4. Power to suspend operation of Act .
(1)The Central Government, if on a representation made
by the Reserve Bank in this behalf is satisfied that it is expedient so to do, may by notification in the
Official Gazette, suspend for such period, not exceeding sixty days, as may be specified in the
notification, the operation of all or any of the provisions of this Act, either generally or in relation to
any specified banking company. (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.