2. Imposition of debits tax

Subject to the provisions of section 13, there shall be charged and levied,—

the total amount of the debits made during each calendar month against each current account maintained at a commercial bank ;

an amount ; realized by the encashment of a certificate of deposit or travellers cheque, a tax to be called a debits tax, at the rate of one tenth of one per centum of the amount of the total debit or the amount encashed, as the case may be.