Govt. notifies effective date for Amendments to Industrial Development Bank (Transfer of Understanding And Repeal) Act, 2003 [Read Notification]

Govt. notifies effective date for Amendments to Industrial Development Bank (Transfer of Understanding And Repeal) Act, 2003 [Read Notification]

Government - Amendments to Industrial Development Bank (Transfer of Understanding And Repeal) Act - Taxscan

The Government notified April 1, 2021 as an effective date for Amendments to Industrial Development Bank (Transfer of Understanding And Repeal) Act, 2003.

In the Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003, in section 3, in sub-section (2), 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.

After the proviso, the 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.”.

“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,” the notification said.

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