Clause 5

by inserting immediately after paragraph (e) thereof the following new paragraphs: —“(f)purchase, sell, discount and rediscount bills of exchange and promissory notes arising out of bona fide commercial transactions bearing two or more good signatures and maturing within three months (exclusive of days of grace) from the date of acquisition;

grant advances to such financial institutions or class of financial institutions as the Authority may from time to time approve for periods not exceeding three months against —

Treasury Bills of the Government and securities of the Government;

gold coin or bullion;

such bills of exchange and promissory notes as are eligible for purchase, discount or rediscount by the Authority up to seventy-five per centum of their nominal value;

warehouse warrants or their equivalent (securing possession of goods), in respect of goods duly insured and with a letter of hypothecation from the owner:Provided that no such advance shall exceed sixty per centum of the current market value of the goods in question;”; and

by re-numbering the existing paragraphs (f), (g), (h), (i), (j), (k), (l), (m), (n), (o) and (p) thereof as paragraphs (h), (i), (j), (k), (l), (m), (n), (o), (p), (q) and (r) respectively.