THE INDUSTRIAL DEVELOPMENT BANK OF INDIA ACT, 1964.ACT NO. 18 OF 1964.[16th May, 1964.] BE


An Act to establish the Industrial Development Bank of India 1*[as the principal financial institution for co-ordinating, in conformity with national priorities, the working of institutions engaged in financing, promoting or developing industry, for assisting the development of such institutions] for providing credit and other facilities for the development of industry and for matters connected therewith and further to amend certain enactments.



CHAP

PRELIMINARY


CHAPTER I

PRELIMINARY


1.Short title, extent and commencement.


1. Short title, extent and commencement.- (1) This Act may be called the Industrial Development Bank of India Act, 1964.(2) It extends to the whole of India.

(3) It shall come into force on such date 2* as the Central
Government may, by notification in the Official Gazette, appoint and different dates may be appointed for different provisions of this Act.


2.Definitions.


2. Definitions.- In this Act, unless the context otherwise requires,--

(a) "Board" means the Board of Directors of the Development
Bank;

(b) "Development Bank" means the Industrial Development Bank of India established under section 3;

3*[(c) "industrial concern" means any concern engaged or to be engaged in,--

(i) the manufacture, preservation or processing of goods;
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1. Ins. by Act 52 of 1975, s. 2 (w.e.f. 16-2-1976).
2. 20-6-1964, vide Notification No. G.S.R. 891, dt. 20-6-1964, Gazette of India, Extraordinary, Pt. II, Sec. 3 (i), p. 493.3. Subs. by Act 52 of 1975, s. 3, for cl. (c) (w.e.f. 16-2-1976).

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(ii) shipping;

1*[(iii) mining including development of mines]

(iv) the hotel industry;

2*[(v) the transport of passengers or goods by road or by water or [by air or by ropeway or by life]

1*[(vi) the generation, storage or distribution of electricity or any other form of energy;]

(vii) the maintenance, repair, testing or servicing of
3*[machinery or equipment] of any description or vehicles or vessels or motor boats or trailers or tractors;

(viii) assembling, repairing or packing any article with the aid of machinery or power;

1*[(ix) the setting up of, or development of, an industrial area or an industrial estate;]

(x) fishing or providing shore facilities for fishing maintenance thereof;

(xi) providing special or technical knowledge or other services for the promotion of industrial growth; or

1*[(xii) providing engineering, technical, financial, management, marketing or other services or facilities for industry;

(xiii) service industry such as altering, ornamenting, polishing, finishing, oiling, washing, cleaning or otherwise treating or adapting any article or substance with a view to its use, sale, transport, delivery or disposal;

(xiv) providing medical, health or other allied services;

(xv) providing services relating to information technology, telecommunication or electronics;

(xvi) leasing, sub-leasing or giving on hire or hire-
purchase of industrial plants, equipments, machinery or other assets including vehicles, ships and aircraft;

(xvii) such other activity as the Central Government may, having regard to the objects of this Act, by notification in the Official Gazette, specify in this behalf; or

(xviii) the research and development of any concept, technology, design, process or product whether in relation to any of the matters aforesaid, including any activities specified under sub-clause (xvii), or any other matter.

Explanation.--The expression "processing of goods" includes any art or process for producing, preparing or making an article by subjecting any material to a manual, mechanical, chemical, electrical or any other like operation.]

3*[(d) "Industrial Finance Corporation" means the Industrial
Finance Corporation of India Limited formad and registered under the companies Act (1956 (1 of 1956).

4*[(da) "nationalised bank" means a corresponding new bank specified in the First Schedule to the Banking
Companies (Acquisition and Transfer of Undertakings)
Act, 1970 (5 of 1970) or a corresponding new bank specified in the First Schedule to the Banking Companies
(Acquisition and Transfer of Undertakings) Act, 1980
(40 of 1980);]

(e)"prescribed" means prescribed by regulations made under this Act;

(f) "Reserve Bank" means the Reserve Bank of India constituted under the Reserve Bank of India Act,
1934 (2 of 1934)
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1. Subs. by Act 35 of 1986, s. 2, for sub-section (iii), (vi), (ix)
and Explanation.

2. Subs. by s. 2, for certain words .
3.231.(g)"scheduled bank" means a bank for the time being included in the Second Schedule to the Reserve Bank of India
Act, 1934; (2 of 1934)

1*[(ga) "State Bank" means the State Bank of India constituted under the State Bank of India Act, 1955;
(23 of 1955.)

(gb) "subsidiary bank" has the meaning assigned to it in the
State Bank of India (Subsidiary Banks) Act, 1959; (38.of 1959.)]

(h) "State co-operative bank" has the same meaning as in the
Reserve Bank of India Act, 1934; (2 of 1934.)

(i)"State Financial Corporation" means a financial corporation established under section 3 or section 3A
of the State Financial Corporation Act, 1951 (63 of
1951.) and includes the 2*[Tamil Nadu] Industrial
Investment Corporation Limited;

1*[(j)"Unit Trust" means the Unit Trust of India established under section 3 of the Unit Trust of India Act, 1963.(52 of 1963.)]