Question

Compulsory Businesses as per banking regulation Act 1949 are
A. Acceptance of deposits of money from the public.
B. Providing facility of demand and time deposits
c. Lending and investment of accepted money.
D. All the above​

Answer 1

Answer:

Explanation:

Short title, extent and commencement.—

(1) This Act may be called the Banking 1 [Regulation] Act, 1949.

2 [(2) It extends to the whole of India 3 [***].]

(3) It shall come into force on such date 4 as the Central Govern­ment may, by notification in the Official Gazette, appoint in this behalf.

2. Application of other laws not barred.—The provisions of this Act shall be in addition to, and not, save as hereinafter expressly provided, in derogation of the 5 [Companies Act, 1956 (1 of 1956)], and any other law for the time being in force.

6 [3. Act to apply to co-operative societies in certain cases.—Nothing in this Act shall apply to—

(a) a primary agricultural credit society;

(b) a co-operative land mortgage bank; and

(c) any other co-operative society, except in the manner and to the extent specified in Part V.] COMMENTS As provided in Part V of the Banking Regulation Act, 1949 this Act is applicable to the co-operative societies. However, this Act is not applicable where the institutions are classified according to their financial status or according to their staff structure or according to the conditions of work; G. Gopinathan Nair v. State of Kerala, AIR 1977 Ker 36.

4. Power to suspend operation of Act.—

(1) The Central Government, if on a representation made by the Reserve Bank in this behalf is satisfied that it is expedient so to do, may by notification in the Official Gazette suspend for such period, not exceeding sixty days, as may be specified in the notification, the opera­tion of all or any of the provisions of this Act, either general­ly or in relation to any specified banking company.

(2) In a case of special emergency, the Governor of the Reserve Bank, or in his absence a Deputy Governor of the Reserve Bank nominated by him in this behalf may, by order in writing, exer­cise the powers of the Central Government under sub-section (1) so however that the period of suspension shall not exceed thirty days, and where the Governor or the Deputy Governor, as the case may be, does so, he shall report the matter to the Central Gov­ernment forthwith, and the order shall, as soon as may be, be pub­lished in the Gazette of India.

(3) The Central Government may, by notification in the Official Gazette, extend from time to time the period of any suspension ordered under sub-section (1) or sub-section (2) for such period, not exceeding sixty days at any one time, as it thinks fit so however that the total period does not exceed one year.

(4) A copy of any notification issued under sub-section (3) shall be laid on the table of 7 [Parliament] as soon as may be after it is issued.

5. Interpretation.— 8 [In this Act], unless there is anything repugnant in the subject or context,—

9 [(a) “approved securities” means—

(i) securities in which a trustee may invest money under clause (a), clause (b), clause (bb), clause (c) or clause (d) of section 20 of the Indian Trusts Act, 1882 (2 of 1882);

(ii) such of the securities authorised by the Central Government under clause (f) of section 20 of the Indian Trusts Act, 1882 (2 of 1882), as may be prescribed;]