Amendments in rule 3 of Companies (Acceptance of Deposits) Rules, 1975 - G.S.R. 774(E). - Companies Law

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF COMPANY AFFAIRS) Notification New Delhi, the 29th September, 2003 Subject:- Amendments in rule 3 of Companies (Acceptance of Deposits) Rules, 1975 G.S.R. 774(E). - In exercise of the powers conferred by section 58A read with section 642 of the Companies Act, 1956 ( 1 of 1956), the Central Government, in consultation with the Reserve Bank of India, hereby makes the following rules further to amend the Companies (Acceptance of Deposits) Rules, 1975, namely:- 1. (1) These rules may be called the Companies (Acceptance of Deposits) (Third Amendment) Rules, 2003. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Companies (Acceptance of Deposits) Rules, 1975, in rule 3, in sub-rule (1), in clause ( c) for the words "twelve and a half percent", the words " the maximum rate of interest prescribed by the Reserve Bank of India that the Non Banking Financial Companies can pay on their public deposits" shall be substituted; [F.NO.5/12/2001-CL-V] RAJIV MEHRISHI Joint Secretary