Amendment status not verified — confirm the current text below against the official source.
Notwithstanding anything contained in this Act, the Boar,: may- (i) borrow moneys by means of temporary overdraft or other wise by placing the securities held by the Board in its reserve fund.; or on security of the fixcd deposlts 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 : t .,r 81 i I s- Provided that such temporary overdraftt or other loans- b k (a) shall not at any time have a Ionger currency than six months : ano (b) shall nor be taken, without the prev~ous sanction of the Governmc~r, ]fat any time in'any year the amount of such overdrafts, or other loans exceeds such amount not exceeding ten lakhs of r L pees, as the <, oiren~mrnt nay fix in tbis behalf: Provided hrrther that all moneys so borrowed by overdrafts or otherwih shall be expended for the purposes of this Act.