Question

Under Section 30 of the RBI Act, 1934, when the Central Government supersedes the Central Board, within what maximum period must a full report be laid before Parliament?

Q: Answer-Under Section 30 of the RBI Act, 1934, when the Central Government supersedes the Central Board, wit...

Section 301 empowers the Central Government, if in its opinion the Bank fails to carry out its obligations under the Act, to declare the Central Board superseded by notification in the Gazette of India. Under Section 302, the Central Government must cause a full report of the circumstances leading to the action, and of the action taken, to be laid before Parliament at the earliest opportunity, and in any case within three months from the issue of the superseding notification. The correct period is three months.