Section(s) Referred: 193 ,193(iiia)
Statute: INCOME TAX
Date of Issue: 3/4/1997
In exercise of the powers conferred by clause (iiia) of the proviso to section 193 of the Income-tax Act, 1961, the Central Government hereby specifies all the securities of the Central Government and State Governments, interest on which is payable to,–
(a) the State Bank as defined in clause (g) of section 2 of the State Bank of India Act, 1955 (23 of 1955) ; or
(b) any subsidiary bank as defined in clause (k) of section 2 of the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959) ; or
(c) any nationalised bank, that is to say, a corresponding new bank as defined in section 2 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, (5 of 1970), and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980), respectively for the purposes of the said clause.
[F. No. 275/46/95-IT(B)/Notification No. 10336]