Custody and investment.- (1) All moneys at credit of the Board

Fund, except moneys required for day-to-day expenditure, shall be kept in the Current or Savings Accounts with a Scheduled Bank: Provided that nothing in this section shall be deemed to preclude the Board from investing such moneys as are not required for immediate expenditure in any of the Government securities or in fixed deposits in a Scheduled Bank. Explanation.- For the purposes of this sub-section “Scheduled Bank” means a bank included in the second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934).

1. (2) Accounts of the Board with a bank may be operated by the Secretary of the Board or by such other officers as may be specified by the Board.-