Section 13, Coinage Act, 2011 [S25-RZE]

As at 16 May 2011. In force from 16 May 2011.

In Coinage Act, 2011 [A11-EVH]. This text from 16 May 2011 to 4 May 2021. Other texts (1): from 5 May 2021.

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

Cite: Section 13, Coinage Act, 2011 [S25-RZE]. Machine: S25-RZE@2011-05-16.

13. Grant of licence.—(1) An application for a licence to undertake the making of deposits shall be made to the Reserve Bank in Form C, accompanied by a fee of two 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, Coinage Act, 2011 [S25RMR] (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 (2)

Section 12, Coinage Act, 2011 [S25-RYC], 16 May 2011, Band A. "section 13".

Section 2, Coinage Act (Amendment) Act, 2021 [S2A-G5D], 5 May 2021, Band A. "section 13 of the Coinage Act, 2011 (11 of 2011)".

Not held (0)

none

Duties published under this section (0)

none