Section 61: [Repealed.] Amendment of section 11, Act 7 of 1913

Current legal status

Section 61 is repealed and is retained only for historical completeness in the statutory sequence.

It creates no current duty, power or penalty.

Historical reading note

Archive material should note the date/version before discussing any former Section 61 rule.

Illustration. A present legal opinion should never state that compliance is required 'under Section 61 of the RBI Act' without first recognising that the provision is repealed.

Compliance points and common mistakes

• Do not decide the issue from the heading alone. Map the facts to the operative words of Section 61 and to each relevant subsection, clause, proviso or explanation shown above.
• Keep the statutory question separate from the operational overlay. Current analysis should move to the surviving provision or other statute that now regulates the former subject matter.
• Do not convert an exception, exemption or discretionary RBI/Government power into an automatic entitlement. Record the authority, conditions and effective date.
• Where the provision is historical, omitted or repealed, state that status prominently and do not present it as a current compliance obligation.

Connected provisions and instruments

Questions and answers

Primary sources

• Department of Financial Services - consolidated RBI Act (states amendments through Finance Act, 2022)
• India Code - Reserve Bank of India Act, 1934