Section 20, Fiscal Responsibility and Budget Management Act, 2003 [S21-ECT]

As at 7 September 2026. In force from 5 August 2003.

In Fiscal Responsibility and Budget Management Act, 2003 [A11-8JV]. This text from 5 August 2003. No other text held.

Synthetic. The words of this section are generated by the register; the title, number and year of the Act are real.

Cite: Section 20, Fiscal Responsibility and Budget Management Act, 2003 [S21-ECT]. Machine: S21-ECT.

20. Grant of licence.—(1) An application for a licence to undertake the enforcement of security interest shall be made to the Reserve Bank in Form A, accompanied by a fee of ten thousand rupees. (2) The Reserve Bank 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 Reserve Bank 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)

Reserve Bank: Section 2, Fiscal Responsibility and Budget Management Act, 2003 [S21DTZ] (In this Act, unless the context otherwise requires,—): "Reserve Bank" means the Reserve Bank of India constituted under section 3 of the Reserve Bank of India Act, 1934 (2 of 1934)

Reserve Bank: 24 more definitions.

Made under this section, or naming it (0)

none

Cited by (1)

Section 19, Fiscal Responsibility and Budget Management Act, 2003 [S21-EBM], 5 August 2003, Band A. "section 20".

Not held (0)

none

Duties published under this section (0)

none