve Bank of India Act, 1934, any local a y to which the Government may by notification in the Gazett d . the provisions of this section, may, with the previous sanction of the “Goernment, borrow money by means of the issue of bills or promissory noteinayable within any pertod, not exceeding twelve months, for any 179 purpose for which such local authority may lawfully borrow money under the provisions of this Act. (2) The Government may, by general or special order, regu- late the conditions on which money may be borrowed or repaid under this section, —