 the reserve bank of india (second amendment) bill, 1957(as introduced in lolt sabha)  the reserve bank of india (second amendment) bill, 1957 (as introduced in lok sabha)"; a bill further ~o amend the reserve bank of india act, 1934 be it enacted by parliament in the eighth year of the republic of india as foliows:-1 (1) this act may be called the reserve bank of india short title and com-(second amendment) act, 1957 mencement 5 (2) it shall be deemed to have come into force on the 31st day of october, 1957 20£ 1934 z in section 33 of the reserve bank of india act, 1934 (herein- amedment after referred to as the principal act), for sub-section (2), the of section 33 following sub-section shall be substituted, namely:-- 10 "(2) the aggregate value of the gold coin, gold bullion and foreign securities held as assets and the aggregate value of the gold coin and gold bullion 80 held shall not at any time be less than two hundred crores of rupees and one hundred and fifteen crores of rupees, respectively" 60£1957 3 in section 37 of the principal act, the proviso shall be omitted amen~ment of sect jon 37 4 the reserve bank of india (amendment) ordinance, 1957, is repeal hereby repealed ,  statement of objects and reasonsexperience has shown that consistently with the requirement of the second five year plan, it is not possible for the reserve bank to comply with the requil"ements of section 33(2) of the reserve bank of india act in regard to the size of the foreign securities holdings of its issue department, notwithstanding that temporary and partial relaxation of the requirement is available under section 37 of the act following the practice adopted by many advanced countries, it is considered advantageous to introduce a greater measure of flexibility in regard to the composition of the currency reserve, provided a certain minimum elf gold holding is maintained the reserve bank of india (amej)dment) ordinance, 1957 (6 of 1957), was promulgated on the 31st october, 1957, for the aforesaid purpose this bill seeks to replace the ordilllnce t t krishnamachari new delhi; the 8th novembf!7', 1957 '~:", ~ -' "  annexureextrat:rs from the reserve bank of india act, 1934 (2 of 1934) - - - - 33 (1) the assets of the issue department shall consist of gold assets of the , id b ii' f' 't' 'd it' blue oecom, go u lon, orelgn securl les, rupee com an rupee secur les partment, to such aggregate amount as is not less than the total of the liabilities of the issue department as hereinafter defined (2) of the total amount of the assets, the amount of gold coin or gold bullion and the amount of foreign securities shall not at any time be less than one hundred and fifteen crores of rupees and foul' hundred crores of rupees respectively in value  - - - - 37 notwithstanding anything contained in the foregoing pro vi- suspension lions, the b~ may, ·w,ithtae·ipl'evie~ iiar~qn elf ,the·· -central of~lletare­government, for periods not excecding six months in the first ~w f~~: ii instance, which may, with the like sanction, be extended from time lecuritiel to time by periods not exceeding three months at a time, hold as assets foreign securities of less amount in value than that required by sub-section (2) of section 33: provided that the amount of foreign securities so held shall not at any time be less than three hundred ctores of rupees in value  - - - - -   ~ '  a bill lurther to amend the reserve bank of india act, 1934 (shri t t krishnamachari, minister of finance) 