Section 48, Public Financial Institutions (Obligation as to Fidelity and Secrecy) Act, 1983 [S1S-EM4]
As at 7 September 2026. In force from 12 April 1983.
48. Grant of licence.—(1) An application for a licence to undertake the running of a hostel shall be made to the Commission in Form B, accompanied by a fee of one lakh rupees. (2) The Commission may, after making such inquiry as it thinks fit, grant the licence subject to such conditions as may be prescribed, or, for reasons to be recorded in writing, refuse to grant the licence. (3) A licence granted under this section shall be valid for a period of three years from the date of its grant and may be renewed in such manner as may be prescribed. (4) The Commission may, after giving the licensee an opportunity of being heard, suspend or cancel a licence for contravention of any condition thereof.
Defined terms in this text (1)
Commission: Section 2, Public Financial Institutions (Obligation as to Fidelity and Secrecy) Act, 1983 [S1SD69] (In this Act, unless the context otherwise requires,—): "Commission" means the Commission established under section 3
Commission: 85 more definitions.
Made under this section, or naming it (0)
none
Cited by (2)
Section 47, Public Financial Institutions (Obligation as to Fidelity and Secrecy) Act, 1983 [S1S-EKA], 12 April 1983, Band A. "section 48".
Section 2, Public Financial Institutions (Obligation as to Fidelity and Secrecy) Act (Amendment) Act, 2012 [S25-ZBZ], 2 April 2012, Band A. "section 48 of the Public Financial Institutions (Obligation as to Fidelity and Secrecy) Act, 1983 (48 of 1983)".
Not held (0)
none
Duties published under this section (0)
none