Reserve Bank of India Act, 1934
Section - 18 - Power of direct discount
Power of direct discount.
18. [***] When, in the opinion of the [Bank] a special occasion has arisen making it necessary or expedient that action should be taken under this [section] for the purposes of regulating credit in the interests of Indian trade, commerce, industry and agricultural, the Bank may, notwithstanding any limitation contained in [***] section 17,-
| [(1) | - | purchase, sell or discount any bill of exchange or promissory note though such bill or promissory note is not eligible for purchase or discount by the Bank under that section ; or] |
| (2) | - | [Omitted by the Reserve Bank of India (Amendment) Act, 1978, w.e.f. 21-7-1978.] |
| [(3) | - | make loans or advances to- |
| (a) | .... To read the full section download the app from Google Play store
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