Amendment status not verified — confirm the current text below against the official source.
Notwithstanding anything contained in this Act, a Board may borrow moneys by means of temporary overdraft or otherwise by pledging the securities held by the Board in its reserve funds or on the security of the fixed deposits of the Board in its banks: 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 Central Government, if at any time in any year the amount of such overdrafts or other loans exceeds [such amount as the Central Government may fix in this behalf and different amounts may be fixed with respect to different Boards]: Provided further that all moneys so borrowed by temporary overdrafts or otherwise shall be expended for the purposes of this Act. Subs. by Act 17 of 1982, sec. 14, for "such amount not exceeding ten lakhs of rupees as the Central Government may fix in this behalf" (w.e.f. 31/05/1982).