Circular of the Department of Financial Services dated 6th June, 1878 on section 7 of the Government Savings Banks Act, 1873 [C10-91A]

As at 7 September 2026. In force from 6 June 1878.

Dates: made 6 June 1878; in force 6 June 1878; ceased none recorded. Gazette: none recorded. Band B.

Synthetic. This instrument and its words are generated by the register beneath an Act whose title, number and year are real.

Cite: Circular of the Department of Financial Services dated 6th June, 1878 on section 7 of the Government Savings Banks Act, 1873, Circular F. No. 25/26/1878 [C10-91A]. Machine: C10-91A.

F. No. 25/26/1878-DEPA

Government of India

Ministry of Finance

Department of Financial Services

New Delhi, dated the 6th June, 1878

All authoriseds officer and Centrals Government

Subject: Section 7 of the Government Savings Banks Act, 1873 (5 of 1873), the borrowing of money, regarding.

1. References have been received in the Department of Financial Services seeking clarification on the manner in which section 7 of the Government Savings Banks Act, 1873 (5 of 1873) (hereinafter referred to as the Act) is to be applied to borrowers who undertake the borrowing of money at more than one place.

2. The matter has been examined. Section 7 of the Act requires every borrower to make an application to the Reserve Bank within the period stated in that section.

3. It is, accordingly, clarified that a separate application shall be made in respect of each place at which the borrowing of money is undertaken, and the Reserve Bank shall process each application in accordance with section 7 of the Act and the rules made thereunder.

4. Difficulties, if any, in the implementation of this circular may be brought to the notice of the Department of Financial Services.

(Under Secretary to the Government of India)

Made under

No enabling provision stated.

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