MINISTRY OF FINANCE
(Department of Financial Services)
NOTIFICATION
New Delhi, the 31st March, 2021
S.O. 1420(E).— In exercise of the powers conferred by section 164 of the Finance Act, 2021 (13 of 2021), the Central Government hereby appoints the 1st day of April, 2021 as the date on which the provisions of Part XIII of Chapter VI of the said Act shall come into force.
[F. No. 7/52/2020-BOA-I]
PANKAJ JAIN, Addl. Secy.
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Extract of Part XIII of Chapter VI of the Finance Act, 2021 (13 of 2021)
PART XIII
AMENDMENTS TO THE INDUSTRIAL DEVELOPMENT BANK (TRANSFER OF UNDERTAKING AND REPEAL) ACT, 2003
164.Commencement of this Part.
The provisions of this Part shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.
165. Amendment of section 3.
In the Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003, in section 3, in sub-section (2),__
(i) in the opening paragraph, the words “in addition to the business which may be carried on and transacted by the Development Bank” shall be omitted;
(ii) after the proviso, the following proviso shall be inserted, namely:—
“Provided further that the provisions of clause (a) to the proviso, shall cease to be applicable immediately after the commencement of Part XIII of the Finance Act, 2021, and from such commencement, the Company shall be deemed to have obtained licence under section 22 of the Banking Regulation Act, 1949.
