Clause 157 - Amendment of section 45W. - Finance Bill, 2015

Amendment of section 45W. 157. In section 45W of the Reserve Bank Act, in sub-section (1), -- (I) the word securities shall be omitted; (II) after the proviso, the following proviso shall be inserted, namely:-- Provided further that, on the date on which this proviso is notified by the Central Government- (a) any direction issued by the Reserve Bank, in respect of a security, under Chapter IIID of the Reserve Bank of India Act, shall stand repealed; (b) any action taken by any person in respect of any security, in pursuance of such direction shall be deemed and continued to be valid. .