RBI Act 30Chapter III · Central Banking Functions
Section 30 · Powers of Central Government to supersede Central Board
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(1) If in the opinion of
the 1[Central Government] the Bank fails to carry out any of the obligations imposed on it by or under this
Act 2*** 3[the Central Government] may, by notification in the Gazette of India, declare the Central
Board to be superseded, and thereafter the general superintendence and direction of the affairs of the
Bank shall be entrusted to such agency as the 1[Central Government] may determine, and such agency
may exercise the powers and do all acts and things which may be exercised or done by the Central Board
under this Act.
(2) When action is taken under this section the 1[Central Government] shall cause a full report of the circumstances leading to such action and of the action taken to be laid before 4[Parliament] at the earliest possible opportunity and in any case within three months from the issue of the notification superseding the Board.
(2) When action is taken under this section the 1[Central Government] shall cause a full report of the circumstances leading to such action and of the action taken to be laid before 4[Parliament] at the earliest possible opportunity and in any case within three months from the issue of the notification superseding the Board.
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