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Start Free TrialPetroleum Act, 1934 (30 of 1934) Chapter III
Title: Penalties and Procedure
State: Central
Year: 1934
.....that any petroleum is being imported, transported, stored, produced, refined or blended otherwise than in accordance with the provisions of this Act and the rules made thereunder, and to seize, detain or remove any or all of the petroleum in respect of which in his opinion an offence under this Act has been committed. (2) The provisions of the2[Code of Criminal Procedure, 1973 (2 of 1974)], relating to searches shall, so far as they are applicable, apply to searches by officers authorized under this section. (3) The1[Central Government] may make rules regulating the procedure of authorized officers in the exercise of their powers under this section subject, however, to the provisions of sub-section (2). ________________________ 1. Substituted by the A.O. 1937, for "Governor-General-in-Council". 2. Substituted by Act 31 of 1977, Section 2, for "Code of Criminal Procedure, 1898 (5 of 1898)" (w.e.f. 12-8-1977). Section 27 - Notice of accidents with petroleum 1[27. Notice of accidents with petroleum Whenever there occurs in or about, or in connection with, any place in which petroleum is refined, blended or kept, or any carriage or vessel either conveying.....
View Complete Act List Judgments citing this sectionReserve Bank of India Act, 1934 (2 of 1934) Amending Act 1
Title: Reserve Bank of India (Amendment) Act, 2006
State: Central
Year: 1934
.....may, by notification in the Official Gazette, appoint; and different dates may be appointed for different provisions of this Act. 2. Amendment of section 17 In section 17 of the Reserve Bank of India Act, 1934(2 of 1934) (hereinafter referred to as the principal Act),-- (i) after clause (6), the following shall be inserted, namely:-- '(6A) dealing in derivatives, and, with the approval of the Central Board, in any other financial instrument. Explanation.--For the purposes of this clause, "derivative" means an instrument, to be settled at a future date, whose value is derived from change in one or a combination of more than one of the following underlyings, namely:-- (a) interest rate, (b) price of securities of the Central Government or a State Government or of such securities of a local authority as may be specified in this behalf by the Central Government, (c) price of foreign securities, (d) foreign exchange rate, (e) index of rates or prices, (f) credit rating or credit index, (g) price of gold or silver coins, or gold or silver bullion, or (h) any other variable of similar nature;'; (ii) after clause (12A), the following shall be inserted,.....
View Complete Act List Judgments citing this sectionReserve Bank of India Act, 1934 (2 of 1934) Section 45QA
Title: Power of Company Law Board to Offer Repayment of Deposit
State: Central
Year: 1934
1 [45QA. Power of Company Law Board to offer repayment of deposit (1) Every deposit accepted by a non-banking financial company, unless renewed, shall be repaid in accordance with the terms and condition of such deposit. (2) Where a non-banking financial company has failed to repay and deposit or part thereof in accordance with the terms and conditions of such deposit, the Company Law Board constituted under section 10E of the Companies Act, 1956 (1 of 1956), may, if it is satisfied, either on its own motion or on an application of the depositor, that it is necessary so to do to safeguard the interests of the company, the depositors or in the public interest, direct, by order, the non-banking financial company to make repayment of such deposit or part thereof forthwith or within such time and subject to such conditions as may be specified in the order: Provided that the Company Law Board may, before making any order under this sub-section, give a reasonable opportunity of being heard to the non-banking financial company and the other persons interested in the matter.] ______________________ 1. Inserted by Act 23 of 1997, section 8 (w.r.e.f. 9-1-1997).
View Complete Act List Judgments citing this sectionReserve Bank of India Act, 1934 (2 of 1934) Section 45W
Title: Power to Regulate Transactions in Derivatives, Money Market Instruments, Etc.
State: Central
Year: 1934
(1) The Bank may, in public interest, or to regulate the financial system of the country to its advantage, determine the policy relating to interest rates or interest rate products and give directions in that behalf to all agencies or any of them, dealing in securities, money market instruments, foreign exchange, derivatives, or other instruments of like nature as the Bank may specify from time to time: Provided that the directions issued under this sub-section shall not relate to the procedure for execution or settlement of the trades in respect of the transactions mentioned therein, on the Stock Exchanges recognised under section 4 of the Securities Contracts (Regulation) Act, 1956(42 of 1956). (2) The Bank may, for the purpose of enabling it to regulate agencies referred to in sub-section (1), call for any information, statement or other particulars from them, or cause an inspection of such agencies to be made.
View Complete Act List Judgments citing this sectionReserve Bank of India Act, 1934 (2 of 1934) Section 45X
Title: Duty to Comply with Directions and Furnish Information
State: Central
Year: 1934
It shall be the duty of every director or member or other body for the time being vested with the management of the affairs of the agencies referred to in section 45W to comply with the directions given by the Bank and to submit the information or statement or particulars called for under that section.
