Clause 157 - Amendment of section 45W. - FINANCE BILL, 2015

Amendment of section 45W.

157. In section 45W of the Reserve Bank Act, in sub-section (1), --

(I) the word “securities” shall be omitted;

(II) after the proviso, the following proviso shall be inserted, namely:--

“ Provided further that, on the date on which this proviso is notified by the Central Government-

(a) any direction issued by the Reserve Bank, in respect of a security, under Chapter IIID of the Reserve Bank of India Act, shall stand repealed;

(b) any action taken by any person in respect of any security, in pursuance of such direction shall be deemed and continued to be valid.”.

 

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Notes on Clauses:

Clauses 155 to 157 of the Bill seeks to make further amendments in sections 21, 45U and 45W of the Reserve Bank of India Act, 1934.