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THE INDUSTRIAL DEVELOPMENT BANK OF INDIA ACT, 1964

Title : THE INDUSTRIAL DEVELOPMENT BANK OF INDIA ACT, 1964

Year : 1964



All receipts of the Development Bank other than those which are to be credited the Development Assistance Fund under this Act shall be credited to a fund to be called the General Fund and all payments by the Development Bank, other than those which are to be debited to the Development Assistance Fund, shall be made out of the General Fund.



(1) The balance-sheet and accounts of the Development Bank shall be prepared in such form and manner as may be prescribed.

(2) The Board shall cause the books and accounts of the Development Bank to be closed and balanced as on the 30th day of June each year or such other date, as the Central Government may, by notification in the Official Gazette, appoint:

Provided that with a view to facilitating the transition from one period of accounting to another period of accounting under this sub-section, the Central Government may, by order published in the Official Gazette, make such provisions as it consider necessary or expedient for the closing and balancing of, or for other matters relating to, the books or accounts in respect of the concerned years.



(1) The Development Bank may establish a reserve fund to which may be transferred such sums as that bank may deem fit out of the annual profits accruing to the General Fund.

1*[(2) After making provision for bad and doubtful debts, depreciation of assets and for all other matters for which provision is necessary or expedient or which is usually provided for by bankers and for the reserve fund referred to in sub-section (1), and after transferring a part of the profits to such other reserves or funds as may be considered appropriate, the Board may, out of its net profits declare a dividend.

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1.Substituted by Act 5 of 1995, sec. 17, for sub-section (2) (w.r.e.f. 12-10-1994).

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1***
 
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1*[(1)The accounts of the Development Bank shall be audited by auditors duly qualified to act as auditors under sub-section (1) of section 226 of the Companies Act, 1956(1 of 1956) who shall be appointed by the Development Bank in general meeting of the shareholders out of the panel of auditors approved by the Reserve Bank for such term and on such remuneration as the Reserve Bank may fix.

(3) The auditors may, in relation to such accounts, examine any director or any officer or other employee of the Development Bank and shall be entitled to require from the Board of officer or other employees of the Development Bank such information and explanation as they may think necessary for the performance of their duties.

(4) The auditors shall make a report to the Development Bank upon the annual balance sheet and accounts examined by them and in every such report they shall state whether in their opinion the balance-sheet is a full and fair balance-sheet containing all necessary particulars and properly drawn up so as to exhibit a true and fair view of the state of affairs of the Development Bank and in case they had called for any explanation or information from the Board or any officer or other employee of the Development Bank whether it has been given and whether it is satisfactory.

(5)The Development Bank shall furnish to the 2*[Central Government] 3*[within one month from the date on which the annual general meeting is held] a copy of its balance-sheet and accounts together with a copy of the auditors' report and are port of the working of the Development Bank during the relevant year, and 4*[ the Central Government shall, as soon as may be after they are received by it, cause the same to be laid before each House of Parliament ];

(6) Without prejudice to anything contained in the preceding sub-sections, the Central Government may at any time appoint the Comptroller and Auditor-General of India to examine and report upon the accounts of the Development Bank and any expenditure incurred by him in connection with such examination and report shall be payable by the Development Bank to the Comptroller and Auditor-General of India.


2. Substituted by Act 52 of 1975, sec. 15, for "Reserve Bank".

3. Substituted by Act 5 of 1995, sec. 18, for certain words (w.r.e.f. 12-10-1994).

4. Substituted by Act 52 of 1975, sec. 15, for certain words.

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Save as otherwise provided in sub-section (4) of section 18, nothing contained in this Chapter shall apply to the Development Assistance Fund.

Last updated on July, 2016

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