Clause 153 - Amendment of section 3. - Finance Bill, 2021

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.).