LawgistThe Reserve Bank of India Act
47Allocation of surplus profits
1[47. Allocation of surplus profits.--After making provision for bad and doubtful debts, depreciation in assets, contributions to staff and superannuation fund 2[and for all other matters for which provision is to be made by or under this Act or which] are usually provided for by bankers, the balance, of the profits shall be paid to the Central Government.]
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1. Subs. by Act 62 of 1948, s. 7 and the Schedule, for section 47 (w.e.f. 1-1-1949).
2. Subs. by Act 24 of 1955, s. 8, for "and such other contingencies as" (w.e.f. 8-5-1955).
GENERAL PROVISIONS
- 46 Contribution by Central Government to the Reserve Fund
- 46A Contribution to National Rural Credit (Long Term Operations) Fund and Nation al Rural Credit (Stabilisation) Fund
- 46C National Industrial Credit (Long Term Operations) Fund
- 46D National Housing Credit (Long Term Operations) Fund
- 47 Allocation of surplus profits
- 48 Exemption of Banks from income-tax and super-tax
- 49 Publication of Bank rate
- 50 Auditors
- 51 Appointment of special auditors by Government
- 52 Powers and duties of auditors
- 53 Returns
- 54 Rural Credit and Development
- 54A Delegation of powers
- 54AA Power of Bank to depute its employees to other institutions
- 55 [Omitted.]
- 56 [Omitted.]
- 57 Liquidation of the Bank
- 58 Power of the Central Board to make regulations
- 58A Protection of action taken in good faith
