(1) All moneys at the credit of the Board Fund except permanent advance required to meet petty expenditure shall be kept in the current or Savings Bank Account with a Scheduled Bank :
Provided that nothing in this section shall be deemed to preclude the Board from investing any moneys belonging to the Board including any unapplied income in any of the approved securities or to place on fixed deposit in any Scheduled Bank, any portion of such moneys not required immediately for expenditure.
Explanation.–– In this sub-section, the expression ‘Scheduled Bank’ means a Bank included in the Second Schedule to the Reserve Bank of India Act, 1934.
(2) Subject to the direction of the Chairman, the accounts of the Board with a Bank shall be operated upon by the Secretary of the Board or by such other officer as may be authorised by the Chairman for the purpose.
Provided that nothing in this section shall be deemed to preclude the Board from investing any moneys belonging to the Board including any unapplied income in any of the approved securities or to place on fixed deposit in any Scheduled Bank, any portion of such moneys not required immediately for expenditure.
Explanation.–– In this sub-section, the expression ‘Scheduled Bank’ means a Bank included in the Second Schedule to the Reserve Bank of India Act, 1934.
(2) Subject to the direction of the Chairman, the accounts of the Board with a Bank shall be operated upon by the Secretary of the Board or by such other officer as may be authorised by the Chairman for the purpose.
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More sections of this act
Section 1 · Short title, extent and commencement.Section 2 · Interpretation.Section 3 · Incorporation of the Board.Section 4 · Composition of the Board.Section 5 · Term of office of members.Section 6 · Filling of vacancies on expiry of term of office.Section 7 · Vacancy of member owing to absence without permission.Section 8 · Publication of names.India Code, Government of India. Text fetched 11 Oct 2026. Check the linked official text and subsequent notifications when applying a provision.