Guaranteeing of cash credit with Banks

General197839 sections5 chapters

Chapter III Chapter III

Statutory text

(1) The provisions of sections 8 to 11 in respect of loans shall, subject to any rules that may be made under this Act, apply, so far as may be, to guarantees of loan, cash credit, overdraft and fixed advances with a scheduled Bank and to debentures issued to the public.
(2) Nothing in sub-section
(1) shall apply to any cottage industry for which State-aid granted does not exceed one thousand rupees in value or to a small-scale industry other than a cottage industry for which the State-aid granted does not exceed five thousand rupees in value or to an individual to whom the State-aid granted for investment in the share capital of a Co-operative society or a joint-stock company does not exceed five hundred rupees.

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