Amendment of section 3.
153. In the Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003, (53 of 2003.) in section 3, in sub-section (2),-
(i) in the opening paragraph, the words “in addition to the business which may be carried on and transacted by the Development Bank” shall be omitted;
(ii) after the proviso, the following proviso shall be inserted, namely:-
“Provided further that the provisions of clause (a) to the proviso, shall cease to be applicable immediately after the commencement of Part….. of the Finance Act, 2021, and from such commencement, the Company shall be deemed to have obtained licence under section 22 of the Banking Regulation Act, 1949.”(10 of 1949.).
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.
