3.—(1) The Treasury is hereby authorised to accept on behalf of the Government at such times and up to such maximum amounts as the Minister may from time to time specify deposits by any person of any sum of $50,000 or a multiple of $50,000:
Provided that the total amount of money so accepted and not repaid on deposit at any one time shall not exceed $500 million*, or such further sum as may be authorised by resolution of Parliament with which the President concurs under Article 144(1)(a) of the Constitution.
* Cf. Resolution of Parliament passed on 28th March 1972. See also G.N. 3895/72.
[11/1991 wef 30/11/1991]
(2) It shall be lawful for the Minister to direct that the sums received under this section or any part of them shall be appropriated and applied to any purpose of development specified in the direction:
Provided that no such direction shall be given unless the appropriation has first been approved by resolution of Parliament.