¹[40. Transactions in foreign exchange.

The Bank shall sell to or buy from any authorised person who makes a demand in that behalf at its office in Bombay, Calcutta, Delhi or Madras ²[or at such of its branches as the Central Government may, by order, determine], foreign exchange at such rates of exchange and on such conditions as the Central Government may from time to time by general or special order determine, having regard so far as rates of exchange are concerned to its obligations to the International Monetary Fund:

Provided that no person shall be entitled to demand to buy or sell foreign exchange of a value less than two lakhs of rupees.

Explanation. – In this section ‘‘authorised person’’ means a person who is entitled by or under the ³[Foreign Exchange Regulation Act, 1973], to buy, or as the case may be, sell, the foreign exchange to which his demand relates.]

Note:

^1. Subs. by Act 23 of 1947, s.4, for ss. 40 and 41.

^2. Ins. by Act 54 of 1953, s. 5.

^3. Subs. by Act 1 of 1984, s. 5, for "Foreign Exchange Act, 1947" (w.e.f. 15-2-1984).