Under Section 4(2) of the Banking Regulation Act, 1949, in a case of special emergency, the Governor of the Reserve Bank (or a nominated Deputy Governor) may by order in writing exercise the powers of the Central Government to suspend the operation of provisions of the Act. However, the period of suspension so ordered shall not exceed:

Section 4(2) provides that in a case of special emergency the Governor of the Reserve Bank, or in his absence a Deputy Governor nominated by him, may by order in writing exercise the Central Government’s powers under sub-section (1) to suspend the operation of the Act, but the period of suspension shall not exceed thirty days. The Governor or Deputy Governor must report the matter to the Central Government forthwith, and the order must be published in the Gazette of India as soon as possible. This contrasts with the Central Government’s own power under sub-section (1), which may extend to sixty days per notification, extendable under sub-section (3) for periods not exceeding sixty days at a time, subject to an outer ceiling of one year.