PART XI
AMENDMENTS TO THE INDUSTRIAL DEVELOPMENT BANK (TRANSFER OF UNDERTAKING AND REPEAL) ACT, 2003
Commencement of this Part.
152. 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 152 and 153 of the Bill seeks to amend the Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003.
It is proposed to amend section 3 of the said Act so as to provide that the existing provision under the first proviso to clause (a) of sub-section (2) of section 3 of the said Act to the effect that the Industrial Development Bank of India Limited shall not be required to obtain licence under section 22 of the Banking Regulation Act, 1949, shall cease to be in operation immediately after the commencement of Part…. of the Finance Act, 2021, and that, from such commencement, the Industrial Development Bank of India Limited shall be deemed to have obtained a licence under the said section 22, which will be a condition precedent to disinvestment of Government’s stake in said Bank resulting in receipts to Government.
These amendments will take effect from such date as the Central Government may, by notification in the Official Gazette appoint.