View Complete Act List Judgments citing this sectionReserve Bank of India Act, 1934 (2 of 1934) Chapter 4
Title: General Provisions
State: Central
Year: 1934
.....deem necessary for the efficient administration of the functions of the Bank. (2) The fact that a Deputy Governor exercises any power or does any act or thing in pursuance of this Act shall be conclusive proof of his authority to do so.] _______________________ 1. Inserted by Act 24 of 1955, section 10 (w.e.f. 8-5-1955). 2. The words "by or" omitted by Act 58 of 1960, section 3 and Schedule II (w.e.f. 26-12-1960). Section 54AA - Power of Bank to depute its employees to other institutions 1[54AA. Power of Bank to depute its employees to other institutions 2[(1) The Bank may, notwithstanding anything contained in any law, or in any agreement, for the time being in force, depute any member of its staff for such period as it may think fit,- (a) to any institution which is wholly or substantially owned by the Bank; (b) to the Development Bank, so, however, that no such deputation shall continue after the expiration of thirty months from the commencement of section 5 of the Public Financial Institutions Laws (Amendment) Act, 1975; (c) to the Unit Trust, so, however, that no such deputation shall continue after the expiration of thirty months from the date notified by.....
View Complete Act List Judgments citing this sectionReserve Bank of India Act, 1934 (2 of 1934) Section 57
Title: Liquidation of the Bank
State: Central
Year: 1934
(1) Nothing in the1[Companies Act, 1956 (1 of 1956)] shall apply to the Bank and the Bank shall not be placed in liquidation save by order of the2[Central Government] and in such manner as3[it may direct]. 4[***] _______________________ 1. Substituted by Act 19 of 1957, section 5, for "Indian Companies Act, 1913 (7 of 1913)". 2. Substituted by the India and Burma (Burma Monetary Arrangements) Order, 1937, for "Governor-General in Council". 3. Substituted by India and Burma (Burma Monetary Arrangements) Order, 1937, for "he may direct." 4. Sub-section (2) omitted by Act 62 of 1948, section 7 and Schedule (w.e.f. 1-1-1949).
View Complete Act List Judgments citing this sectionReserve Bank of India Act, 1934 (2 of 1934) Section 58A
Title: Protection of Action Taken in Good Faith
State: Central
Year: 1934
1[58A. Protection of action taken in good faith (1) No suit, prosecution or other legal proceeding shall lie against the Central Government or the Bank or any other person in respect of anything which is in good faith done or intended to be done under this Act or in pursuance of any order, regulation or direction made or given thereunder. (2) No suit or other legal proceeding shall lie against the Central Government or the Bank for any damage caused or likely to be caused by anything which is in good faith done or intended to be done under this Act or in pursuance of any order, regulation or direction made or given thereunder.] _______________________ 1. Inserted by Act 51 of 1974, section 26 (w.e.f. 13-12-1974).
View Complete Act List Judgments citing this sectionReserve Bank of India Act, 1934 (2 of 1934) Section 58B
Title: Penalties
State: Central
Year: 1934
..... (2) If any person fails to produce any book, account or other document or to furnish any statement, information or particulars which, under this Act or any order, regulation or direction made or given thereunder, it is his duty to produce or furnish or to answer any question put to him in pursuance of the provisions of this Act or of any order, regulation or direction made or given thereunder, he shall be punishable with fine which may extend to two thousand rupees in respect of each offence and if he persists in such failure or refusal, with further fine which may extend to one hundred rupees for every day, after the first during which the offence continues. (3) If any person contravenes the provisions of section 31, he shall be punishable with fine which may extend to the amount of the bill of exchange, hundi, promissory note or engagement for payment of money in respect whereof the offence is committed. (4) If any person discloses any credit information, the disclosure of which is prohibited under section 45E, he shall be punishable with imprisonment for a term which may extend to six mounts, or with fine which may extend to one thousand rupees, or with both. 1[(4A).....
View Complete Act List Judgments citing this sectionReserve Bank of India Act, 1934 (2 of 1934) Section 58E
Title: Cognizance of Offences
State: Central
Year: 1934
(1) No court shall take cognizance of any offence punishable under this Act except upon a complaint in writing made by an officer of the Bank, generally or specially authorised in writing in this behalf by the Bank, and no court other than that of a Metropolitan Magistrate or a Judicial Magistrate of the first class or a court superior thereto shall try any such offence: 1 [Provided that in respect of any offence punishable under sub-section (5A) of section 58B, a complaint in writing may also be made by an officer of the State Government, generally or specially authorised in writing in this behalf by that Government.] (2) Notwithstanding anything contained in the Code of Criminal Procedure, 1973 (2 of 1974) a Magistrate may, if he see reason so to do, dispense with the personal attendance of the officer of the Bank filing the complaint, but the Magistrate may in his discretion, at any stage of the proceedings, direct the personal attendance of the complainant. ______________________ 1. Inserted by Act 1 of 1984, section 12 (w.e.f. 15-2-1984).
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