Investment in bill discounting

Without prejudice to the provisions of the Banking Regulation Act, 1949 as amended by the Banking Laws, Application to Co-operative Societies Act, 1965 (Act No. 23 of 1965) and subject to such conditions and restriction as may be imposed by the Registrar in this behalf, a co-operative society with limited liability, may be permitted by the Registrar to invest its funds in discounting and rediscounting bill of its members and in collecting their bills and railway receipts.