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THE INDUSTRIAL DEVELOPMENT BANK (TRANSFER OF UNDERTAKING AND REPEAL) ACT, 2003

Title : THE INDUSTRIAL DEVELOPMENT BANK (TRANSFER OF UNDERTAKING AND REPEAL) ACT, 2003

Year : 2003



With effect from the appointed day, all fiscal and other concessions, licences, benefits, privileges and exemptions granted to the Development Bank, in connection with the affairs and business of the Development Bank under any law for the time being in force shall be deemed to have been granted to the Company.

(1) Where any exemption from, or any assessment with respect to, any tax has been granted or made or any benefit by way of set off or carry forward of any un absorbed depreciation or investment allowance or other allowance or loss has been extended or is available to the Development Bank under the Income-tax Act, 1961 (43 of 1961), such exemption, assessment or benefit shall continue to have effect in relation to the Company.

(2) Where any payment made by the Development Bank is exempted from deduction of tax at source under any provision of the Income-tax Act, 1961 (43 of 1961), such exemption will continue to be available as if the provisions of the said Act made applicable to the Development Bank were operative in relation to the Company.

(3) The transfer and vesting of the undertaking of the Development Bank or any part thereof in terms of section 3 shall not be construed as a transfer within the meaning of the Income-tax Act, 1961 (43 of 1961) or any other law for the time being in force.



Any guarantee given for or in favour of the Development Bank with respect to any loan, lease, finance or other assistance shall continue to be operative in relation to the Company.

Notwithstanding anything contained in any other law for the time being in force, the shares, bonds and debentures of the Company shall be deemed to be approved securities for the purposes of the Indian Trusts Act, 1882 (2 of 1882) and the Insurance Act, 1938 (4 of 1938).

The provisions of this Act shall have effect notwithstanding anything inconsistent therewith contained in any enactment other than this Act or in any instrument having effect by virtue of any enactment other than this Act.

The provisions of this Act shall be in addition to, and not in derogation of the provisions of any other law for the time being in force.

The enactments specified in the Schedule to this Act shall be amended in the manner provided therein.

In every Act, rule, regulation or notification in force on the appointed day,-

(a) For the words "Industrial Development Bank of India", wherever they occur, the words "Industrial Development Bank of India Limited referred to in clause (b) of section 2 of the Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003" shall be substituted;

(b) For the words "Development Bank", wherever they occur, the words "Industrial Development Bank of India Limited referred to in clause (b) of section 2 of the Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003" shall be substituted;

(c) For the words and figures "the Development Bank means the Industrial Development Bank of India, established under section 3 of the Industrial Development Bank of India Act, 1964 (18 of 1964)", the words, brackets, letter and figures "the Industrial Development Bank of India Limited referred to in clause (b) of section 2 of the Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003" shall be substituted.

(d) For the words and figures "the Industrial Development Bank of India, established under section 3 of the Industrial Development Bank of India Act, 1964 (18 of 1964)", the words, brackets, letter and figures "the Industrial Development Bank of India Limited referred to in clause (b) of section 2 of the Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003" shall be substituted.

(1) If any difficulty arises in giving effect to the provisions of this Act, the Central Government may, by order published in the Official Gazette, make such provisions not inconsistent with the provisions of this Act as may appear to it to be necessary or expedient for removing the difficulty:

Provided that no such order shall be made after the expiry of three years from the date of commencement of this Act.

(2) Every order made under this section shall be laid, as soon as may be after it is made, before each House of Parliament.

(1) On the appointed day, the Industrial Development Bank of India Act, 1964, shall stand repealed.

(2) Notwithstanding the repeal of the Industrial Development Bank of India Act, 1964, the provisions of section 30A of the Act so repealed will continue to be applicable in respect of the arrangement entered into by the Development Bank with an industrial concern up to the appointed day and the Company will be entitled to act upon and enforce the same as fully and effectually as if this Act has not been enacted.


THE SCHEDULE

(See section 12)

AMENDMENTS TO CERTAIN ENACTMENTS

PART I

AMENDMENTS TO THE RESERVE BANK OF INDIA ACT, 1934

(2 OF 1934)

AMENDMENTS

1. In section 2, clause (bvii) shall be omitted.

2. In section 17, -

(a) In sub-sections (4G) and (4H), the words "the Development Bank or" shall be omitted;

(b) In sub-sections (4-I), (8A) and (12B), the words "the Development Bank" shall be omitted.

3. In section 42, in sub-section (1), in the Explanation, in clause(c ), in sub-clause (ii), the words "or from the Development Bank"shall be omitted.

4. In section 45-I, in clause (bb), in sub-clause (iv), the item (a) shall be omitted.

5. In section 46C, in sub-section (2), clauses (a) and (b) shall be omitted.

PART II

AMENDMENTS TO THE BANKING REGULATION ACT, 1949

(10 OF 1949)

1. In section 5, clause (ffa) shall be omitted.

2. In section 34A, in sub-section (3), the words "the Development

Bank" shall be omitted.

3. In section 36AD, in sub-section (3), the words "the Development

Bank," shall be omitted.

PART III

AMENDMENT TO THE INDUSTRIAL DISPUTES ACT, 1947

(14 OF 1947 )

In section 2, in clause (bb), the words " the Industrial Development

Bank of India" shall be omitted.

PART IV

AMENDMENTS TO THE SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA ACT, 1989 (39 OF 1989)

In section 2,-

(a) For clause (h), the following clause shall be substituted, namely:-

(h) Industrial concern in the small scale sector" means any concern engaged or to be engaged in,-

(i) The manufacture, preservation or processing of goods;

(ii) Shipping;

(iii) Mining including development of mines;

(iv) The hotel industry;

(v) The transport of passengers or goods by road or by water or by air or by rope way or by lift;

(vi) The generation, storage or distribution of electricity or any other form of energy;

(vii) The maintenance, repair, testing or servicing of 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;

(ix) The setting up of, or development of, an industrial area or an industrial estate;

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

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

(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-purchase of industrial plants, equipment's, 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, 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 and which is regarded as a small-scale undertaking under section 11B of the Industries (Development and Regulation) Act, 1951 (65 of 1951);

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.;

(b) After clause (la), the following clauses shall be inserted, namely:-

(lb) "Reserve Bank" means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934 (2 of 1934);

(lc) "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);

(c) Clause (q) shall be omitted..


Last updated on April, 2016

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