Section 4(2)

(2) In a case of special emergency, the Governor of the Reserve Bank, or in his absence a Deputy Governor of the Reserve Bank nominated by him in this behalf may, by order in writing, exerci se the powers of the Central Government under sub -section ( 1) so however that the period of suspension shall not exceed thirty days, and where the Governor or the Deputy Governor, as the case may be, does so, he shall report the matter to the Central Gover nment forthwith, and the order shall, as soon as may be, be published in the Gazette of India.