contents. The Governor-General in Council shall be responsible to the Bank for the examination and
correctness of coin or notes at the time of deposit in or withdrawal from the said chests.
8. The Bank shall not be at liberty to close any of its offices, or branches except on Sundays, New Year's Day,
Christmas Day, Good Friday and any other day declared to be a public holiday by any notification published in
pursuance of the Negotiable Instruments Act (Act XXVI of 1881) subject nevertheless and notwithstanding the
provisions of that Act to any special orders or directions which may be issued by the Governor-General in
Council and the Bank shall be responsible that no one of its agencies doing Government business for the time
being existing shall be closed except on Sundays and on public holidays authorised by the Local Government
within whose jurisdiction such agencies may be respectively situated.
9. The responsibility for all loss or damage to the Secretary of State and the Governor-General in Council
which may result from any act or negligence of or omission of the Bank in conducting the business of the
public debt aforesaid or the payment of interest or discharge value thereon or the renewal, conversion,
consolidation, subdivision or cancellation of any Government Security shall rest with and be borne by the Bank
provided however that it shall not be incumbent on the Bank to verify signatures and endorsements on
Government securities which prima facie appear to be in order and in the acceptance of which the bank shall
not be guilty of any negligence and in such cases no liability shall be incurred by the Bank in respect thereto
PROVIDED ALSO that in regard to the ordinary banking business at the offices, branches and agencies of the
Bank of receiving and realising money and securities for money on account of the Governor-General in
Council and paying cheques, orders, drafts bills and other documents whether negotiable or not in the Bank's
capacity of bankers for the Governor-General in Council and whether such business be done by the Bank or
by agencies on its behalf the responsibility to the Secretary of State and the Governor-General in Council shall
be that of the Bank and such responsibility shall be that of a banker to an ordinary customer.
10. The Bank shall remit on account of the Governor-General in Council between India and London such
amounts as may be required by him from time to time at the market rate of the day for telegraphic transfers,
subject to the proviso that if a larger transfer has to be effected in connection with the floatation or repayment
of a sterling loan or analogous operations and if it is considered by either party to be inappropriate to apply the
rate of a single day an average rate based on a longer period may be fixed by agreement between the two
11. This agreement may be determined by either party giving to the other party one year's notice in writing
expiring on the 31st Day of March in any year, such notice if given by or on behalf of the Secretary of State to
be addressed to the Governor of the Bank and to be served by being left at the Head Office of the Bank and if
given by the Bank to be served by leaving the same with or addressing the same by registered post to the
Secretary to the Government of India in the Finance Department and immediately upon the expiration of such
notice this agreement shall absolutely cease and determine save as to rights or liabilities acquired or incurred
prior to such termination.
12. Nothing in this agreement shall operate to affect in any way the obligations imposed either on the
Governor-General in Council or on the Bank by or under the Act or any subsequent amendment or
amendments of the Act.
13. The Bank shall be entitled to perform all or any of the matters contained in this agreement through such
agency or agencies as may be prescribed by the Act or any amendment thereof or as may be approved by
the Governor-General in Council.
IN WITNESS WHEREOF
Secretary to the Government of India in the Finance Department by the order and direction of the Governor-
General in Council acting for and on behalf of the Secretary of State for India in Council has hereunto set his
band and the common seal of the Reserve Bank of India pursuant to a Resolution of its Central Board has
been hereunto affixed in the presence of its subscribing officials the day and year first above written.
Signed by the said the Hon. Mr. Philip Cubitt Tallents, CSI, CIE, ICS, Secretary to the Government of India in
the Finance Department for and on behalf of the Governor-General of India in Council acting in the premises
for and on behalf of the Secretary of State for India in Council in the presence of