CHAPTER VI
MISCELLANEOUS
PART I
AMENDMENTS TO THE RESERVE BANK OF INDIA ACT, 1934
Commencement of this Part.
135. The provisions of this Part shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.
Notes on Clauses:
Clauses 135 to 142 of the Bill seek to amend certain provisions of the Reserve Bank of India Act, 1934.
It is proposed to amend section 45-IA of the Act so as to enhance the existing amounts of the net owned fund of a non-banking financial company.
It is further proposed to insert new sections 45-ID and 45-IE in the Act so as to provide power to the Reserve Bank to remove directors of a non-banking financial company other than Government Company from office, and supersession of Board of Directors of a non-banking financial company, on certain grounds.
It is also proposed to insert a new section 45MAA in the Act so as to provide power to Reserve Bank to take action against auditors if any auditor fails to comply with any direction given or order made by the Reserve Bank under section 45MA.
It is also proposed to insert a new section 45MBA in the Act relating to resolution of a non-banking financial company.
It is also proposed to insert a new section 45NAA in the Act relating to power of the Reserve Bank in respect of group company. It is also proposed to amend section 58B of the Act so as to enhance the existing amounts of penalty. It is also proposed to amend section 58G of the Act so as to enhance the existing penalties of five thousand rupees, five lakh rupees and twenty-five thousand rupees to twenty-five thousand rupees, ten lakh rupees and one lakh rupees respectively.
