Section 53 of The Reserve Bank of India Act, 1934
- (1)The Bank shall prepare and transmit to the 1[Central Government] a weekly account of the Issue Department and of the Banking Department in2[such] form as the 1[Central Government] may, by notification in the Gazette of India, prescribe. The 1[Central Government] shall cause these accounts to be 3[published in the Gazette of India at such intervals and in such modified form as it may deem fit].
- (2)The Batik shall also, within two months from the date on which the annual accounts of the Bank are closed, transmit to the 4[Central Government] a copy of the annual accounts signed by the Governor, the Deputy Governors and the Chief Accounting Officer of the Bank, and certified by the auditors, together with a report by the Central Board on the working of the Bank throughout the year, and the 4[Central Government] shall cause such accounts and report to be published in the Gazette of India. 5* * * * *
Summary
- Every week, the Bank must send a statement of its accounts to the Central Government.
- This weekly account must cover both the Issue Department and the Banking Department.
- The government publishes these weekly summaries in its official Gazette.
- Within two months of closing its annual accounts, the Bank must submit audited copies to the government.
- The annual accounts must be signed by the Governor, Deputy Governors, and the Chief Accounting Officer.
- A report on the Bank's activities for the entire year must accompany the annual accounts.
Practical examples
FAQ
1. How often does the Bank report its accounts to the government under Section 53 of the Reserve Bank of India Act, 1934?
Under Section 53 of the Reserve Bank of India Act, 1934, the Bank must transmit a weekly account to the Central Government.
2. Which departments are included in the weekly reports under Section 53 of the Reserve Bank of India Act, 1934?
Section 53 of the Reserve Bank of India Act, 1934, requires the reports to cover the Issue Department and the Banking Department.
3. What is the deadline for the Bank's annual report according to Section 53 of the Reserve Bank of India Act, 1934?
According to Section 53 of the Reserve Bank of India Act, 1934, audited annual accounts must be sent to the government within two months of being closed.
4. Where can a citizen find these bank reports under Section 53 of the Reserve Bank of India Act, 1934?
Under Section 53 of the Reserve Bank of India Act, 1934, both the weekly and annual reports are published in the Gazette of India.
Test yourself
Q1.Under Section 53 of the Reserve Bank of India Act, 1934, who must sign the annual accounts before they are sent to the government?
Q2.Under Section 53 of the Reserve Bank of India Act, 1934, what must be sent to the government along with the audited annual accounts?
Q3.Under Section 53 of the Reserve Bank of India Act, 1934, which departments are subject to the weekly reporting requirement?
Q4.What is the time limit for transmitting the annual accounts to the government under Section 53 of the Reserve Bank of India Act, 1934?