Amendment of section 16 of Act VI of 1893

In section 16 of the principal Act, after the words "or the Central Government", the words and figures "any State Government or invest all such monies in units from the Unit Trust of India established under the Unit Trust of India Act, 1963, or deposit them with a banking company to which the Banking Regulation Act, 1949, applies including any bank or banking institution referred to in section 51 of that Act or invest them in a financial corporation if repayment of such deposit together with interest is guaranteed by the Government or" shall be deemed to have been inserted with effect from the 1st day of September 1969; and all such monies invested accordingly shall be deemed to have been duly invested as if the provisions of this section had then been in force.