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Formal Consolidation |  1985 RevEd
Currency Fund Income Account
23.—(1)  All dividends, interest or other revenue derived from investments or from the utilisation in any other manner of the moneys of the Fund and all commissions paid to the Board in connection with the issue or redemption of currency notes or coins shall be paid into an account to be called “the Currency Fund Income Account” (referred to in this Act as the Income Account).
(2)  There shall be charged upon the Income Account —
(a)all expenses incurred by or on behalf of the Board in the preparation, transport, issue, redemption and demonetisation of currency notes and coins, and in the transaction of any business relating to such currency authorised by law, other than the expenses referred to in section 21(7);
(b)any expenses incurred by or on behalf of the Board in connection with the protection of the currency against forgery or counterfeiting of currency notes or coins; and
(c)all other expenses properly incurred by the Board in the execution of its functions under this Act:
Provided that the Board may charge upon the Fund and not upon the Income Account any expenditure of an exceptional nature.
(3)  At the end of each financial year, any surplus in the Income Account shall be paid into the Consolidated Fund but if on the last day in any financial year there is a deficiency in the Income Account, it shall be charged upon and paid out of the Consolidated Fund:
Provided that if on the last day in any financial year, the face value of the Board’s currency notes and coins in circulation exceeds the value of the Fund determined by the Board pursuant to section 21(8), there shall be paid into the Fund the whole of the said surplus in the Income Account or such part thereof as shall make up the moneys of the Fund as aforesaid to an amount equal to the face value of the currency notes and coins then in circulation; but if the said surplus in the Income Account is insufficient to make up the deficiency in the Fund, the balance of such deficiency shall be charged upon and paid out of the Consolidated Fund.
(4)  If on the last day in any financial year, the value of the Fund so calculated exceeds 100% of the face value of the Board’s currency notes and coins then in circulation, the Board may direct that the whole or part of such excess be transferred from the Fund to the Income Account.
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Informal Consolidation | Amended Act 3 of 1991
Currency Fund Income Account
23.—(1)  All dividends, interest or other revenue derived from investments or from the utilisation in any other manner of the moneys of the Currency Fund and all commissions paid to the Board in connection with the issue or redemption of currency notes or coins shall be paid into an account to be called “the Currency Fund Income Account” (referred to in this Act as the Income Account).
[Act 3/91 wef 01/02/1991]
(2)  There shall be charged upon the Income Account —
(a)all expenses incurred by or on behalf of the Board in the preparation, transport, issue, redemption and demonetisation of currency notes and coins, and in the transaction of any business relating to such currency authorised by law, other than the expenses referred to in section 21(7);
(b)any expenses incurred by or on behalf of the Board in connection with the protection of the currency against forgery or counterfeiting of currency notes or coins; and
(c)all other expenses properly incurred by the Board in the execution of its functions under this Act:
Provided that the Board may charge upon the Currency Fund and not upon the Income Account any expenditure of an exceptional nature.
[Act 3/91 wef 01/02/1991]
(3)  At the end of each financial year the Board shall determine whether or not any part of the surplus in the Income Account should be paid into the Reserve Fund and if it is determined that a part of the surplus should be so paid, the amount of any such payment. Thereafter any surplus remaining in the Income Account shall be paid into the Consolidated Fund.
[Act 3/91 wef 01/02/1991]
(4)  Where there is on the last day in any financial year a deficiency in the Income Account, it shall be charged upon and paid out of the Consolidated Fund.
[Act 3/91 wef 01/02/1991]
(5)  Notwithstanding subsection (3), if, on the last day in any financial year, the face value of the Board’s currency notes and coins in circulation exceeds the value of the Currency Fund determined by the Board pursuant to section 21(8), the deficiency shall be made up from the Income Account and, if necessary, from the Reserve Fund; but if the amounts in the Income Account and in the Reserve Fund are insufficient to make up the deficiency in the Currency Fund, the balance of such deficiency shall be charged upon and paid out of the Consolidated Fund.
[Act 3/91 wef 01/02/1991]
(6)  If, on the last day in any financial year, the value of the Currency Fund so calculated exceeds 100% of the face value of the Board’s currency notes and coins then in circulation, the Board may direct that the whole or part of such excess be transferred from the Currency Fund to the Income Account.
[Act 3/91 wef 01/02/1991]
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