161. Amendment of section 4.
In section 4 of the principal Act,––
(a) in sub-section (1), for the proviso, the following proviso shall be substituted, namely:––
“Provided that the Central Government may, by notification, increase the authorised capital up to two thousand crore rupees or such other amount as may be determined by it from time to time.”;
(b) in sub-section (2), the words “the Reserve Bank,” occurring at both the places shall be omitted;
(c) after sub-section (2), the following sub-section shall be inserted, namely:––
“(3) The subscribed capital of one thousand four hundred and fifty crore rupees of the National Housing Bank, which has been subscribed to by the Reserve Bank, shall stand transferred to, and vested in the Central Government upon payment of the face value of the subscribed capital, to the Reserve Bank from such date as may be notified by the Central Government.”.
Notes on Clauses:
Clauses 159 to 174 of the Bill seek to amend certain provisions of the National Housing Bank Act, 1987.
Accordintly, throughout the Act, consequential amendments have been made to omit or substitute the reference of Reserve Bank with Central Government.
It is proposed to transfer the ownership of the National Housing Bank from the Reserve Bank of India to the Central Government. It is further proposed to amend sub-section (3) of section 3 of the said Act so as to change the place of head office to New Delhi or at such other place as the Central Government may specify by notification.
It is also proposed to substitute the proviso to sub-section (1) of section 4 of the said Act so as to empower the Central Government to increase the authorised capital up to two thousand crore rupees or such other amount as it may determine, by notification. It is also proposed to insert a new sub-section (3) in the said section relating to transfer of subscribed capital from the Reserve Bank to the Central Government.
It is also proposed to amend clause (d) of sub-section (1) of section 6 of the said Act so as to reduce the number of directors of the Reserve Bank of India to be part of the Board of Directors from "two" to "one".
Certain further consequential amendments have been made to give reference of the Companies Act, 2013 and the Foreign Exchange Management Act, 1999 in place of the Companies Act, 1956 and the Foreign Exchange Regulation Act, 1973, respectively.
