Section 46D - National Housing Credit (Long-Term Operations) Fund, Section 47 - Allocation of surplus profits : RBI Act 1934

What is National Housing Credit (Long-Term Operations) Fund? How to do Allocation of surplus profits? Section 46D and 47 of Reserve Bank of India Act 1934

 

Section 46-D of RBI Act 1934 : "National Housing Credit (Long-Term Operations) Fund"

(1) The Bank shall establish and maintain a Fund to be known as the National Housing Credit (Long-Term Operations) Fund to which shall be credited every year such sums of money as it may consider necessary.

 

 

(2) The amount in the said Fund shall be applied by the Bank only to the following objects, namely :-

(a) the making to the National Housing Bank of loans and advances for the purpose of any business of the National Housing Bank ;

(b) the purchasing of bonds and debentures issued by the National Housing Bank.]

 

Section 47 of RBI Act 1934: "Allocation of surplus profits"

After making provision for bad and doubtful debts, depreciation in assets, contributions to staff and superannuation funds 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.