Notification No.DNBS.161/CGM(CSM)-2002 dated October 1, 2002 - RBI - Reserve Bank of India
Notification No.DNBS.161/CGM(CSM)-2002 dated October 1, 2002
RESERVE BANK OF INDIA Notification No.DNBS.161/CGM(CSM)-2002 dated October 1, 2002 The Reserve Bank of India, having considered it necessary in the public interest and being satisfied that, for the purpose of enabling the Bank to regulate the credit system to the advantage of the country, it is necessary to amend the Residuary Non-Banking Companies (Reserve Bank) Directions, 1987, hereby, in exercise of the powers conferred by Section 45J, 45K, 45L and 45JA of the Reserve Bank of India Act, 1934 (2 of 1934) and all the powers enabling it in this behalf, directs that the said Directions contained in Notification No.DFC.55/DG(O)-87 dated the 15th May 1987 shall, with immediate effect, be amended as follows, namely :- 1. For sub-paragraph (2) of paragraph 6, the following shall be substituted, namely, - "(2) Every residuary non-banking company shall
and intimate the name and location of such scheduled commercial bank where it has opened its CSGL account or has held the securities in physical form, or the location of the SHCIL where it has opened its CSGL account or has held the securities in physical form or the depository (and the depository participant) where it has held its dematerialised account, in writing, to the Regional Office of the Reserve Bank of India under whose jurisdiction the registered office of the company is situated, as specified in Schedule B hereto: Provided that where a residuary non-banking company intends to entrust the securities specified in clause (iii) above with the designated banker or the SHCIL, at a place other than the place at which its registered office is located, it may do so with the prior approval, in writing, of the Regional Office of Reserve Bank of India under whose jurisdiction the registered office of the company is situated, as specified in Schedule B hereto;" 2. In paragraph 6, the present sub-paragraph (3) shall be renumbered as sub-paragraph (4). 3. In paragraph 6, after sub-paragraph (2), the following sub-paragraph (3) shall be inserted, namely, - "(3) The securities mentioned in sub-paragraph (1) above shall continue to be kept as specified in sub-paragraph (2) above for the benefit of the depositors and shall not be withdrawn or encashed or otherwise dealt with by the residuary non-banking company except for repayment to the depositors with the prior approval of Reserve Bank of India: Provided that,
4. In sub-paragraph (1) of Paragraph 16, the following item (h) shall be inserted, namely, - "(h) that the deposits solicited by it are not insured." Sd/- |