Substitution of section 35B.
166. For section 35B of the principal Act, the following section shall be substituted, namely:-
Power of Reserve Bank to exempt housing finance institution.
“35B. (1) The Reserve Bank, on being satisfied that it is necessary so to do, may declare by notification that all or any of the provisions of this Chapter shall not apply to a housing finance institution which is a company or a group of such housing finance institutions either generally or for such period as may be specified, subject to such conditions, limitations or restrictions as it may think fit to impose.
(2) Every notification made under this section shall be laid, as soon as may be after it is made, before each House of Parliament.”.
Notes on Clauses:
Clause 166 of the Bill seeks to substitute section 35B of the said Act relating to power of Reserve Bank to exempt housing finance institution.
